Moderna has reported a net loss of $4.7bn for the full year 2023 as against a net income of $8.4bn in 2022.

Diluted loss per share stood at $12.33 versus diluted earnings per share (EPS) of $20.12 reported in the preceding year.

Total revenue for Moderna in the full year 2023 was $6.8bn, a substantial decrease from $19.3bn recorded in 2022.

The decline in total revenue was primarily due to a drop in sales of its Covid-19 vaccine, Spikevax.

Net product sales saw a 64% reduction to $6.7bn in 2023, influenced by reduced vaccination rates.

For the fourth quarter (Q4) of 2023, the company reported a net income of $217m, a decrease from $1.5bn in the same quarter of 2022, largely due to reduced sales of its Covid-19 product.

Diluted EPS during the quarter was $0.55, compared to $3.61 in the corresponding period of the previous year.  

Total revenue for Q4 was $2.8bn, down from $5.1bn in Q4 2022.

Despite the downturn, Moderna re-affirmed its 2024 financial framework and now expects revenue of $4bn from its respiratory franchise.

The company also anticipates initial regulatory approvals of its respiratory syncytial virus vaccine, mRNA-1345 in the first half of the year.

Moderna CEO Stéphane Bancel said: "2023 was a year of transition for Moderna as we adapted to the endemic market. At the same time, our development team made significant pipeline advancements across infectious diseases, oncology and rare diseases, while our commercial team increased our Covid-19 market share in the US.

"We look forward to the anticipated approvals of our RSV vaccine beginning in the first half of the year. With multiple upcoming Phase III data readouts in 2024, we remain focused on commercial execution and continued investment in our pipeline with financial discipline."