Moderna logged a first-quarter loss as revenue fell, dragged down by lower product sales, though the company said it expects demand to increase during cold and flu season later this year.

Moderna slipped 2% in premarket.

The biotech company, which makes the Spikevax RNA-based Covid-19 vaccine, posted a net loss of $971 million, compared with a loss of $1.18 billion a year earlier.

On a per-share basis, the company notched a loss of $2.52. Analysts polled by FactSet expected a loss of $3.12 a share.

Revenue fell 35%, to $108 million, but topped the $106.2 million that analysts modeled.

The decline was primarily driven by lower net product sales, which the company said reflects lower vaccination rates compared with the same period last year. Covid-19 is continuing to normalize into a seasonal commercial market, it added, with demand concentrated in the second half of the year.

The company's Spikevax vaccine notched $84 million in sales, comprising $29 million in U.S. sales and $55 million in international sales.

Its vaccine for respiratory syncytial virus, or RSV, posted sales of $2 million.

For 2025, Moderna backed its revenue outlook of $1.5 billion to $2.5 billion. Analysts forecast full-year sales of $2.09 billion.

The company said it expects about $200 million in revenue in the first half of the year, reflecting the seasonality of its respiratory business.