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Moderna Takes a Bigger Share of US COVID-19 Vaccine Market and Stock Jumps
Moderna boosted its share of the COVID-19 market in the U.S. and posted a surprise profit, sending shares higher.
Moderna Takes a Bigger Share of US COVID-19 Vaccine Market and Stock Jumps
By
BILL MCCOLL
Published February 22, 2024
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Long Visual Press / Contributor / Getty Images
KEY TAKEAWAYS
- Moderna boosted its share of the COVID-19 market in the U.S. and posted a surprise profit.
- The biotech firm's revenue fell from the same period a year ago, but came in better than expected.
- Moderna is anticipating sales gains from its experimental RSV vaccine that it anticipates getting U.S. regulatory approval by May 12.
The company reported that it captured a 48% share of U.S. COVID-19 sales during the fall season, up from 37% a year earlier.1 Moderna noted that it took "specific actions” to transition to a seasonal endemic market in 2023. That included “the resizing of its manufacturing footprint to improve cash flow, the flattening of its commercial structure to drive sales execution, and the focusing of its investments toward near-term growth drivers.”
Even so, global revenue from the vaccine slumped 43% to $2.8 billion, which it said was driven by lower volume as demand waned. Overall revenue fell 45% to $2.81 billion, although that exceeded forecasts. The company pointed out that the total was boosted by $600 million in deferred revenue related to its collaboration with Gavi, a non-governmental organization (NGO) that was involved in a global program to distribute COVID-19 shots.
Moderna reported earnings per share of $0.55, while analysts had anticipated a loss. The company said that it was seeing the impact of cost-cutting measures it began to take in the third quarter. CEO Stephane Bancel added that “we remain focused on commercial execution and continued investment in our pipeline with financial discipline."
The company reiterated its full-year revenue guidance of $4 billion, noting that it is anticipating gains from its experimental Respiratory Syncytial Virus (RSV) vaccine, which it expects will get U.S. regulatory approval by May 12. It also plans to sell the shot in Australia and Germany this year.
Moderna shares were up 10.4% to $96.74 as of about 11:35 a.m. ET Thursday. Despite Thursday’s rise, shares of Moderna have lost over one-third of their value over the past year.
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