Moderna experienced a substantial financial shift in the first quarter (Q1) of 2024, reporting a net loss of $1.2bn – a stark contrast to its net income of $79m in Q1 2023.

The company’s diluted loss per share stood at $3.07 versus an earnings per share of $0.19 for the same period of the previous year

For the three months ending 31 March, total revenue was $167m – a dramatic decrease from $1.9bn in the corresponding period of 2023.

The company attributed the decline to the reduced sales of its Covid-19 vaccine.

Net product sales plummeted by 91% compared to Q1 2023.

This downturn aligns with the expected transition to a seasonal market for Covid-19 vaccines. During Q1 2023, Moderna received revenue from doses deferred from 2022.

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The cost of sales in Q1 2024 was $96m, which included $8m in third-party royalties, $30m in inventory write-downs and $27m related to unutilised manufacturing capacity and wind-down expenditures.

This represents an 88% decrease from Q1 2023.

Despite the quarterly loss, Moderna maintains its full-year 2024 guidance.

The company reaffirmed anticipated revenue of $4bn from its respiratory franchise. It now expects around $0.3bn in net sales for the first half of the year, reflecting the seasonality of the respiratory business.

Moderna CEO Stéphane Bancel stated: “As we anticipate the launches of our Spikevax 2024-2025 formula and RSV vaccine, we are exercising financial discipline and have intensified our focus on building and utilising AI technologies to further streamline operations and enhance productivity.

“With ten late-stage programmes, and additional new programmes advancing toward pivotal studies, we continue to expect numerous product milestones this year across our vaccines and therapeutics portfolio. This is the start of a banner year for our vaccine platform as we continue to advance mRNA medicines for patients. This is just the beginning.”

The latest development comes after the company announced the pause of its project to build a messenger ribonucleic acid manufacturing facility in Kenya, citing a significant decrease in Covid-19 vaccine demand across the region.