Moderna (MRNA) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was $1.9 billion with net income of $13 million, reversing a $3.6 billion loss in Q3 2023; EPS was $0.03.

• Year-to-date product sales reached $2.2 billion; cash and investments at quarter end were $9.2 billion, down from $10.8 billion in Q2.

• Achieved $500 million reduction in operating expenses year-over-year, with SG&A down 36% and R&D down 2%.

• Early U.S. COVID-19 vaccine approval doubled initial doses delivered year-over-year; Spikevax held a 40% U.S. retail market share.

• RSV vaccine (mRESVIA) Q3 sales were $10 million, below expectations due to late approval and competitor inventory build-up.

Financial highlights

• Q3 2024 net product sales were $1.8 billion; total revenue was $1.86–$1.9 billion, up 2–4% year-over-year.

• U.S. Q3 product sales were $1.2 billion, including a $140 million reserve release; international sales were $0.6 billion.

• Cost of sales for Q3 was $514 million (28% of net product sales), a 77% year-over-year decline.

• R&D expenses were $1.1–$1.14 billion, down 2% year-over-year; SG&A expenses fell 36% to $281 million.

• Cash and investments at $9.2 billion as of September 30, 2024.

Outlook and guidance

• Reaffirmed 2024 product sales guidance of $3.0–$3.5 billion, implying Q4 sales of $0.8–$1.3 billion.

• Cost of sales expected at 40–45% of product sales; R&D expenses forecast at $4.6–$4.7 billion.

• SG&A and capital expenditures each projected at ~$1.2 billion for 2024, including Norwood campus purchase.

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

• Targeting 10 product approvals over the next three years to drive sales growth.