Moderna earnings fall short of estimates amid steep decline in COVID vaccine sales, expects to file for approval of RSV vaccine in first half

Moderna Inc.
MRNA,
-1.20%
said Thursday it had net income of $1.465 billion, or $3.61 a share, in the fourth quarter, down from $4.868 billion, or $11.29 a share, in the year-earlier period. Revenue fell to $5.084 billion from $7.211 billion a year ago. The FactSet consensus was for EPS of $4.60 and revenue of $5.017 billion. The decline in sales was mostly due to a steep fall in sales of the company’s COVID vaccines. Product sales fell 30% to $4.9 billion, due to lower sales volume and lower demand vs. the prior year. The company is still expecting about $5 billion in COVID sales that are contracted for delivery in 2023 and expects additional sales from key markets. It expects to file for regulatory approval of its RSV vaccine for older adults in the first half. It expects a Phase 3 flu vaccine interim efficacy analysis to be reviewed by an independent DSMB (data and safety monitoring board) before the end of the first quarter. It is expecting to share a full data set of the cancer vaccine its developing in combination with Merck’s
MRK,
+0.08%
Keytruda at an upcoming medical oncology meeting and in peer-reviewed publication. The company expects to spend $4.5 billion on R&D this year. The stock fell 0.6% premarket but has gained 17% in the last 12 months, while the S&P 500
SPX,
-0.16%
has fallen 6%.