Biotechnology company Moderna, Inc. (NASDAQ: MRNA) reported a sharp decline in revenues and earnings for the fourth quarter of 2023.
Net income fell to $217 million or $0.55 per share in the December quarter from $1.47 billion or $3.61 per share in the same period of fiscal 2022.
The bottom line was negatively impacted by a 45% fall in revenues to $2.81 billion. There was a 43% drop in product revenues. The management reaffirmed its full-year 2024 product sales guidance at approximately $4 billion.
“We look forward to the anticipated approvals of our RSV vaccine beginning in the first half of the year. With multiple upcoming Phase 3 data readouts in 2024, we remain focused on commercial execution and continued investment in our pipeline with financial discipline,” said Moderna’s CEO Stéphane Bancel.