Sliding vaccine sales, new costs, shrink Moderna 4Q profit

By TOM MURPHY
AP Health Writer

Moderna’s fourth-quarter profit tumbled 70% as COVID-19 vaccine sales fell and the drugmaker caught up on a royalty payment. Moderna said Thursday that its cost of sales jumped nearly a billion dollars in the final quarter of 2022. That included a $400 million payment to the National Institute of Allergy and Infectious Diseases tied to a new license agreement. Overall, the drugmaker’s profit fell to $1.46 billion, or $3.61 per share. Total revenue dropped 29% to $5.08 billion. FactSet says analysts expected earnings of $4.60 per share on $5.02 billion in revenue. Moderna’s Spikevax is the company’s main revenue source.