Moderna on Friday posted fourth-quarter revenue that beat estimates, but lost more than expected for the period, as the biotech company continues to slash costs and demand for its Covid vaccine falls.
It marks another quarter of growing pains for the company, which is racing to launch new products and recover from the rapid decline of its once-booming Covid business.
Moderna posted a net loss of $1.12 billion, or $2.91 per share for the fourth quarter of 2024. That compares with net income of $217 million, or 55 cents per share, reported for the year-ago period.
The company said the quarterly loss includes a roughly $238 million non-cash charge related to ending a contract manufacturing agreement.
In an interview, Moderna CFO Jamey Mock said one of the most important takeaways from the company’s full-year 2024 results is that it reduced costs by 27% compared to 2023. By the end of 2025, Moderna expects to cut costs by $1 billion…
