Moderna (MRNA) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue was $241 million, with net product sales of $184 million, primarily from the U.S.; net loss was $1.3 billion or $(3.33) per share, reflecting lower COVID-19 vaccine sales and increased R&D investment.

• RSV vaccine mRESVIA launched in the U.S. after FDA approval and ACIP recommendation; EMA issued a positive opinion for EU; commercial launch expected in H2 2024.

• Positive Phase 3 data reported for next-generation COVID-19, flu, and combination flu/COVID-19 vaccines; regulatory filings planned in 2024.

• Strategic partnerships and agreements formed, including BARDA award for pandemic flu, Mitsubishi Tanabe in Japan, and out-licensing in Japan.

• Board changes: David Rubenstein joins, two directors retiring.

Financial highlights

• Q2 2024 total revenue was $241 million, down 30% year-over-year; net product sales were $184 million, down 37%; net loss was $1.3 billion, improved from $1.4 billion last year.

• Cost of sales was $115 million (62% of net product sales), down from 249% last year.

• R&D expenses were $1.2 billion in Q2, up 6% year-over-year; SG&A expenses were $268 million, down 19%.

• Cash and investments at quarter-end totaled $10.8 billion, down from $13.3 billion at year-end 2023.

• Net cash used in operating activities was $2.3 billion for the first half of 2024.

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; 40–50% of second-half sales expected in Q3.

• Full-year R&D expenses expected at ~$4.5 billion, SG&A at ~$1.3 billion, both down from 2023.

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

• Cost of sales projected at 40–50% of product sales for the year; full-year tax expense expected to be negligible.