 "Moderna's Q4 profit tumbles to 70% as Covid-19 vaccine sales fall")
Moderna's fourth-quarter profit tumbled 70per cent as COVID-19 vaccine sales fell and the drugmaker caught up on a royalty payment.
Moderna said Thursday that its cost of sales jumped nearly a billion dollars to USD 1.9 billion in the final quarter of 2022. That included a USD 400 million payment to the National Institute of Allergy and Infectious Diseases tied to a new license agreement started in December.
The drugmaker's profit fell to USD 1.46 billion, or USD 3.61 per share.
Total revenue dropped 29 per cent t o USD 5.08 billion.
Analysts expected earnings of USD 4.60 per share on USD 5.02 billion in revenue, according to FactSet.
Moderna's Spikevax is the company's main source of revenue, outside of grants and money from collaborations.
The company had said last month that it recorded USD 18.4 billion in sales from its COVID-19 vaccine last year, and it expects about USD 5 billion in 2023.
Shares of Cambridge, Massachusetts-based Moderna Inc. slipped 1 per cent to USD 156 in premarket trading.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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