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Jun 30, 2023
Moderna Q2 2023 Earnings Report
Moderna's second quarter sales were on target, with progress in securing new contracts and advancing late-stage clinical pipeline.
Key Takeaways
Moderna reported second quarter 2023 revenues of $0.3 billion, a net loss of $1.4 billion, and a loss per share of $3.62. The company is on track to deliver 2023 sales between $6 billion to $8 billion, dependent on COVID vaccination rates in the U.S.
Second quarter revenue reached $0.3 billion.
Net loss amounted to $1.4 billion, with a loss per share of $3.62.
The company expects $6 billion to $8 billion in 2023 COVID-19 vaccine sales.
Submitted RSV vaccine to regulators globally ahead of potential 2024 launch.
Moderna
Moderna
Forward Guidance
Moderna anticipates COVID-19 vaccine sales of $6 billion to $8 billion in 2023, dependent on U.S. vaccination rates. Cost of sales is expected to be approximately $3.5 billion to $4 billion for the year. Full-year 2023 expenses are projected to be approximately $6.0 billion, with $4.5 billion in R&D. The company anticipates a full-year tax benefit of approximately $0.7 billion to $1.0 billion.
Positive Outlook
- Expecting 2023 COVID-19 vaccine sales of $6 billion to $8 billion.
- Approximately $4 billion from previously announced COVID-19 vaccine Advance Purchase Agreements (APAs).
- $2 billion to $4 billion in signed and anticipated commercial contracts in the U.S., as well as other markets.
- Expecting a 2024 launch of its RSV vaccine.
- Anticipates a full-year tax benefit of approximately $0.7 billion to $1.0 billion.
Challenges Ahead
- Approximately $1 billion of the original $5 billion in APAs to be deferred to 2024.
- Sales will be subject to the timing of regulatory approvals.
- Expecting a 2023 second half sales split of approximately 30% in the third quarter and 70% in the fourth quarter.
- Cost of sales to be approximately $3.5 billion to $4 billion for the year.
- Primarily driven by the U.S. fall 2023 COVID-19 market size, which is dependent on vaccination rates and is likely to be 50 to 100 million doses.