Moderna Therapeutics Inc (NASDAQ:MRNA) saw revenues fall 32% year-on-year as fewer people want COVID-19 booster vaccines.
Third Bridge analyst, Lee Brown, suggested enthusiasm for updated Omicron-targeting vaccines has massively reduced, with two-thirds of American adults not planning to get the jab anytime soon.
This is despite previous expectations that flu jabs and covid jabs would see roughly equal uptakes, rather than the three-to-one ratio now expected.
Brown highlighted that in the post-pandemic environment, Moderna’s extensive dependence on its covid vaccine, Spikevax, will put ever-increasing pressure on its pipeline development.
Revenue fell from US$5bn to US$3.4bn, with net income decreasing by 69% to $1.0bn. Research and development costs increased by 57% to US$820mln.