By Peter Loftus
Moderna shares fell 3% in premarket trading after the company swung to a quarterly loss, as fading demand for its Covid-19 vaccine hurts sales.
The company reported a net loss of $1.1 billion, or $2.91 per share, which included costs to end a contract manufacturing deal and an inventory writedown. A year earlier, Moderna earned $217 million, or 55 cents a share.
The company's fourth-quarter sales slid 65% to $966 million.
Moderna's share of the Covid-19 vaccine market declined in 2024, and overall vaccination rates were somewhat lower than the year before, Chief Financial Officer Jamey Mock said in an interview.
Moderna is in cost-cutting mode as revenue declines, but the company hopes to turn things around with newer products.
It is trying to broaden usage of its new respiratory syncytial virus vaccine, and has applied for U.S. regulatory approval of a next-generation Covid vaccine and a combination Covid-influenza shot, with decisions expected later this year.
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(END) Dow Jones Newswires
February 14, 2025 08:18 ET (13:18 GMT)
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