Moderna reported a $1.2 billion loss in the first quarter of 2024.

The company took in $167 million from its COVID-19 vaccine during the first quarter, a 91% drop from this same time last year.

“This decline aligns with the anticipated transition to a seasonal COVID-19 vaccine market; in the prior year period, the Company recognized revenue primarily from delivered doses deferred from 2022,” Moderna said in a press release.

Modern sold $100 million worth of COVID-19 vaccines in the United States but hopes to improve that total as it launches its Spikevax 2024-2025 formula.

“As we anticipate the launches of our Spikevax 2024-2025 formula and RSV vaccine, we are exercising financial discipline and have intensified our focus on building and utilizing AI technologies to further streamline operations and enhance productivity,” Moderna CEO Stéphane Bancel said.

“With 10 late-stage programs, and additional new programs advancing toward pivotal studies, we continue to expect numerous product milestones this year across our vaccines and therapeutics portfolio. This is the start of a banner year for our vaccine platform as we continue to advance mRNA medicines for patients. This is just the beginning,” he continued.

Moderna recently announced that it is developing more mRNA vaccines targeting Epstein-Barr virus (EBV), Varicella-zoster virus (VZV), and Norovirus, American Faith reported.

 Bancel stated that Moderna’s goal is to “launch multiple vaccine products in the next few years and deliver the greatest possible impact to people through mRNA medicines,” adding, “Achieving this ambition requires substantial investment in late-stage studies and we are excited to welcome Blackstone and their innovative financing model.”