Moderna Posts $1.2 Billion Loss as Sales of COVID-19 Vaccine Plunge 94 Percent

Moderna posted a $1.2 billion loss in the first quarter of 2024, with the drugmaker blaming crashing sales of its COVID-19 vaccine. The company notched $167 million in first-quarter sales of its COVID-19 vaccine (called Spikevax), according to a May 2 earnings report. That’s a staggering 94 percent drop from the $2.8 billion in the prior quarter. “This decline aligns with the anticipated transition to a seasonal COVID-19 vaccine market,” Moderna said in the release. “In the prior year period, the company recognized revenue primarily from delivered doses deferred from 2022.” In the United States, where Moderna sold $100 million worth of its COVID vaccine doses in the first quarter, the company said it hopes to see higher vaccine uptake as it works to rush its newest 2024–2025 Spikevax formula to coincide with the distribution of flu shots during the fall influenza season....