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Mar 31, 2024
Moderna Q1 2024 Earnings Report
Moderna reported first quarter revenues, GAAP net loss and GAAP diluted EPS. The company prepares for launches of RSV vaccine and Spikevax® 2024-2025 formula and reaffirms 2024 expected product sales.
Key Takeaways
Moderna reported first quarter revenues of $167 million, a GAAP net loss of $1.2 billion, and a GAAP diluted EPS of $(3.07). The company is preparing for the launches of its RSV vaccine and Spikevax® 2024-2025 formula and reaffirms its 2024 expected product sales of approximately $4 billion.
Reported $167 million in Spikevax (COVID-19 vaccine) sales in Q1 2024, including $100 million in U.S. sales and $67 million of international sales.
Reaffirmed 2024 expected revenue of approximately $4 billion from its respiratory franchise.
Anticipates initial regulatory approvals of its RSV vaccine (mRNA-1345) beginning in the first half of 2024.
Advanced three new vaccine programs (Epstein-Barr virus, Varicella-Zoster virus, norovirus) toward Phase 3 clinical trials.
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Moderna
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CapyFin.com Forward Guidance
Moderna reaffirms its 2024 expected revenue of approximately $4 billion from its respiratory franchise, and now expects approximately $0.3 billion in net sales in the first half of the year. Cost of sales is expected to be approximately 35% of product sales for the year. Full-year 2024 research and development expenses are anticipated to be approximately $4.5 billion. Selling, general and administrative expenses for 2024 are projected to be approximately $1.3 billion.
Positive Outlook
- Reaffirms 2024 expected revenue of approximately $4 billion from its respiratory franchise.
- Cost of sales is expected to be approximately 35% of product sales for the year.
- Full-year 2024 research and development expenses are anticipated to be approximately $4.5 billion.
- Selling, general and administrative expenses for 2024 are projected to be approximately $1.3 billion.
- Company continues to expect its full-year tax expense to be negligible.
Challenges Ahead
- Expects approximately $0.3 billion in net sales in the first half of the year, reflecting the seasonality of the respiratory business.
- Year-end cash and investments for 2024 are projected to be approximately $9 billion.
- Capital expenditures for 2024 are expected to be approximately $0.9 billion.
- Company is discontinuing development of its preclinical PD-L1 program (mRNA-6981).
- Net loss was $(1.2) billion for the first quarter of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income