The American drug company Moderna has reported a first-quarter loss of $1.2 billion after demand for their COVID-19 vaccine has declined.

Sales of the company’s COVID-19 vaccine were a mere $167 million over the first quarter of 2024, compared with $2.8 billion over the same period 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 the report.

“In the U.S., the company is reaffirming its 2024 product sales outlook as it enters the second year of the commercial endemic COVID market. Moderna’s focus is on working with public health officials, health care providers and pharmacies to increase vaccination coverage rates to reduce the substantial burden of COVID-19.”

Pfizer also saw its profits decline 40 percent compared with the first quarter of 2023.

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

As it announced its vaccine developments during its Vaccines Day Event, shares of Moderna mRNA rose 3%, according to Yahoo Finance.

“Management believes that the company’s vaccine portfolio targets large addressable markets with an estimated total addressable market (TAM) of around $52 billion for infectious disease vaccines,” the outlet reported.

Scientists have expressed alarm over the development of mRNA vaccines.

“One of the mechanisms involves microRNAs that suppress the production of cellular interferon, which is extremely important for attack against viral infections as well as tumor suppression,” Chief Scientific Officer at Children’s Health Defense Brian Hooker, Ph.D., told The Defender.