Moderna Reports $1.1B Loss Amid Falling Vaccine Sales

Moderna reported a disappointing fourth-quarter financial performance, with revenues of $966 million and a net loss of $1.1 billion, significantly wider than analysts' expectations. The company's losses were attributed in part to a $238 million non-cash charge related to the cancellation of a manufacturing contract, which reflects ongoing challenges as demand for its COVID-19 vaccine declines. Despite a drop in revenue from $2.8 billion the previous year, Moderna's fourth-quarter results exceeded forecasts of $942.8 million. The company is undertaking a significant cost-cutting strategy, aiming to reduce expenses by nearly $1 billion by the end of 2025 while focusing on new product approvals. CEO Stéphane Bancel expressed optimism about their late-stage pipeline, which includes investigational vaccines for COVID-19 and RSV, as well as a combination flu/COVID vaccine expected to launch soon. Moderna's shares fell about 3% in premarket trading following the announcement, continuing a trend of volatility for the company amidst a shrinking market for COVID-19 vaccines.