Pharmaceutical giant Moderna has promised investors that a coming “next generation” of vaccines is going to reward them with massive profits.
The pledge came following an earnings report which showed the company posted a first-quarter loss of $1.2 billion.
The huge losses are down to dwindling demand for the company’s Covid mRNA injections.
In the first three months of 2024, sales of the company’s Covid shots were a mere $167 million.
During the same period last year, however, Moderna took $2.8 billion in profits from the experimental injections.
In its earnings report, the company said:
“This decline aligns with the anticipated transition to a seasonal COVID-19 vaccine market.
“In the prior year period, the company recognized revenue primarily from delivered doses deferred from 2022.
“In the U.S., the company is reaffirming its 2024 product sales outlook as it enters the second year of the commercial endemic Covid market.
“Moderna’s focus is on working with public health officials, health care providers, and pharmacies to increase vaccination coverage rates to reduce the substantial burden of COVID-19.”
To reassure investors, Moderna promised investors that a new “generation” of vaccines is coming to tackle coming strains of Covid.
Moderna touted the results of Phase