Moderna (MRNA) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue was $241 million, with net product sales of $184 million, down 37% year-over-year, primarily due to lower COVID-19 vaccine sales outside the U.S.; net loss was $1.3 billion or $(3.33) per share.

• Cash and investments at quarter-end totaled $10.8 billion, supporting ongoing R&D and operations.

• Operating expenses were reduced by over $600 million year-over-year, reflecting cost discipline.

• RSV vaccine (mRESVIA) received FDA approval and launched in the U.S.; EMA issued a positive opinion for the EU.

• BARDA awarded $176 million to accelerate pandemic flu vaccine development.

Financial highlights

• Q2 2024 total revenue was $241 million, down 30% year-over-year; net product sales were $184 million, above guidance due to stronger U.S. sales.

• Net loss for Q2 2024 was $1.3 billion, an improvement from $1.4 billion last year; loss per share was $(3.33).

• Cost of sales was $115 million (62% of net product sales), down 84% from Q2 last year.

• R&D expenses were $1.2 billion in Q2, tracking toward $4.5 billion for the year; SG&A expenses were $268 million, down 19% year-over-year.

• Cash and investments decreased 11% sequentially to $10.8 billion.

Outlook and guidance

• 2024 net product sales guidance revised to $3.0–$3.5 billion due to low EU sales, U.S. competition, and potential revenue deferrals.

• Full-year cost of sales expected at 40–50% of product sales; R&D at ~$4.5 billion; SG&A at ~$1.3 billion; capex at ~$0.9 billion.

• Year-end cash and investments projected at ~$9 billion.

• Second-half sales split expected to be 40–50% in Q3, balance in Q4.

• Full-year tax expense expected to be negligible.