Biotech company Moderna is feeling the effects of falling demand for its Covid-19 vaccine. Group revenue fell in the first quarter by almost 70 percent to just under 1.9 billion US dollars (around 1.7 billion euros), as the company announced on Thursday in Cambridge, Massachusetts. However, Moderna performed significantly better than feared on the market.
The result was also unexpectedly good, because analysts had expected a high loss. Instead, Moderna made a bottom line profit of $79 million. However, the group had earned a multiple of this amount a year ago with around 3.7 billion dollars. At that time, the pandemic was still keeping the world in suspense.
The Covid vaccine is so far the only product from Moderna with a market approval. The manufacturer expects to be able to achieve at least 5 billion dollars with the vaccine this year. The US, Japan and the EU are negotiating new deliveries for the fall, the statement said. Moderna is in talks with states and potential private customers around the world, said Marketing Director Arpa Garay of the Bloomberg news agency.
The group is also looking for its next commercial success and put more money into research in the past quarter. When testing possible flu vaccines and personalized cancer therapies, the group is once again pursuing the mRNA approach on which its Covid 19 vaccine is based.
Moderna shares are temporarily up 4.40 percent at $135.87 on the NASDAQ.
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