Moderna, Inc. (NASDAQ: MRNA) reported a net loss for the first quarter of 2024 when the biotechnology company’s revenues declined sharply. Q1 loss was $1.18 billion or $3.07, compared to a profit of $79 million or $0.19 per share in the prior-year period.
The bottom line was negatively impacted by a 91% fall in revenues to $167 million, reflecting a marked decline in product revenues. The management reaffirmed the full-year expected revenue of around $4 billion from its respiratory franchise, and now expects about $0.3 billion in net sales in the first half of the year, reflecting the seasonality of the respiratory business.
“With 10 late-stage programs, and additional new programs 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,” said Moderna’s CEO Stéphane Bancel.