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Sep 30, 2023
Moderna Q3 2023 Earnings Report
Reported third quarter results with revenue of $1.8 billion and a net loss of $3.6 billion, while resizing manufacturing capacity and advancing its pipeline.
Key Takeaways
Moderna reported third quarter 2023 revenues of $1.8 billion, primarily from Spikevax sales. The company experienced a net loss of $3.6 billion, mainly due to non-cash charges related to manufacturing resizing and tax valuation allowances. Moderna is preparing for multiple product launches through 2025 and expects to return to sales growth in 2025, aiming to break even in 2026.
Third quarter revenues reached $1.8 billion, with Spikevax sales accounting for the majority.
The company expects 2023 revenues to be at least $6 billion and anticipates approximately $4 billion in 2024.
Net loss for the quarter was $3.6 billion, influenced by resizing charges and tax allowances.
Moderna anticipates returning to growth in 2025 and breaking even in 2026 through product launches and disciplined investment.
Moderna
Moderna
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CapyFin.com Forward Guidance
Moderna projects at least $6 billion in product sales for 2023 and approximately $4 billion in 2024, primarily driven by COVID-19 vaccine sales and the launch of its RSV vaccine. The company anticipates a return to organic sales growth in 2025 and aims to break even in 2026.
Positive Outlook
- Expects product sales of at least $6 billion for 2023.
- Projects approximately $4 billion in sales in 2024.
- Anticipates returning to organic sales growth in 2025.
- Expects to break even in 2026 through product launches and disciplined investments.
- Current balance sheet is sufficient to fund planned investments without raising additional equity.
Challenges Ahead
- Anticipates full-year tax expense of approximately $0.8 billion to $1.0 billion.
- The estimate assumes trends consistent with the fall 2022 period.
- Write-downs/charges are expected to be less than 10% of sales in 2024 and beyond.
- R&D expenses are expected to be approximately $4.5 billion in 2024 and flat to down in 2025.
- SG&A expenses are expected to be approximately $1.3 billion in 2024 and flat to down in 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income