Moderna Q3 2021 Earnings Report
Key Takeaways
Moderna reported a significant increase in revenue, driven by the commercial sales of its COVID-19 vaccine. The company's net income and EPS also saw substantial growth compared to the same period last year. Moderna is also advancing its pipeline with multiple programs in development, including vaccines for CMV, flu, and RSV.
Total revenue for Q3 2021 reached $5.0 billion, a significant increase from $157 million in Q3 2020.
Net income for Q3 2021 was $3.3 billion, compared to a net loss of $233 million in Q3 2020.
Diluted EPS for Q3 2021 was $7.70, a notable increase from $(0.59) in Q3 2020.
The U.S. FDA granted Priority Review to the Biologics License Application for Moderna’s COVID-19 vaccine.
Moderna
Moderna
Moderna Revenue by Segment
Forward Guidance
Moderna provided its updated financial framework for fiscal year 2021 and revenue drivers for 2022. The company expects product sales for FY 2021 to be between $15 billion and $18 billion. For 2022, the company believes sales could be in the range of $17 billion to $22 billion.
Positive Outlook
- Signed approximately $17 billion of advance purchase agreements (APAs) for delivery in 2022.
- Anticipates the exercise of options under 2022 APAs of up to $3 billion.
- Commercial booster market sales could be up to $2 billion in the U.S. in Fall 2022.
- Deliveries of its COVID-19 vaccine in FY 2021 to be between 700 million and 800 million doses.
- The company expects the effective tax rate for 2021 to be in the high single digit range.
Challenges Ahead
- Fewer doses for delivery in 2021, shifted to early 2022.
- Prioritization of deliveries to low-income countries through COVAX and African Union.
- Longer delivery lead times for international shipments and exports that may shift deliveries to early 2022.
- Temporary impact from expansion of fill/finish capacity and ramp up of product release to market.
- Cost of sales as percentage of product sales are expected to be between 16-17% for FY 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income