Moderna Reports $6.7 Billion in Product Sales for 2023

Moderna, a leading biotechnology company, announced on Monday that its product sales for 2023 reached $6.7 billion, surpassing the company's previous guidance of at least $6 billion. While this indicates a decline of 63.6% compared to 2022, it still exceeded the consensus estimate of $6.3 billion.

Consistent Guidance and Positive Outlook

This update from Moderna echoes the guidance provided by the company in early November. It sets the stage for a presentation by Moderna executives at J.P. Morgan's annual healthcare conference later in the day.

Strong Performance of Covid-19 Vaccine

Within the $6.7 billion figure, Moderna reported that its Covid-19 vaccine sales accounted for $6.1 billion in 2023. Additionally, the remaining amount consisted of approximately $600 million as deferred revenue related to supply agreements with GAVI, The Vaccine Alliance—an international organization that supplied Covid-19 vaccines to low- and middle-income countries.

Robust Financial Position

At the end of 2023, Moderna's cash, cash equivalents, and investments exceeded $13 billion. This marks an increase from the $12.8 billion reported as of September 30, 2023, highlighting the company's solid financial standing.

Market Share Growth

Moderna's Covid-19 vaccine has steadily gained market share in the United States during the current winter season. With a 48% share, it has outperformed its competitor Pfizer, whose market share stood at 37% in 2022. This growth signifies Moderna's commercial success in an increasingly competitive market.

Overall, Moderna's strong product sales, consistent guidance, and impressive market share demonstrate its continued prominence in the field of biotechnology.

Moderna Stock Sees a Boost

By Josh Nathan-Kazis

Moderna's stock experienced a notable increase of 1.2% on Monday. This growth comes after a significant decline in Moderna shares since mid-2021 due to diminishing investor expectations regarding the long-term value of its Covid-19 vaccine. However, in recent months, the stock has been steadily climbing and has seen a positive surge of 49.1% since November.

Despite the challenges faced, Moderna remains optimistic about its future prospects. The company announced that it anticipates a drop in revenue to $4 billion in 2024, with sales projected to resume growth in 2025, ultimately achieving a break-even point in 2026.

Moderna is also actively working towards gaining regulatory approvals for its respiratory syncytial virus (RSV) vaccine for older adults, expected to commence in the first half of this year. While facing competition from similar products by GSK and Pfizer, Moderna believes its vaccine will offer greater convenience for healthcare providers.

In addition to the RSV vaccine, Moderna is preparing for the release of data from a Phase 3 study on a new refrigerator-stable Covid-19 vaccine in the first half of this year. Furthermore, data from another Phase 3 study on a dual-purpose vaccine targeting both flu and Covid-19 is also anticipated.

Moderna CEO Stéphane Bancel expressed enthusiasm about the future, stating, "We are looking forward to the launch of Moderna's second product, our RSV vaccine. 2024 holds great promise for our company with various milestones across our nine late-stage programs. Through these product launches, we are dedicated to achieving sales growth in 2025."