Key Takeaways
- Moderna reported a larger loss than analysts had expected for the fourth quarter on Friday.
- The COVID vaccine maker said it expects 2025 sales between $1.5 billion and $2.5 billion, well below the analyst consensus.
- In September, the company announced plans to cut its R&D costs and focus on winning approval for drugs in later stage trials.
Moderna reported a wider loss than expected for the fourth quarter on Friday morning, and the drugmaker’s sales forecast for 2025 also came in below estimates.
The COVID vaccine maker reported revenue of $966 million for the final quarter of 2024, down 65% year-over-year, but in line with what analysts had expected. However, Moderna’s (MRNA) loss per share of $2.91 was more than the $2.73 per share analysts had projected, according to estimates compiled by Visible Alpha.
“In 2025, we remain focused on driving sales, delivering up to 10 product approvals through 2027, and expanding cost efficiencies across our business,” CEO Stéphane Bancel said Friday.
In September, the company said it was planning to cut up to $1.1 billion in research and development costs by 2027 by pausing or ending development of some earlier-stage drugs to focus on winning approval for drugs currently in late-stage trials. Bancel said the company expects to have cut about $1 billion in costs by the end of this year, and said Moderna “anticipate multiple approvals” of new drugs starting in 2025.
Sales Estimates Well Below Analyst Consensus
Moderna said Friday that it expects revenue of $1.5 billion to $2.5 billion in 2025, well below the $3.26 billion analyst consensus. The drugmaker said it expects just $200 million of revenue in the first half of the year, “reflecting the seasonality of its respiratory business,” while analysts had expected $207 million in revenue in just the first quarter.
Entering 2025, Moderna has two products, its COVID vaccine and a vaccine to prevent the respiratory disease RSV in adults 60 and older. The company said it has recently submitted approval requests for its “next generation” COVID vaccine, a combination vaccine for COVID and the flu, and an RSV vaccine for “high-risk adults aged 18 to 59.”
Moderna shares were up more than 4% Friday morning, and have lost more than 60% of their value in the last 12 months.