Moderna announces mixed financial results for 2023 and optimistic outlook for 2024

Moderna, Inc. (NASDAQ: MRNA), based in Cambridge, MA, revealed its financial results for the fourth quarter and fiscal year 2023, marking a year of transition to an endemic market. Although fourth quarter revenues reached $2.8 billion, a significant decrease compared to the previous year, GAAP net income is reported at $217 million. Annual revenues of $6.8 billion and GAAP net loss of $(4.7) billion mainly reflect non-cash charges related to a company size adjustment.

Despite these challenges, the company remains optimistic, reaffirming its product sales forecast for 2024 at around $4 billion. Moderna anticipates regulatory approvals for its investigational RSV vaccine for older adults as early as the first half of 2024 and expects to achieve several significant milestones in its advanced pipeline this year.

As part of its business strategy, Moderna achieved $2.8 billion in sales of its COVID-19 vaccine Spikevax® in the fourth quarter of 2023, with a cumulative market share of 48% in the United States during the fall 2023 COVID season. The company is also focusing on increasing vaccine coverage rates globally for the 2024/2025 season and optimizing its cost structure.

Research and development expenses increased by 16% in the fourth quarter of 2023, demonstrating Moderna's ongoing commitment to advancing its pipeline. The company hopes to leverage the success of its commercial efforts with the launch of its second vaccine against respiratory diseases.