Moderna Q4 Profit Down, Misses Estimates On Weak COVID-19 Vaccine Sales

(RTTNews) - Covid vaccine maker Moderna, Inc. (MRNA) reported Thursday that its fourth-quarter net income decreased 70 percent to $1.47 billion from last year's $4.87 billion.

Earnings per share decreased 68 percent to $3.61 from $11.29 in the same period in 2021.

On average, 14 analysts polled by Thomson Reuters expected earnings of $4.68 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the fourth quarter of 2022 was $5.08 billion, lower than $7.21 billion a year ago, mainly due to a decrease in sales of the Company's COVID-19 vaccines. Analysts expected revenues of $5.02 billion for the quarter.

Product sales for the fourth quarter were $4.86 billion, a decrease of 30 percent year-over-year, primarily driven by lower sales volume, compared to overall higher demand in the prior year and the related manufacturing ramp up in the fourth quarter of 2021.

Further, the company reiterated approximately $5 billion in COVID-19 sales contracted for delivery in 2023, with potential additional sales opportunities in the United States, Europe, Japan, and other key markets. The company expects product sales in the first half of 2023 of approximately $2.0 billion.

Moderna also said it will file for regulatory approval for mRNA-1345, its investigational RSV vaccine for older adults, in the first half of 2023. mRNA-1345 was recently granted FDA Breakthrough Therapy Designation.

Moderna further announced that Juan Andres, currently President, Strategic Partnerships and Enterprise Expansion, will be retiring from the Company in May after more than six years.

In pre-market activity on Nasdaq, Moderna shares were losing around 2 percent to trade at $155.

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