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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.
Moderna
Moderna
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
- The anticipated doses to be delivered under advance purchase agreement in 2021 and 2022 and the associated dollar amounts to be received, which should not be construed as expected 2021 or 2022 revenue
- Capital Expenditures: Continue to expect $450-550 million of capital investments for 2021 including the planned capacity expansion announced in April 2021.