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Moderna
🇺🇸 NASDAQ:MRNA
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Mar 31, 2023

Moderna Q1 2023 Earnings Report

Moderna had a strong first quarter, with revenue of $1.9 billion and GAAP net income of $79 million.

Key Takeaways

Moderna reported first quarter 2023 revenues of $1.9 billion and GAAP net income of $79 million, with a diluted EPS of $0.19. The company is in negotiations for new orders for the fall of 2023 and preparing for potential 2024 commercial launches of its investigational RSV vaccine.

First quarter 2023 revenues were $1.9 billion.

GAAP net income was $79 million and GAAP diluted EPS was $0.19.

The company is negotiating new orders for fall 2023 in the U.S., Japan, and E.U.

The company is preparing for potential 2024 commercial launch of its investigational RSV vaccine for older adults.

Total Revenue
$1.86B
Previous year: $6.07B
-69.3%
EPS
$0.19
Previous year: $8.58
-97.8%
R&D Expense
$1.13B
Previous year: $554M
+104.2%
SG&A Expense
$305M
Previous year: $268M
+13.8%
Gross Profit
$1.07B
Previous year: $5.05B
-78.8%
Cash and Equivalents
$3.44B
Previous year: $5.05B
-31.8%
Free Cash Flow
-$1.34B
Previous year: $2.63B
-150.9%
Total Assets
$24.1B
Previous year: $27.6B
-12.6%

Moderna

Moderna

Forward Guidance

Moderna anticipates minimum sales of approximately $5.0 billion from previously announced COVID-19 vaccine Advanced Purchase Agreements. The company expects second quarter 2023 sales to be between $0.2-$0.3 billion and cost of sales between $0.5-$0.6 billion. The company anticipates a full year tax benefit of $0.3-$0.5 billion and capital expenditures of approximately $1.0 billion.

Positive Outlook

  • The company has COVID-19 vaccine sales of approximately $5 billion currently contracted for 2023 delivery.
  • The company continues to expect total product sales in the first half of 2023 of approximately $2.0 billion.
  • The company continues to expect cost of sales for the full year in the range of approximately 35-40% of product sales.
  • The company continues to expect full-year 2023 expenses of approximately $6.0 billion, with approximately $4.5 billion in R&D.
  • The Company now anticipates a full year tax benefit of $0.3-$0.5 billion.

Challenges Ahead

  • Second quarter 2023 sales are expected to be between $0.2-$0.3 billion.
  • Cost of sales for the second quarter 2023 is expected to be between $0.5-$0.6 billion.
  • The company's full year outlook includes non-recurring items.
  • The forward-looking statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control.
  • Actual results could differ materially from those expressed or implied by these forward-looking statements.

Company Overview

Full financial data and analysis

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