Investing.com -- Moderna Inc. reported a wider-than-expected fourth-quarter loss on Wednesday, as the biotech company grapples with declining COVID-19 vaccine sales and ongoing restructuring costs.
The vaccine maker posted a loss of $2.91 per share for the quarter, exceeding analysts' estimates of a $2.73 per share loss. Revenue came in at $966 million, below the consensus forecast of $995.44 million and down significantly from $2.8 billion in the same period last year.
Moderna (NASDAQ:MRNA)'s shares fell 4.1% following the earnings release, reflecting investor disappointment with the larger-than-anticipated loss.
The company's COVID-19 vaccine, Spikevax, generated $923 million in sales during the quarter, including $244 million from the U.S. market. For the full year 2024, Spikevax sales totaled $3.1 billion, marking a sharp decline from previous years as demand for COVID-19 vaccines has waned.
"We have made progress in 2024 across our late-stage pipeline and cost reduction efforts," said Stéphane Bancel, CEO of Moderna. "Our team successfully filed three Biologics License Applications in the final months of the year and reduced our costs by 27% compared to 2023."
Looking ahead, Moderna reiterated its 2025 revenue guidance of $1.5 billion to $2.5 billion. The company expects to end 2025 with approximately $6 billion in cash and investments, down from $9.5 billion at the end of 2024.
Moderna continues to advance its pipeline beyond COVID-19 vaccines, with regulatory filings submitted for its RSV vaccine in high-risk adults and a combination flu/COVID vaccine. The company aims to deliver up to 10 product approvals through 2027 as it seeks to diversify its revenue streams.