Moderna has posted a reported net loss of $3.6bn in its Q3 earnings compared to a net income of $1bn during the same period last year, in line with the decreasing Covid-19-related revenues seen across the sector this year.
For the quarter ended 1 October 2023, the company reported a diluted loss per share of $9.53. Revenues also saw a decline of 32% to $3.4bn from $5bn in the same quarter of the previous year. In its earnings release, Moderna attributed the drop in revenues to the expected decline in global revenue generated by the Covid-19 vaccine Spikevax.
Spikevax revenues saw a 42% drop against the same quarter in 2022, from $3.1bn to $1.8bn.
Still, the US market share to date of Spikevax grew to 45% from 36% in 2022, and Moderna anticipates 2024 revenues of approximately $4bn and return to growth in 2025. Part of this sales projection is attributed to Spikevax’s global sales and the potential launch of the company’s RSV vaccine, which is currently under regulatory review. Additionally, Moderna has six Phase III programmes underway, including one for a CMV vaccine, which has completed enrolment.
Moderna chief executive officer Stephane Bancel said: "In the third quarter, we significantly resized our manufacturing infrastructure to make our Covid-19 franchise profitable for 2024 and beyond. We are preparing to launch multiple products through 2025, including our RSV vaccine.
"We expect to return to sales growth in 2025 and, through disciplined investment, to break even in 2026."
In August 2023, the company announced a reported total revenue of $344m for Q2 2023, indicating a 92.7% decline from $4.7bn in the same quarter of 2022.
