Losses at Moderna miss estimates, shares ease

(Sharecast News) - Shares in Moderna came under pressure on Friday, after fourth-quarter losses at the US biotech were bigger than expected. The Covid-19 vaccine manufacturer posted fourth-quarter revenues of $966n, down from $2.8bn a year previously but ahead of forecasts for $942.8m.

However, net losses came in at $1.1bn, or $2.91 per share. That compares with net income of $217m a year previously, and earnings per share of $0.55. Wall Street had been expecting a smaller loss per share of $2.69.

As at 1230 GMT, the stock was 3% lower in pre-market trading, having earlier lost as much as 5%.

Most of Moderna's revenues came from its Covid-19 vaccination during 2024. But demand has waned post-pandemic and it is now looking to bring new products to market.

Stephane Bancel, chief executive, said: "We have made progress in 2024 across our late-stage pipeline and cost reduction efforts.

"In 2025, we remain focused on driving sales, delivering up to 10 product approvals through 2027 and expanding cost efficiencies across our business. By the end of 2025, we aim to remove nearly $1bn in costs. With strong momentum in our late-stage pipeline, we anticipate multiple approvals starting this year."

Moderna enters 2025 with two approved products, Covid jab Spikevax and mRESVIA, an RSV vaccine for people aged 60+.

It currently expects 2025 revenues to come in between $1.5bn and $2.5bn, around $200m of which will be in the first half, due to the seasonal nature of its respiratory business.

Full-year revenues in 2024 fell to $3.2bn from $6.8bn, although the net loss narrowed to $3.6bn from $4.7bn.