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Mar 31, 2021
Moderna Q1 2021 Earnings Report
Moderna achieved its first profitable quarter, driven by commercial sales of its COVID-19 vaccine in the U.S. and initial international sales.
Key Takeaways
Moderna reported its first profitable quarter in the company's history, with total revenue reaching $1.9 billion, driven by sales of its COVID-19 vaccine. The company delivered on its supply commitments and increased its 2021 supply forecast to between 800 million and 1 billion doses.
Moderna reported its first GAAP profitable quarter in company history.
The company increased its 2021 supply forecast to between 800 million and 1 billion doses.
Initial analysis of the TeenCOVE study showed vaccine efficacy against COVID-19 of 96%.
A single booster dose of mRNA-1273 or mRNA-1273.351 increased neutralizing titers against SARS-CoV-2 variants.
Forward Guidance
Moderna anticipates continued growth and expansion in 2021 and beyond.
Positive Outlook
- Company has signed APAs for $19.2 billion in product sales for scheduled delivery in 2021.
- Company expects doses delivered in Q2 2021 to be in the range of 200-250 million doses.
- Company anticipates manufacturing investments to facilitate supply of up to 3 billion doses in 2022.
- Effective tax rate expected in the low-teens.
- Capital expenditures of $450-550 million planned for 2021.
Challenges Ahead
- Expect quarter over quarter cost increases in R&D expenses during 2021 as research and development activities and expenses ramp up.
- Expect quarter over quarter cost increases in SG&A expenses during 2021 as commercial activities and expenses ramp up.
- Cost of sales as percentage of product sales are expected to be approximately 20% for fiscal year 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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