Three major pharmaceutical companies released their latest financial reports Thursday morning.

Moderna’s quarterly revenue dropped from $4.9 billion in Q3 2021 to $3.4 billion in Q3 2022, due in large part to a dropoff in sales of its COVID-19 vaccine. Similarly, the company’s net income was just over $1 billion, down from $3.3 billion this time last year. Moderna’s total operating expenses rose to $2.1 billion from $1.4 billion a year ago.

The company’s earnings per share were $2.67, down from $8.27 in Q3 2021. The earnings report noted that research and development expenses rose 57% year-over-year to $820 million.

Still, Moderna expanded its headcount to 3,700 employees, including the appointment of James Mock as its CFO Wednesday morning, months after the company’s previous CFO left following two days on the job.

Additionally, Moderna unveiled a series of leadership changes at the end of the quarter, highlighted by a role transition for Juan Andres.

Most notably, Moderna sued Pfizer and BioNTech in late August, alleging that the two companies copied its patented mRNA technology for their COVID-19 vaccine, Comirnaty.

“Today’s earnings continue to show strong corporate momentum. With $13.6 billion in product sales through the first three quarters of the year, and advance purchase agreements for anticipated delivery this year now expected to produce around $18 to $19 billion of product sales, we continue to have a strong financial position as we prepare for multiple upcoming global product launches,” Moderna CEO Stéphane Bancel said in a statement. “It has never been clearer that the future of medicine is upon us. As a platform company with scale and resources, Moderna is uniquely positioned to execute on exciting programs in flu, RSV, rare diseases and immuno-oncology, where we have an imminent Phase 2 data read-out.”

Meanwhile, Regeneron’s quarterly revenue slid by 15%, though if REGEN-COV is excluded, revenue increased 11%. Regeneron’s GAAP net income dropped by 19% year-over-year, as did its GAAP diluted net income per share.

While its Sanofi collaboration revenue increased 22% to $711 million, Regeneron’s collaboration revenue with Roche fell 95% due to lower sales of Ronapreve. On the positive side, U.S. revenues of Libtayo increased 22% year-over-year.

The company also pointed to the 11% increase in U.S. net sales of Eylea, while Dupixent net sales reached $2.33 billion. Regeneron and Sanofi recently teamed up with Broadway actor Tommy Bracco to promote the launch of and promote Dupixent as a treatment option for addressing asthma attacks.

“We were thrilled to see positive results from the aflibercept 8 mg pivotal trials which demonstrated the potential to reduce the treatment burden for patients with diabetic macular edema (DME) and neovascular age-related macular degeneration (wet AMD),” Regeneron CEO Leonard S. Schleifer, M.D., Ph.D. said in a statement.

For its part, Teva Pharmaceuticals reported revenues of $3.5 billion, down 8% year-over-year due to a decrease in revenues from generic products in its North America segment. 

Teva’s GAAP gross profit slid 7%, its operating incoming dropped by more than $200 million and its adjusted EBITDA decreased 7% to just over $1 billion.

A bright spot was the ongoing reduction of company debt, which is now at $21.2 billion, and an increase in cash flow generated from operating activities, which totals $543 million.

Towards the end of the quarter, Teva launched a website dubbed Honestly HD, which serves as an online resource for patients living with Huntington’s disease.

“Teva delivered a solid Q3 on the backdrop of significant foreign exchange headwinds due to appreciation of the U.S. dollar,” Teva CEO Kåre Schultz said in a statement. “Generics revenues grew in Europe and International Markets in local currency terms, reflecting market growth and successful new product launches. Our key specialty brands also performed well, with continued growth momentum across all regions – Austedo showed 30% U.S. revenue growth and is on track to reach ~$1 billion 2022 annual revenues. Ajovy shows continued growth in revenues and market share in U.S. and Europe, and reached 28% volume market share in Japan.”

Several other healthcare organizations released their latest earnings reports Thursday, including SpringWorks Therapeutics, Autolus Therapeutics, Agios Pharmaceuticals and Bausch Health.