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Moderna Covid Vaccine Sales Will Drop Two-Thirds In 2023, But Still Reach $6 Billion

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Moderna Covid Vaccine Sales Will Drop Two-Thirds In 2023, But Still Reach $6 Billion

(CTN News) – As fewer people opted for an updated vaccination version in 2023, Moderna’s Covid vaccine sales declined by two-thirds to $6.7 billion.

Even though Moderna’s sales were down from more than $18 billion in 2022, the revenue from the shots met the company’s forecast for the year.

It is evident from Moderna’s announcement,

Which came ahead of its presentation at the JPMorgan Healthcare Conference, that there has been a steep decrease in demand for Covid products in the past year, as cases and public concern about the virus have declined from their pandemic peaks.

Last year, shares of Moderna declined nearly 45% due to weakening demand for the company’s shot, which is its only commercially available product.

In terms of revenue, Moderna generated approximately $6.1 billion from the sale of the vaccine. According to Moderna, another $600 million of deferred revenue relates to the company’s work with Gavi, a nongovernmental global vaccine organization.

The company forecast at least $6 billion in full-year Covid vaccine sales during its third-quarter earnings report in November, but did not provide any range for this estimate. Before the company rolled out its latest version of the vaccine in August, it predicted that it would generate revenues of $6 billion to $8 billion.

It was noted by the company that the vaccine captured 48% of the U.S. share of the Covid vaccine market last year. This represents an increase over the 37% market share it captured in 2022.

However, sales of the shot are expected to decline even further in 2024, according to the biotech company. It reiterated its forecast of approximately $4 billion in sales for the full year on Monday.

It should be noted that this forecast includes revenue from the company’s vaccine against respiratory syncytial virus, or RSV, which may be approved by the Food and Drug Administration in April.

The company expects to return to sales growth in 2025 as a result of the launch of new products. Currently, the company is developing 45 products, nine of which are in the final stages of clinical trials. Moderna has developed a combination shot that targets both Covid and influenza, which could be approved as early as 2025.

A break-even point is expected to be reached in 2026 for the company.

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