Moderna Reports Sharp Decline in COVID-19 Vaccine Sales, Outperforms Expectations

Despite a 91% drop in sales, Moderna's first-quarter earnings exceeded Wall Street forecasts, with a smaller-than-anticipated loss and a promising outlook for new vaccines.

Moderna's COVID-19 vaccine sales fell to $167 million in Q1 2024, a 91% decrease from the previous year.
The company's performance still surpassed analyst expectations, with revenue of $167 million against a forecast of $97.5 million.
Shares of Moderna increased following the earnings report, reflecting investor confidence despite the sales drop.
Moderna is expanding its portfolio with upcoming launches of RSV and seasonal flu vaccines, aiming for regulatory approvals this year.
The company is also enhancing its operations through a partnership with OpenAI, integrating AI to streamline processes and boost productivity.