Moderna bets big on RSV vaccine as full-year guidance unchanged

2nd May 2024 11:54

(Sharecast News) - Moderna saw its share price surge on Thursday after posting a smaller-than-expected quarterly loss as the Covid vaccine maker sets its sights on regulatory approvals of its second product later in the year.

The pharma group, whose only commercial product to date was the Covid vaccine known as Spikevax, is targeting the autumn for the launch of its US respiratory syncytial virus or RSV vaccine, with initial regulatory approvals expected to begin in the first half. The FDA approval is expected by mid-May.

"The company is encouraged by early indications of widespread consumer awareness and established demand in the RSV market, which Moderna will enter with a strong competitive profile with robust clinical efficacy data, a well-established safety and tolerability profile for its mRNA technology, and as the only pre-filled syringe product available," the company said in a statement.

Moderna reported revenues of just $167m for the first quarter, down 91% from the $1.9bn generated in the same period last year, as sales of the Covid vaccine plummeted. The prior year also included revenues from delivered doses deferred from 2022. However, the consensus forecast was $93m.

The company reported a net loss of $1.2bn for the quarter, compared with a profit of $79m the year before, with the loss per share of $3.07 better than the $3.56 projected by analysts.

Moderna continues to expect to generate $4bn in sales for 2024, of which just $300m is expected to be recognised in the first half.

Shares were up 8.2% at $120.57 by 1042 in New York.