Biotech company Moderna feels the effects of falling demand for its COVID-19 vaccine. As a result, the group announced on Thursday that quarterly revenue fell 70 percent from last year. Nevertheless, the result is much better than analysts had expected.
The Corona vaccine is so far the only Moderna product with market approval. Despite falling demand for it, the company still made a small profit of $79 million, a fraction of its $3.7 billion quarterly profit a year earlier. Experts had expected a loss.
Much of the revenue was due to delayed deliveries of vaccines that Moderna was supposed to sell in 2022. However, for the rest of this year, the pharmaceutical giant expects to achieve at least $ 5 billion in sales with the vaccine.
In the future, Moderna wants to focus more on vaccines against RSV, a virus that causes respiratory infection and that mainly affects very young children or the elderly. In addition, a cure for the flu is in the works. Those new products should bring in $8 billion to $15 billion annually by 2027.