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Jun 30, 2024
Moderna Q2 2024 Earnings Report
Moderna reported a net loss of $1.3 billion and total revenue of $241 million.
Key Takeaways
Moderna reported second quarter revenues of $241 million, a GAAP net loss of $1.3 billion, and a GAAP EPS of $(3.33). The company updated its 2024 financial framework and revised expectations for product sales to $3.0 to $3.5 billion. Moderna received U.S. FDA approval for its RSV vaccine, mRESVIA, and began shipping in July. Positive Phase 3 data was announced for both a combination vaccine against influenza and COVID-19 and a next-generation COVID-19 vaccine.
Second quarter revenues were reported at $241 million.
GAAP net loss for the quarter was $1.3 billion, with a GAAP EPS of $(3.33).
The 2024 financial framework was updated, with product sales expectations revised to $3.0 to $3.5 billion.
U.S. FDA approval was received for the RSV vaccine, mRESVIA, with shipments beginning in July.
Moderna
Moderna
Moderna Revenue by Segment
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Product Sales Revenue
CapyFin.com Forward Guidance
Moderna revises its 2024 expected net product sales to $3.0 to $3.5 billion from its respiratory franchise. Cost of sales is expected to be in the range of 40-50% of product sales for the year. Full-year 2024 research and development expenses are anticipated to be approximately $4.5 billion.
Positive Outlook
- Sales split of 40-50% in Q3 with the balance in Q4 2024, subject to the timing of regulatory approvals.
- mRNA-1345, ACIP issued a recommendation for all unvaccinated people 75 years of age and older and unvaccinated people ages 60-74 who are at increased risk for RSV.
- EMA adopted a positive opinion recommending marketing authorization in the EU for mRESVIA.
- Moderna’s seasonal flu vaccine (mRNA-1010) demonstrated consistently acceptable safety and tolerability across three Phase 3 trials.
- The Company is engaging with regulators and intends to file in 2024.
Challenges Ahead
- Update in product sales is driven by three primary factors: very low EU sales in 2024.
- Potential revenue deferrals for certain international sales into 2025.
- An increasingly competitive environment for respiratory vaccines in the U.S.
- Cost of sales is expected to be in the range of 40-50% of product sales for the year.
- Full-year 2024 research and development expenses are anticipated to be approximately $4.5 billion.