Moderna’s 2023 prelim COVID vaccine sales meet target

(Reuters) – Moderna (NASDAQ:) on Monday reported preliminary 2023 sales of $6.7 billion for its COVID vaccine, surpassing the lower end of its full-year forecast, while reiterating its goal of returning to sales growth in 2025.

The vaccine maker in November said it would only hit the lower end of its previous forecast range of $6 billion to $8 billion. The $6.7 billion prelim sales figure includes about $600 million of deferred revenue related to Moderna’s efforts with the global vaccine alliance GAVI.

Demand for COVID vaccines has fallen sharply since 2021, when the shots first became available.

Moderna still gained share in the U.S. COVID-19 market from rival Pfizer (NYSE:), increasing its hold to 48% in the 2023 fall season from 37% share in 2022. But weak sales of the vaccine have weighed on the stock’s performance, dragging it nearly 45% last year.

The company reaffirmed its goal to break even in 2026 and said it continues to expect about $4 billion in sales this year from its shots for COVID and respiratory syncytial virus (RSV).

Regulatory approvals for the RSV shot are expected in the first half of this year. Moderna also expects to report late-stage data from its next-generation COVID shot and a combination flu/COVID shot in 2024.

The vaccine maker intends to seek regulatory approvals in 2024 for its seasonal flu shot, which generated a stronger immune response against all four A and B strains of the virus compared with traditional flu shots in a late-stage trial.