Moderna stock falls after new COVID-19 vaccine trial results

March 27, 2024 steven

Moderna vaccine vials — Moderna reported a profit of $217 million in the three months ending Dec. 31.

Moderna said Tuesday that its updated COVID-19 vaccine demonstrated a stronger immune response than its current jab in results from a phase-3 clinical trial. The new vaccine, called mRNA-1283, also promises to have a longer shelf life and its pre-filled syringe design could help increase access around the world. And Moderna said the shot will “pave the way” for a combined flu and COVID vaccine in the future.

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Despite all these improvements, investors seemed unimpressed. The pharma Moderna stock was down almost 3% in afternoon trading on Tuesday. The stock has dropped 28% over the last 12 months

While the company reported a surprise profit of $217 million in its fourth quarter, the use of Moderna’s only product available on the market has dwindled in the last year.

Only 14% of U.S. adults have received an updated 2023-2024 COVID-19 vaccine, according to the Centers for Disease Control and Prevention.

Moderna in 2024 and beyond

Moderna previously said it managed to turn a profit last quarter by scaling back its production of COVID-19 vaccines, while at the same time increasing its market share. During the fall 2023 COVID season, Moderna reached 48% market share in the U.S., compared with 37% in 2022.

The company is forecasting that its respiratory franchise, which includes its COVID-19 vaccine and an upcoming RSV vaccine, will generate $4 billion in revenue this year.

Moderna said it expects to receive FDA approval for its RSV vaccine in the first half of 2024. The company is also developing a combined COVID and flu vaccine. Moderna has a total of 45 products in development.