Moderna Q3 Revenue Beats On Updated COVID-19 Vaccine, Slashes Expenses For 2024

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].