Core Insights - Moderna reported $1.86 billion in revenue for Q3 2024, a year-over-year increase of 1.7% and a surprise of +47.73% over the Zacks Consensus Estimate of $1.26 billion [1] - The EPS for the same period was $0.03, a significant improvement from -$1.39 a year ago, with an EPS surprise of +101.59% compared to the consensus estimate of -$1.89 [1] Revenue Breakdown - Product sales in the Rest of the World were $324 million, below the average estimate of $362.69 million, representing a year-over-year decline of -56.3% [3] - Product sales in the United States reached $1.22 billion, exceeding the average estimate of $728.42 million, with a year-over-year increase of +33.1% [3] - Net Product sales totaled $1.82 billion, surpassing the eight-analyst average estimate of $1.22 billion, reflecting a year-over-year change of +3.6% [3] - Other revenue was reported at $42 million, significantly higher than the estimated $16.30 million, but showed a year-over-year decline of -43.2% [3] - Grant revenue within Other revenue was $7 million, slightly below the estimated $8.75 million [3] Stock Performance - Over the past month, Moderna's shares have returned -11.5%, contrasting with the Zacks S&P 500 composite's +4.9% change [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [4]

Financial Performance - Moderna reported earnings of 3 cents per share in Q3 2024, significantly better than the Zacks Consensus Estimate of a loss of $1.89 per share and a loss of $9.53 per share in the same period last year [1] - Revenues for the quarter were $1.86 billion, exceeding the Zacks Consensus Estimate of $1.26 billion, with total revenues rising nearly 2% year over year due to higher product sales [1] Stock Market Reaction - Following the earnings report, Moderna's shares increased nearly 8% in pre-market trading, surprising investors who anticipated a loss [2] Product Sales - Product sales increased by 4% year over year to $1.82 billion, primarily driven by higher sales of the COVID-19 vaccine Spikevax in the U.S. [5] - The company recorded $10 million in sales from the recently launched RSV vaccine mResvia, which fell short of the estimated $70 million due to late approval and recommendations [6] Cost Management - Selling, general and administrative (SG&A) expenses decreased by 36% year over year to $281 million, attributed to cost discipline and efficiency improvements [8] - Research & development (R&D) expenses were $1.1 billion, down 2% from the previous year, driven by lower spending on clinical studies [9] Guidance and Future Outlook - Moderna reiterated its product revenue guidance for 2024, expecting sales between $3 billion and $3.5 billion, and adjusted full-year R&D expenses to be between $4.6 billion and $4.7 billion [10] - The company plans to submit three regulatory filings for FDA approval before year-end, including for next-generation COVID-19 and combination vaccines [12] Pipeline Developments - Moderna has over 40 mRNA-based investigational candidates in various clinical stages, including late-stage studies for cancer therapies [14] - The company is co-developing mRNA-4157 with Merck, currently evaluating it in pivotal phase III studies for melanoma and non-small cell lung cancer [15]

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]

Group 1: Jobless Claims - Initial Jobless Claims for last week were reported at +221K, slightly above expectations and the revised +218K from the previous week, indicating a stable employment picture [2] - Continuing Claims reached 1.892 million, close to the 1.9 million mark, with the previous week's figure revised down from 1.86 million to 1.853 million, suggesting a tightening in longer-term claims [3] Group 2: Earnings Reports - UnderArmour (UAA) reported earnings of 30 cents per share, exceeding the 19-cent estimate, resulting in a +57.9% positive surprise, with revenues of $1.4 billion slightly above expectations [4] - Moderna (MRNA) achieved a positive earnings per share of +$0.03, a significant surprise compared to the estimated -$1.89, with revenues of $1.86 billion, +47.7% above estimates [5] - Planet Fitness (PLNT) posted earnings of 64 cents per share, surpassing the expected 58 cents, and revenues of $292.25 million, +3% above estimates, contributing to a +7.5% increase in shares [6] Group 3: Market Expectations - The Federal Open Market Committee (FOMC) is expected to announce a 25 basis points cut in the Fed funds rate, bringing it to 4.50-4.75%, the lowest since March 2023 [8]

Economic Indicators - Initial Jobless Claims increased to 221K, slightly above expectations and the previous week's revised figure of 218K, indicating a stable employment picture [2] - Continuing Claims rose to 1.892 million, nearing the 1.9 million mark, with the previous week's figure revised down to 1.853 million, suggesting a tightening in longer-term claims [3] Earnings Reports - UnderArmour (UAA) reported earnings of 30 cents per share, exceeding the 19-cent estimate, resulting in a 57.9% positive surprise, with revenues of $1.4 billion slightly above expectations [4] - Moderna (MRNA) achieved a positive earnings per share of $0.03, a significant surprise compared to the estimated loss of $1.89, with revenues of $1.86 billion, 47.7% above estimates [5] - Planet Fitness (PLNT) posted earnings of 64 cents per share, surpassing the expected 58 cents, with revenues of $292.25 million, 3% above estimates [6] Market Expectations - The Federal Open Market Committee (FOMC) is expected to announce a 25 basis points cut in the Fed funds rate, bringing it to a range of 4.50-4.75%, the lowest since March 2023 [8]

Core Viewpoint - Moderna's stock has experienced a significant decline of 48% this year, but a rebound is anticipated following a strong Q3 performance, with revenue of $1.86 billion and adjusted earnings of $0.03 per share, surpassing consensus estimates [1] Group 1: Financial Performance - The company reported a revenue of $1.86 billion in Q3, exceeding the consensus estimate of $1.25 billion [1] - Adjusted earnings were $0.03 per share, compared to a consensus loss estimate of $1.90 per share [1] - Revenue for 2023 is projected to decline by 64% year-over-year to $6.8 billion, with expectations of further decline to approximately $3.5 billion in 2024 [1] Group 2: Product Pipeline and Innovations - Moderna has a robust pipeline with around 45 products in development, with nearly 25% expected to be commercialized in the next three to four years [4] - The new RSV vaccine is anticipated to gain traction due to its advantages, including easier storage and administration, and no reported cases of Guillain-Barré syndrome [2] - Recent clinical trials for the skin cancer vaccine show promising results, with a 44% reduction in recurrence or death compared to Merck's Keytruda alone [3] Group 3: Cost Management and Financial Health - The company has implemented cost-cutting initiatives aimed at saving $1.1 billion over the next three years, which is expected to enhance profitability [4] - Moderna holds $9.2 billion in cash, providing potential for acquisitions in the biotech sector [4] Group 4: Market Position and Analyst Outlook - Despite recent volatility, with annual returns of 143% in 2021, -29% in 2022, and -45% in 2023, analysts suggest that Moderna's stock is undervalued at around $50, with an average price estimate of $91 indicating an 80% upside [5][6] - The stock's performance has been more volatile compared to the S&P 500, raising questions about its future performance in the current macroeconomic environment [5][6]

Core Viewpoint - Moderna Inc reported better-than-expected third-quarter sales, with revenue of $1.83 billion, surpassing the consensus estimate of $1.25 billion, attributed to higher U.S. sales following the earlier launch of the updated COVID-19 vaccine [1][2]. Financial Performance - Third-quarter revenue was $1.83 billion, unchanged from the previous year, but exceeded expectations [1]. - Earnings per share was $0.03, a significant improvement from a loss of $(9.53) in the same quarter last year, compared to a consensus loss of $(1.90) [3]. Product Sales - Spikevax sales in the third quarter reached $1.8 billion, with $1.2 billion from U.S. sales and $0.6 billion from international sales [2]. - mRESVIA (RSV vaccine) sales were reported at $10 million, lower than anticipated due to late approval and recommendation [4]. Future Guidance - The company reiterated its expected net product sales for 2024 from its respiratory franchise to be between $3.0 billion and $3.5 billion [5]. - Cost of sales is expected to be 40-45% of product sales, with R&D expenses anticipated to be $4.6 billion to $4.7 billion [5]. - Moderna plans to file for approval of its next-generation COVID-19 vaccine and RSV vaccine in 2024 for high-risk adults aged 18-59 [5]. Market Reaction - MRNA stock increased by 7.04% to $55.46 during the premarket session following the earnings report [6].

Financial Performance - Moderna reported Q3 2024 revenue of $1.9 billion[6] - Net income for Q3 2024 was $13 million[6] - Cash and investments totaled $9.2 billion as of September 30, 2024, a decrease of $1.6 billion (15%) compared to June 30, 2024[6, 26] - Q3 2024 product sales reached $1.8 billion, with a year-to-date total of $2.2 billion[24] - The company expects $0.8 - $1.3 billion in product sales for Q4 2024 and reiterates expected 2024 product sales of $30 - $3.5 billion[24] - Operating expenses decreased by $1.9 billion (50%) from Q3 2023 to Q3 2024[25] COVID-19 Vaccine - Moderna's COVID vaccine approval was 19 days earlier in 2024 compared to 2023[8] - The company shipped 2x doses into the channel in the first week post-approval in 2024 vs 2023[8] - Moderna holds a 40% market share in the retail channel for the COVID vaccine season to date[9] RSV Vaccine - mRESVIA sales for Q3 2024 were $10 million[17] - The company anticipates a broader mRESVIA RSV label to include the 18-59 high-risk population[17] Pipeline and Future Outlook - Moderna intends to file for several respiratory vaccines in 2024, including next-generation COVID, RSV (18-59 HR), and combination Flu + COVID[32, 47] - The company aims for 10 product approvals over the next three years to drive sales growth[44, 47] - Moderna plans to reduce annual R&D expense by $1.1 billion starting in 2027, from a projected $4.8 billion for 2024 to $3.6-3.8 billion[44, 48]

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 ...