Moderna on Thursday posted a surprise quarterly profit, in part boosted by deferred revenue, even as the company saw slumping sales from its Covid vaccine, its only marketable product.
The biotech company booked fourth-quarter sales of $2.81 billion, with sales of its Covid shot dropping 43% from the same period a year ago.
That includes charges related to the company's efforts to scale back manufacturing of its Covid shot and write-downs of unused doses of the vaccine.
Still, the deferred revenue boosted Moderna's full-year Covid vaccine sales to $6.7 billion, an amount the company first unveiled in January.
It booked $18 billion in revenue in 2022 and expects sales from the shot to drop even further in 2024.
Persons:
Jamey Mock, Moderna, Mock
Organizations:
Moderna, LSEG, Revenue, CNBC, Food, Drug, Merck
Locations:
Gavi