Moderna reports a $1.2 billion net loss

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USA – Moderna Inc., a pioneering force in mRNA medicine, grappled with significant financial setbacks in the first quarter of 2024, reporting a staggering net loss of US$ 1.2 billion.

This sharp downturn marks a striking contrast to the US$ 79 million net income recorded in Q1 2023, underscoring the company’s financial volatility in the wake of shifting market dynamics.

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The company’s diluted loss per share amounted to US$3.07, a stark deviation from the earnings per share of US$0.19 for the corresponding period the previous year.

Notably, total revenue plummeted to US$167 million, representing a drastic decline from US$1.9 billion in Q1 2023, primarily attributed to diminished sales of its COVID-19 vaccine.

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Our first-quarter financial performance reflects the evolving landscape of the vaccine market, particularly as we navigate the transition to a seasonal COVID-19 vaccine market,” stated Stéphane Bancel, Chief Executive Officer of Moderna, addressing the company’s challenging financial outlook.

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