Moderna Loses $8.3 Billion in Two Years as COVID Vaccine Demand Collapses, Scrambles to Push New mRNA Shots
Company pivots to risky new mRNA product pipeline amid safety concerns and fast-tracked approvals.
Moderna Inc. has lost a staggering $8.3 billion over the last two years, a financial catastrophe driven by collapsing COVID-19 vaccine demand and mounting operational costs.
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The company posted a $3.6 billion loss in 2024 alone, following a $4.7 billion loss in 2023, despite aggressive government-backed contracts and efforts to push new mRNA products.
Moderna reported the massive losses just days before Department of Health and Human Services Secretary Robert F. Kennedy Jr. paused the Biden administration’s $4.7 billion Project NextGen initiative to create a new COVID-19 vaccine.
COVID Shot Demand Plummets, Governments Phase Out Pre-Purchases
Moderna’s COVID-19 vaccine revenue has collapsed.
Earlier this month, the company reported a 66% drop in fourth-quarter sales year-over-year and a 53% decline in full-year sales compared to 2023.
Spikevax, once a multi-billion-dollar product, is rapidly losing ground.
“The decrease was primarily due to the earlier launch of the updated COVID-19 vaccine in the United States, which shifted sales into the third quarter,” Moderna stated, adding that international sales were lower “reflecting the continued phase-out of advance purchase agreements.”
Translation: Governments are no longer stockpiling COVID shots at the same rate, and public demand has cratered.
The company is struggling to convince consumers to continue taking mRNA boosters, even as it pushes a next-generation COVID vaccine for FDA approval.
Despite Government Cash, Moderna Still Posts Massive Losses
Even after selling billions in COVID shots, Moderna is still drowning in red ink.
The company reported $495 million in inventory write-downs—evidence that it produced more vaccines than people were willing to take.
Meanwhile, costs of sales for Q4 hit $739 million, with wind-down costs totaling $259 million, including a $238 million non-cash charge for terminating a contract manufacturing agreement.
The biotech firm is shedding production capacity, an implicit admission that demand is in freefall.
Yet despite its crumbling finances, Moderna still has billions in cash reserves, thanks in part to government-backed contracts.
As of December 31, 2024, the company held $9.5 billion in cash, cash equivalents, and investments.
mRNA Pipeline Expands Despite Safety Concerns
With COVID shot sales declining, Moderna is doubling down on its mRNA product pipeline, submitting three new investigational mRNA shots for FDA approval.
These include:
A “next-generation” COVID vaccine (mRNA-1283)—even as demand for the existing shot collapses
A flu/COVID combination vaccine (mRNA-1083)—despite previous mRNA flu trials struggling with efficacy
Expanding its RSV vaccine (mRESVIA) to adults as young as 18—despite limited long-term safety data
The company is aggressively seeking regulatory greenlights to keep its mRNA business afloat, boasting that it aims to deliver “up to 10 product approvals through 2027.”
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Fast-Tracked Approvals Raise Red Flags
Moderna’s new COVID and RSV vaccines are being rushed through the FDA’s approval pipeline.
The company admitted it is using priority review vouchers—which allow a faster regulatory timeline—for both products.
The next-gen COVID vaccine (mRNA-1283) has a PDUFA goal date of May 31, 2025.
The RSV vaccine expansion has a PDUFA goal date of June 12, 2025.
These approvals come even as public skepticism over mRNA vaccine safety remains high.
The rapid regulatory push echoes the original COVID vaccine rollout, raising concerns about whether safety data is being overlooked in favor of speed.
Norovirus Vaccine Trial on Hold After Guillain-Barré Case
Meanwhile, Moderna admitted that its mRNA norovirus vaccine trial is under FDA clinical hold after a participant suffered Guillain-Barré syndrome (GBS), a known vaccine-associated risk.
Despite this, the company downplayed the safety signal, claiming “the Company does not expect an impact on the study’s efficacy readout timeline.”
GBS has already been linked to past mRNA vaccines, adding another layer of concern as Moderna continues to aggressively expand its experimental pipeline.
Blackstone Funding Raises Conflict of Interest Questions
Moderna also disclosed that private equity giant Blackstone Life Sciences is funding its flu vaccine program, helping offset R&D costs.
This raises serious questions:
To what extent are private financial interests influencing public health policies?
Are vaccine approvals being rushed to satisfy investors rather than ensure public safety?
Blackstone, a World Economic Forum partner, is owned by BlackRock, Vanguard, and State Street.
Desperate PR Spin: Moderna Frames Disaster as ‘Momentum’
Despite hemorrhaging billions and facing collapsing demand, Moderna’s CEO Stéphane Bancel is still trying to sell the narrative that the company is in a strong position.
“We have made progress in 2024 across our late-stage pipeline and cost reduction efforts,” Bancel claimed.
“In 2025, we remain focused on driving sales, delivering up to 10 product approvals through 2027, and expanding cost efficiencies across our business.”
Translation: Moderna is scrambling to push as many mRNA shots as possible to offset its massive losses.
Conclusion: A Failing Model Propped Up by New mRNA Approvals
The Moderna earnings report confirms what was long suspected:
COVID vaccine demand is collapsing.
Government stockpiling is ending.
Moderna has lost $8.3 billion in just two years.
The company is still trying to force new mRNA shots onto the market, despite growing safety concerns.
Regulators are once again fast-tracking approvals, despite past red flags.
The big question: How long can Moderna sustain this business model before the entire mRNA industry faces a reckoning?
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I hope they go bankrupt!!
I suspect bird flu was created in lab and drones over NJ are spreading the virus.
Read Kennedys book the Wuhan CoverU