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Jun 30, 2021
Moderna Q2 2021 Earnings Report
Moderna reported strong Q2 2021 financial results, driven by commercial sales of its COVID-19 vaccine and advancements in its development pipeline.
Key Takeaways
Moderna reported Q2 2021 total revenue of $4.4 billion, a significant increase from $67 million in the same period of 2020. Net income for the quarter was $2.8 billion, compared to a net loss of $117 million in Q2 2020. The company's COVID-19 vaccine demonstrated durable efficacy of 93% through six months, and booster candidates showed robust antibody responses to variants of concern.
Moderna's COVID-19 vaccine showed 93% efficacy through six months.
Booster candidates demonstrated robust antibody responses to COVID-19 variants of concern.
Dosing started in Phase 1 studies for quadrivalent seasonal flu vaccine candidate and IL-2 mRNA program for autoimmune disorders.
Moderna has mRNA candidates in clinical development across five therapeutic areas.
Forward Guidance
Moderna anticipates $20 billion in product sales for FY 2021 and has signed APAs for approximately $12 billion in product sales for FY 2022, with options for an additional $8 billion.
Positive Outlook
- Advance Purchase Agreements (APAs) signed for anticipated product sales of $20 billion in FY 2021.
- Dose capacity for COVID-19 vaccine in FY 2021 expected to be between 800 million and 1 billion doses.
- APAs already signed for product sales of approximately $12 billion in FY 2022, with options of approximately $8 billion.
- Dose capacity for COVID-19 vaccine in FY 2022 expected to be between 2 billion to 3 billion doses, subject to dose level.
- Company expects the effective tax rate for 2021 to be approximately 10%.
Challenges Ahead
- Continue to expect quarter over quarter cost increases in R&D and SG&A expenses during 2021.
- Cost of sales as percentage of product sales are expected to be between 18-20% for fiscal year 2021.
- The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors
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