Moderna Q1'24 Earnings Report: Key Figures And Updates

Moderna Q1’24 Earnings Report: Key Figures and Updates

Financial Performance:
   – Total Revenue for Q1’24 stood at $167 million, surpassing estimates of $99.6 million, indicating a positive deviation. However, this figure is down by 91% compared to the same period last year.
   – Loss per Share amounted to -$3.07, beating the estimated -$3.58. This represents a substantial decrease from the EPS of $0.19 reported YoY.

FY24 Guidance:
   – Sales projection for the fiscal year remains at $4 billion, aligning with previous expectations, but falling short of the estimated $4.18 billion.
   – Capital Expenditure is anticipated to be approximately $900 million.

Q1 Segment Highlights:
   – Research & Development Expenses totaled $1.06 billion, lower than the estimated $1.14 billion.
   – Selling, General, and Administrative (SG&A) Expenses amounted to $274 million, down by 10% YoY from $329 million.
   – Spikevax Sales recorded $167 million, comprising $100 million from the US and $67 million internationally, marking a significant decline of 91% YoY.

Other Q1 Metrics:
   – Total Operating Expenses decreased by 36% YoY to $1.43 billion, surpassing estimates of $1.62 billion.
   – Cost of Goods Sold (COGS) amounted to $96 million, missing estimates of $43.1 million, and down by 88% YoY.

Business Updates:
   – Moderna expects regulatory approvals for its RSV vaccine (mRNA-1345) to commence in the first half of 2024.
   – Preparations are underway for the launches of the RSV vaccine and the 2024-2025 formulation of Spikevax.
   – Plans are in place to seek approval for its flu vaccine from regulators this year.

Pipeline and Clinical Progress:
   – Three new clinical studies have been initiated to evaluate Moderna’s investigational individualized neoantigen therapy in combination with Merck’s Keytruda® for bladder cancer, kidney cancer, and cutaneous squamous cell carcinoma.
   – Three vaccine programs targeting Epstein-Barr virus, Varicella-Zoster virus, and norovirus have progressed towards Phase 3 clinical trials.

CEO Commentary:
   – CEO Stéphane Bancel emphasized the company’s focus on financial discipline and the utilization of AI technologies to enhance productivity.
   – He anticipates numerous product milestones in 2024 across vaccines and therapeutics portfolios.

Corporate Updates:
   – Moderna secured a development and commercialization funding agreement with Blackstone Life Sciences for up to $750 million for its flu program.
   – The company entered a non-exclusive IP licensing agreement with an upfront payment and low double-digit royalty on net sales of a COVID-19 product in Japan.
   – The gene editing collaboration with Metagenomi was terminated to prioritize research and development investments.
   – Moderna was recognized on the LinkedIn Top Companies list for the first time.