Investing.com --Moderna's (NASDAQ:MRNA) fourth-quarter revenue topped average analyst expectations despite falling sharply versus the year-ago period, sending shares in the U.S. drugmaker higher in premarket trading on Thursday.
The Massachusetts-based firm has been attempting to develop its pipeline of new drugs and rein in costs as once-soaring pandemic-era demand for its COVID-19 vaccine wanes.
In a statement, Chief Executive Stéphane Bancel described 2023 as a "year of transition" marked by its ongoing adaptation to an easing call for its COVID jabs. Moderna took several specific actions throughout the year to address this trend, including resizing of its manufacturing footprint, flattening its commercial structure, and focusing on near-term growth drivers.
Total revenue in the three months ended on Dec. 31 slumped by 45% year-on-year to $2.81 billion, but were ahead of Bloomberg consensus estimates of $2.5 billion.
Meanwhile, Moderna highlighted the potential of its vaccine for respiratory syncytial virus (RSV), which is expected to receive initial regulatory approval in the first half of this year.
"The Company is encouraged by early indications of widespread consumer awareness and established demand in the RSV market, which Moderna will enter with a strong competitive profile with robust efficacy data," it said.