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Sep 30, 2024
Moderna Q3 2024 Earnings Report
Moderna reported third quarter revenues of $1.9 billion and GAAP net income of $13 million.
Key Takeaways
Moderna's Q3 2024 financial results showed revenues of $1.9 billion, driven by Spikevax® sales. The company achieved a GAAP net income of $13 million and EPS of $0.03. Cost efficiency was a key focus, contributing to improved financial performance.
Reported third quarter revenues of $1.9 billion.
Achieved GAAP net income of $13 million and GAAP EPS of $0.03.
Year-to-date product sales reached $2.2 billion.
Reiterated 2024 expected product sales of $3.0 to $3.5 billion.
Moderna
Moderna
Moderna Revenue by Geographic Location
Revenue by Geographic Location
International Revenue
CapyFin.com Forward Guidance
The Company reiterates its 2024 expected net product sales of $3.0 to $3.5 billion from its respiratory franchise. Cost of sales is now expected to be in the range of 40-45% of product sales for the year (previously 40-50%). Full-year 2024 research and development expenses are now anticipated to be in the range of $4.6 to $4.7 billion (previously $4.8 billion). Selling, general and administrative expenses for 2024 are projected to be approximately $1.2 billion. The Company continues to expect its full-year tax expense to be negligible. Capital expenditures for 2024 are now expected to be approximately $1.2 billion (previously ~$0.9 billion).
Positive Outlook
- Reiterates 2024 expected net product sales of $3.0 to $3.5 billion
- Cost of sales is now expected to be in the range of 40-45% of product sales for the year
- Full-year 2024 research and development expenses are now anticipated to be in the range of $4.6 to $4.7 billion
- Selling, general and administrative expenses for 2024 are projected to be approximately $1.2 billion
- Year-end cash and investments for 2024 are projected to be approximately $9 billion
Challenges Ahead
- Remaining focused on a prioritized research and development portfolio
- Delivering on 10 product approvals over the next three years.
- Moderna intends to file in 2024 for approval of its next-generation COVID-19 vaccine (mRNA-1283) and RSV vaccine (mRNA-1345) for high-risk adults aged 18-59
- For its flu/COVID combination vaccine (mRNA-1083), the Company intends to file in 2024, subject to ongoing discussions with the U.S. FDA, and has decided not to use a priority review voucher.
- The Company expects to start a pivotal study in the first half of 2025.