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Mar 31, 2022
Moderna Q1 2022 Earnings Report
Moderna reported strong Q1 performance driven by increased product sales, especially of its COVID-19 vaccine, and reiterated its signed advance purchase agreements for 2022.
Key Takeaways
Moderna reported a strong first quarter with revenues of $6.1 billion, driven by increased product sales of its COVID-19 vaccine. The company's GAAP net income was $3.7 billion, with a diluted EPS of $8.58. Moderna reiterated its 2022 signed advance purchase agreements of approximately $21 billion.
Moderna's Q1 2022 revenue reached $6.1 billion, compared to $1.9 billion in Q1 2021.
GAAP net income for Q1 2022 was $3.7 billion, a significant increase from $1.2 billion in the same period last year.
Diluted EPS for Q1 2022 was $8.58, compared to $2.84 for the same period in 2021.
Moderna reiterated its 2022 signed advance purchase agreements of approximately $21 billion.
Forward Guidance
Moderna anticipates sales to be slightly larger in the second half of 2022 than in the first half. Cost of sales as a percentage of product sales are expected to be in the low-to-mid 20s percentage range. Full year Research & Development (R&D) and Selling, General & Administrative (SG&A) expenses are expected to be approximately $4 billion. The company expects an effective tax rate for the full year in the mid-teen percentage range and capital investments for 2022 in the range of $0.6-$0.8 billion.
Positive Outlook
- Sales slightly larger in the second half of 2022 than in the first half.
- Share repurchase program for $3 billion in February 2022 to return excess capital to shareholders.
Challenges Ahead
- Cost of sales as percentage of product sales are expected to be in the low-to-mid 20s percentage range.
- Full year expenses expected to be approximately $4 billion.
- Effective tax rate for the full year in the mid-teen percentage range.
- Capital expenditures: Expect capital investments for 2022 in the range of $0.6-$0.8 billion.
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