everyone. will provide hello, and and our of Stéphane, XXXX. Thanks, framework for review full Today, I'll fourth performance our financial the financial also year the for quarter I both XXXX.
with of a our review me performance start year. commercial this Let
do $X.X sales We we deferred with purchase were XXXX, XXXX. advanced in majority of the expect into In sales signed XXXX reported product the repeat agreements for these first to from that of billion, half not in of sales delivery XXXX.
of half demand, Gavi. million in to we $XXX $X and related from an second from the recorded endemic additional revenue deferred sales billion In XXXX, seasonal
Sales the fourth billion, and from and of in in quarter with the $X.X billion the sales U.S. in were in world, $X.X billion billion rest $X.X $X.X in the revenue including deferred Gavi. Europe the
sales deferred product of in in $X.X Gavi. the the XXXX, world, year in from including billion and revenue billion, billion comprised $X.X were For billion sales of the $X.X again, in $X.X U.S., Europe the rest full
Moving to XX. Slide
navigate evolving towards like the traditional pattern offset vaccine mentioned, billion year. As XX% more of This decrease a decrease which dynamics last this vaccines. net the of product This quarter, a as from higher volume, reduction the market was is was sales transition seasonal to predictable largely the COVID-XX average $X.X price. sales we flu selling in market by a anticipated indicative partially attributable were
efforts $XXX of of million, to sales operations. in as related primarily additional previous Cost down of QX our wind-down footprint, This XX% to product manufacturing certain charges year. of manufacturing the in resize of year sales to $XXX led was a to QX expected, which, from this XX% the contract in our strategic million, net is demonstration
includes Additionally, demand cost forecasts. of of write-down sales revised $XXX reflecting also million, inventory
against as an with program. upfront vaccine, and of increase $X.X R&D increased uptick late-stage INT vaccine, strategic billion. flu associated Immatics. vaccine also particularly to with development as RSV commitment our $XXX advancing included combination our programs, well payment expenses clinical reflects This The our to and XX% million by COVID-XX the development with CMV research our collaboration
The were commercial up increase million, year-over-year. particularly primarily the was due to XX% $XXX of spending operations, market. SG&A expenses U.S. in our the expansion in
Income benefits largely was to of benefit for part fourth of finalizing XXXX, as return. tax $XXX the million XXXX attributable tax of the a quarter tax our U.S.
XXXX. slightly of than income share the the $XXX prior the Net position the $X.XX year. closed million in Diluted compared was $XX.X quarter to quarter was is billion, cash quarter. quarter billion we earnings to of the for with last higher $X.X billion a in compared end strong the which per at fourth We $X.XX had $XX.X
previous Now on sales mainly XX. lower XXXX billion, turn performance year to annual XX% of Net our were of $X.X let's volume sales product our to from full vaccine. the Page for decrease COVID-XX due year, a the
the to As billion Gavi. revenue mentioned earlier, related of recognition this from deferred $X.X includes the
$X.X billion item, this of with framework sales our line still were the for year. provided Excluding we in full the
for operations, efforts sales net our full substantial sales of a to of XX% represented sales, increase our product attributable shift XX% the manufacturing product optimize of in to strategic from year is This Cost the largely billion sales billion over reduced came and resulting costs below other framework. provided $X volume. of and we our billion, distribution slightly in in cost Overall, in sales of manufacturing latest $X.X at charges $X.X XXXX.
with billion, both in SG&A our expectations. billion, was was $X.X Research and and spend line development $X.X
Our the year income was million full for $XXX XXXX. tax provision
products in During by our next valuation when allowance call, impact establish loss vaccine, which future assets tax approved under against cash for it company's allowance we to years are does cumulative utilize earnings that future requirement a position. not in deferred restricts a QX yet these X assets future to year deferred excluded current important flows, discussed the our does note GAAP and just the future is not tax This to from regulators and It's include or valuation income projection tax the future to not income launches. expected from returns periods. projections, the us ability COVID income
$X.X due higher in XXXX. billion share XXXX. in The for sales in compared R&D an $X.X loss last to $XX.XX lower was to of product and earnings billion income year was was loss $XX.XX Diluted diluted share per Net expenses to primarily the year. compared per decrease of profit the
to to year financial additional version the by alongside deferred Gavi on results presenting a recognition full the impact charges them you let's revenue provide our So summarized move resizing perspective allowance. or wanted now We and XX. of valuation that Slide excludes the tax
for net Our total loss billion. $X.X the full GAAP year was
excluding items, these when is to net noncash billion. $X.X loss However, reduced the primarily
on turn to on shared financial line our is in our mostly let's QX framework Slide XX, call. with XXXX I what Now which
half of the return be sales billion, the think as year expect of in expected point strong are XXXX. will first seasonality in million, vaccines. We a low be of reflecting we for approximately we net $X Sales respiratory $XXX to approximately to growth which expect to the XXXX
approximately with call year. sales, XX% product We QX in sales introduced of expect earnings cost of sales of line our our which last framework, in we cost of
For $X.X full billion R&D, expenses XXXX. $X.X in in we XXXX. approximately billion, SG&A, from we year year And full $X.X approximately to from expect down be billion be $X.X expenses expect for billion, to down
to in XXXX. taxes be negligible We also expect
call, capital a around I disciplined provided operating very QX our earnings Moderna to In centered which our largely approach allocation. principles,
#X to in the business. been be continue reinvesting priority has and will Our
the approximately we XXXX into our of construction expect be facilities as the addition in complete pipeline, In to $X.X globe. the our investment mostly billion capital we expenditures across to
Our for teams operational and expense are working management capital. laser-focused improvements both on
we billion XXXX with result, a cash. expect end to in As $X approximately
now turn Stephen. to will the I call over