Moderna's 2024 Achievements and Strategic Plans for Growth
N/A, Wednesday, 8 January 2025.
Moderna’s 2024 shareholder letter highlights its major advances, including mRESVIA’s approval, positive Phase 3 results, cost reductions, and collaboration with OpenAI to enhance operational efficiency.
Transformation into a Multi-Product Company
Moderna (NASDAQ: MRNA) achieved a significant milestone in 2024 with the approval and launch of mRESVIA, its RSV vaccine for older adults, on December 30, 2024 [2]. This approval marked Moderna’s evolution into a multi-product company, becoming the only pharmaceutical company with multiple approved mRNA products [2]. The company’s development pipeline demonstrated remarkable success, achieving a 69 percent probability of success for mid- and late-stage programs, significantly outperforming the industry average of 19 percent [2].
Financial Performance and Market Challenges
Despite these advances, Moderna faced significant market challenges in 2024. The company’s mRESVIA generated only $10 million in Q3 2024 sales, while Spikevax reached $1.8 billion [3]. In response to market pressures, Moderna implemented strategic cost reductions, cutting operating costs by 25% in 2024 [1]. The company has announced plans to further reduce annual R&D expenses by $1.1 billion by 2027 compared to 2024 levels [2][3].
Strategic Initiatives and Future Outlook
Looking ahead, Moderna has outlined ambitious growth plans, targeting 10 product approvals between 2024 and 2027 [2]. The company strengthened its leadership team in 2024, appointing Dr. Stephen Hoge to oversee product lifecycle strategy and bringing in new board members David Rubenstein and Abbas Hussain to enhance international policy and commercial expertise [2]. A notable strategic move was the December 30, 2024 collaboration with OpenAI, aimed at optimizing research and development efficiency [2].
Research Pipeline and Innovation
The company’s research pipeline showed strong momentum with four positive Phase 3 data readouts across its respiratory portfolio [2]. Moderna’s next-generation COVID vaccine (mRNA-1283) is under FDA review with a decision expected by May 31, 2025 [2]. The company’s commitment to innovation is further demonstrated by its recognition as a Top Employer by Science Careers for the tenth consecutive year and its first-time inclusion in Fortune’s World’s Most Admired Companies in 2024 [2].