Moderna (NASDAQ:MRNA) on Friday posted fourth-quarter revenue that beat estimates, but lost more than expected for the period, as the biotech company continues to slash costs and demand for its Covid vaccine falls.
It marks another quarter of growing pains for the company, which is racing to launch new products and recover from the rapid decline of its once-booming COVID business.
Shares of Moderna nicked higher 12 cents in early trading Friday to $32.04.
Moderna posted a net loss of $1.12 billion, or $2.91 per share for the fourth quarter of 2024. That compares with net income of $217 million, or 55 cents per share, reported for the year-ago period.
The company said the quarterly loss includes a roughly $238 million non-cash charge related to ending a contract manufacturing agreement.
In an interview, Moderna CFO Jamey Mock said one of the most important takeaways from the company’s full-year 2024 results is that it reduced costs by 27% compared to 2023. By the end of 2025, Moderna expects to cut costs by $1 billion compared to 2024.
Moderna reiterated its full-year 2025 product sales guidance of $1.5 billion to $2.5 billion, most of which will come in the second half of the year.
Moderna expects only $200 million in sales to come in during the first half of the year due to seasonal demand for respiratory products, which typically rises in the fall and winter.
