Moderna, Inc. (MRNA) reported earnings of 3 cents per share in the third quarter of 2024. The Zacks Consensus Estimate was a loss of $1.89 per share. In the year-ago period, management incurred a loss of $9.53 per share.Revenues in the quarter were $1.86 billion, ahead of the Zacks Consensus Estimate of $1.26 billion. Total revenues rose nearly 2% year over year, driven by higher product sales.Moderna’s shares were up nearly 8% in pre-market trading today, likely due to the better-than-expected earnings rep ...

Key TakeawaysModerna shares rose Thursday morning after reporting better results than expected for the third quarter.The vaccine maker reported a surprise profit and higher revenue than expected.CEO Stéphane Bancel said the company is ahead of schedule on its plan to cut R&D costs by $1.1 billion over the next three years. Moderna (MRNA) reported better third-quarter results than expected Thursday morning, as the vaccine maker reported a surprise profit for the period amid its efforts to cut costs. Moderna ...

Financial Data and Key Metrics - Revenue for Q3 2024 was $1.9 billion, with net income of $13 million [7] - Cash and investments at the end of Q3 2024 totaled $9.2 billion, down from $10.8 billion at the end of Q2 2024 [32] - Operating expenses were reduced by $500 million year-over-year in Q3 2024, excluding a $1.4 billion charge from Q3 2023 [7] - Cost of sales declined by 77% year-over-year to $514 million in Q3 2024, driven by manufacturing productivity improvements [28] - R&D expenses decreased by 2% year-over-year to $1.1 billion in Q3 2024, excluding a priority review voucher purchase [29] - SG&A expenses decreased by 36% year-over-year to $281 million in Q3 2024, reflecting cost efficiency efforts [30] Business Line Performance - Spikevax (COVID-19 vaccine) achieved a 40% market share in the U.S. retail market for the 2024-2025 season [9] - RSV vaccine (mRESVIA) sales were $10 million in Q3 2024, below expectations due to late approval and competitor inventory buildup [14] - The company expects to increase RSV market share in 2025 with full participation in the contracting season and potential label expansion [15] Market Performance - U.S. market contributed $1.2 billion in product sales in Q3 2024, driven by an earlier vaccine launch and a $140 million provision release [23] - International sales were $0.6 billion in Q3 2024, in line with expectations but lower than the same period in 2023 [25] - The company expects Q4 2024 U.S. product sales to range between $200 million and $500 million, and international sales between $600 million and $800 million [25][27] Strategy and Industry Competition - The company aims to drive COVID vaccination rates closer to flu vaccination rates, particularly in under-penetrated channels like IDNs and government programs [11][13] - Moderna is focusing on educating healthcare providers and consumers about the benefits of COVID vaccination, including reducing the risk of long COVID [12][13] - The company plans to expand its manufacturing footprint in the U.K., Canada, and Australia in 2025 to fulfill multi-year contracts [53] Management Commentary on Operating Environment and Future Outlook - The COVID market is expected to remain a sizable and durable long-term market, with Moderna well-positioned to capture growth [9] - The company is optimistic about the potential for RSV market expansion, particularly with international approvals and potential revaccination recommendations [15] - Moderna is committed to improving cost efficiencies, with a goal to reduce annual R&D expenses by $1.1 billion by 2027 [55] Other Important Information - The company expanded its executive committee, promoting internal talent and emphasizing the integration of digital technology and AI [18][19] - Moderna expects to file for approval of three products in 2024: next-gen COVID vaccine, RSV vaccine for high-risk individuals, and a combination COVID-flu vaccine [54] Q&A Session Summary Question: Rest of world revenue and CMV interim analysis [58] - Rest of world revenue in Q3 2024 was driven by orders from the U.K., Canada, Australia, and Brazil, with most of the $600 million in Q4 expected from contracted volumes [59][60] - For CMV, if the DSMB recommends un-blinding at the interim analysis, the company will share the results; otherwise, it will wait for the final analysis [61] Question: Ex-U.S. COVID revenue contracts and CMV accrual timing [63] - The company has multi-year contracts with some countries, with revenue expected to decline in 2025 before increasing in 2026 [65] - CMV case accrual is steady, and the final analysis could happen quickly after the interim analysis [66] Question: U.S. pricing, reserve returns, and flu-COVID combo [69] - U.S. pricing for COVID vaccines is approximately $63 per dose, and reserve returns for the 2023-2024 season were adjusted to $400 million [70][75] - The company decided not to use a priority review voucher for the flu-COVID combo due to timing constraints, with potential approval in 2025 [71][72] Question: RSV market dynamics and COVID market share [78][107] - The RSV market has been slower than expected, with inventory buildup and delayed CDC guidelines impacting sales [81][82] - Moderna lost some market share in the U.S. retail COVID market but expects to gain a clearer picture of overall market share by the end of the season [108] Question: INT program and manufacturing [90] - The INT manufacturing facility in Massachusetts is on track for completion by year-end, with no bridging work required for FDA approval [91][92] Question: Election impact and RSV international expansion [94] - The company is confident in its ability to work with any administration to advance public health goals [96] - RSV market expansion outside the U.S. is expected to grow, but timing depends on regulatory approvals and pricing negotiations [97][98] Question: Orphan disease pipeline [102] - Pivotal trials for MMA and PA are expected to start in 2025, with potential launches in 2026 or later, depending on enrollment and trial progress [103][104] Question: Flu-COVID combo transition and COVID litigation [118] - The flu-COVID combo is not expected to transition the market in 2025 due to contracting timing, with potential impact in 2026 [119][120] - The company is prepared to defend against GSK's lawsuit, which is common during market formation around new technologies [122]

The other long-expected big news item for market participants this week comes this afternoon, with the Federal Open Market Committee (FOMC) determining a new Fed funds rate. This follows the “red wave” election on Tuesday that still shows stock market indexes going higher after a gangbusters market Wednesday. Both the Dow and the Nasdaq are +80 points at this hour, with the S&P 500 up +15 points.New Jobless Claims Stay Tame; Longer-Term Claims HigherThis being Thursday morning, we nearly always look for Wee ...

Thursday, November 6, 2024The other long-expected big news item for market participants this week comes this afternoon, with the Federal Open Market Committee (FOMC) determining a new Fed funds rate. This follows the “red wave” election on Tuesday that still shows stock market indexes going higher after a gangbusters market Wednesday. Both the Dow and the Nasdaq are +80 points at this hour, with the S&P 500 up +15 points. New Jobless Claims Stay Tame; Longer-Term Claims HigherThis being Thursday morning, we ...

CHINA - 2024/10/13: In this illustration, the Moderna logo is displayed on the screen of an iPad. ... [+] (Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesThe stock price of Moderna has seen a sharp 48% fall this year. From its lows of around $50, it is expected to see a rebound after posting a solid Q3 beat. The company reported revenue of $1.86 billion and adjusted earnings of $0.03 per share, compared to the consensus estimates of $1.2 ...

On Thursday, Moderna Inc MRNA stock is trading higher after the company reported better-than-expected third-quarter sales.Moderna reported third-quarter revenue of $1.83 billion, compared with $1.83 billion a year earlier, beating the consensus of $1.25 billion.The company attributed the growth to higher sales in the U.S. market following the earlier launch of the updated COVID-19 vaccine.With FDA approval granted three weeks earlier than in the previous year, the company was able to meet demand more effect ...

Third Quarter 2024 Financial Results November 7, 2024 mode © 2024 Moderna, Inc. All rights reserved. Forward-looking statements and disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna's expected product sales in 2024 and trends informing Moderna's 2024 sales outlook; Moderna's ability to drive vaccination rates; Moderna's expectations regarding the 2025/2026 contractin ...

Moderna (MRNA) came out with quarterly earnings of $0.03 per share, beating the Zacks Consensus Estimate of a loss of $1.89 per share. This compares to loss of $1.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 101.59%. A quarter ago, it was expected that this biotechnology company would post a loss of $3.47 per share when it actually produced a loss of $3.33, delivering a surprise of 4.03%.Over the last four quarters, the ...

Moderna on Thursday posted a surprise profit for the third quarter, smashing Wall Street estimates, as its cost-cutting efforts took hold and sales of its Covid vaccine came in higher than expected. The biotech company posted a net income of $13 million, or 3 cents per share, for the third quarter. That compares with a net loss of $3.63 billion, or $9.53 cents per share, reported for the year-ago period.Moderna is slashing expenses, with a recently announced goal of achieving $1.1 billion in savings by 2027 ...