Moderna (MRNA) reported mixed fourth quarter earnings, and full year 2024 earnings compared to Wall Street expectations Friday. Moderna's stock was down 4.5% in pre-market trading on the earnings results.

Moderna reported $966 billion in fourth quarter revenues, beating Wall Street estimates of $954 million. The company also reported full year revenues of $3.2 billion, in line with expectations. Moderna missed on earnings per share, reporting a loss in the quarter of $2.91 per share, compared to Wall Street's expected loss of $2.75. For full year, the company also missed on earnings per share, reporting a loss of $9.28 per share compared to consensus of $9.17.

The revenue beat came largely from sales of the company's biggest product, the COVID-19 vaccine, Spikevax, which brought in $3.1 billion for the year. Moderna's other product, a Respiratory Syncytial Virus (RSV) vaccine, brought in $15 million in the year.

The company has been under pressure to continue to deliver strong results despite the waning demand in COVID-19 vaccines. Investors have also been watching the company's efforts to prop up its clinical pipeline. 

In a statement Friday, CEO Stéphane Bancel noted that the company has worked to help reduce costs in in 2024 by 27% compared to 2023. 

“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 $1 billion in costs," Bancel said.

There is also concern about how Moderna will operate with a new administration in Washington with the confirmation of Robert F. Kennedy Jr. at the helm of the Health and Human Services (HHS) department. RFK has been a vocal critic of vaccines and questioned their effectiveness and safety — which could bode poorly for companies like Moderna whose pipeline consists entirely of vaccines.

The stock didn't move after RFK's confirmation Thursday. But Bank of America Securities analysts said in a note they expect to hear on the topic from Bancel during an earnings call Friday.

"Focus of the call will likely include 2025 guidance, RFK Jr implications at HHS, clinical catalysts, and upcoming launches," the note to clients Tuesday said.

Anjalee Khemlani is the senior health reporter at Yahoo Finance, covering all things pharma, insurance, care services, digital health, PBMs, and health policy and politics. That includes GLP-1s, of course. Follow Anjalee on social media platforms X, LinkedIn, and Bluesky @AnjKhem.

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