Moderna

$MRNA (+8.19%) I got in at just under € 35. See medium-term recovery and prospects

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- UBS raises its price target for NVIDIA from USD 150 to USD 185. Buy. $NVDA (-2.33%)

- METZLER raises the price target for MUNICH RE from EUR 535 to EUR 543. Buy. $MUV2 (+0.19%)

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- GOLDMAN upgrades BASF from Neutral to Buy and raises target price from EUR 45 to EUR 53. $BAS (+1.22%)

- DEUTSCHE BANK RESEARCH raises the price target for FRESENIUS SE from EUR 42 to EUR 44. Buy. $FRE (+1.53%)

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- WARBURG RESEARCH raises the price target for DÜRR from EUR 32 to EUR 33. Buy. $DURYY

- HAUCK AUFHÄUSER IB upgrades CANCOM from Hold to Buy. Target price EUR 32. $COK (-3.38%)

- ODDO BHF upgrades GENERALI to Neutral. Target price EUR 26.10. $G (+0.44%)

- METZLER raises the price target for HEIDELBERG MATERIALS from EUR 131 to EUR 138. Buy. $HEI (+0.46%)

- BERENBERG raises the price target for FLATEXDEGIRO from EUR 16 to EUR 18. Buy. $FTK (+0.47%)

- BERENBERG raises the price target for FREENET from EUR 29 to EUR 32. Buy. $FNTN (+0.35%)

- JPMORGAN raises the target price for HEIDELBERG MATERIALS from EUR 108 to EUR 149. Overweight. $HEI (+0.46%)

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- UBS lowers the price target for MUNICH RE from EUR 560 to EUR 540. Buy. $MUV2 (+0.19%)

- ODDO BHF downgrades MODERNA to Outperform. Target price USD 86. $MRNA (+8.19%)

- UBS downgrades VALE from Buy to Neutral and lowers target price from USD 14 to USD 11.50. $VALE (+1.06%)

- DZ BANK lowers target price for DEUTZ from EUR 6.80 to EUR 5.80. Buy. $DEZ (+0.22%)

- DZ BANK lowers the price target for BECHTLE from EUR 51 to EUR 45. Buy. $BC8 (-0.12%)

- BERENBERG lowers the target price for ESTEE LAUDER from USD 87 to USD 76. Hold. $EL (+5.32%)

- RBC lowers the target price for ASOS from GBP 4.60 to GBP 4. Sector Perform. $ASC (-1.2%)

- RBC lowers the price target for EVOTEC from EUR 12 to EUR 11.60. Outperform. $EVT (-14.19%)

- RBC lowers the price target for VESTAS from DKK 222 to DKK 156. Outperform. $VWS (-0.11%)

- BERENBERG lowers the price target for SUSS MICROTEC from EUR 80 to EUR 75. Buy. $SMHN (-1.63%)

- JEFFERIES downgrades NEL from Hold to Underperform and lowers target price from NOK 5.50 to NOK 3. $NEL (+2.63%)

- RBC lowers the price target for BMW from EUR 81 to EUR 80. Sector Perform. $BMW (+0.12%)

- JEFFERIES lowers the price target for KNAUS TABBERT from EUR 26 to EUR 20. Hold. $KTA (+11.19%)

Moderna Q32024 $MRNA (+8.19%)

Financial results

• Revenue: Total sales in the third quarter of 2024 amounted to 1.9 billion dollars, a slight increase compared to 1.8 billion dollars in the third quarter of 2023. Product sales totaled 2.2 billion dollars in the first nine months.
• Net profit: For the third quarter of 2024, the company reported a net profit of 13 million dollars, compared to a net loss of 3.6 billion dollars in the third quarter of 2023.
• Earnings per share (EPS): EPS was $0.03 in the third quarter of 2024, compared to a loss per share of $9.53 in the same period last year.

Balance sheet overview

• Total assets: As of September 30, 2024, total assets were $15.8 billion, a decrease from $18.4 billion at the end of 2023.
• Total liabilities: Total liabilities amounted to 3.9 billion dollars, compared to 4.6 billion dollars at the end of 2023.
• Shareholders' equity: Shareholders' equity decreased to $11.9 billion from $13.9 billion at the end of 2023.

Details of the income statement

• Cost of sales: Cost of sales amounted to 514 million dollars in the third quarter of 2024, significantly lower than the 2.2 billion dollars in the third quarter of 2023, mainly due to lower inventory write-offs and unused production capacity.
• Research and development costs: R&D costs decreased by 2% to 1.1 billion dollars in the third quarter of 2024.
• Selling, general and administrative expenses: These expenses decreased by 36% to 281 million dollars in the third quarter of 2024.

Cash flow overview

• Net cash used in operating activities: 3.8 billion dollars for the nine months ended September 30, 2024.
• Net cash inflow from investing activities: 2.5 billion dollars for the nine months ended September 30, 2024.
• Net cash used in financing activities: $146 million for the nine months ended September 30, 2024.

Key figures and profitability metrics

• Cost of sales as a percentage of net product sales: 28% in the third quarter of 2024, a significant decrease from 128% in the third quarter of 2023.

Segment information

• Sales from COVID-19 vaccines: USD 1.8 billion in the third quarter of 2024, of which USD 1.2 billion in the USA and USD 0.6 billion internationally.
• Sales from RSV vaccines: 10 million dollars in the third quarter of 2024.

Competitive position

Moderna holds a 40% market share in the US retail market for COVID-19 vaccines.

Forecasts and management comments

• Expected product sales 2024: Forecast confirmed, between 3.0 and 3.5 billion dollars.
• R&D expenditure: Expected to be between 4.6 and 4.7 billion dollars in 2024.

Opportunities and risks

• Opportunities: Expansion of the vaccine portfolio, including RSV and influenza vaccines.
• Risks: Lower than expected sales of RSV vaccines due to delayed approval.

Positive aspects

• Increase in total sales and net profit.
• Significant reduction in cost of sales.
• Successful launch of updated COVID-19 and RSV vaccines.
• Expansion of the management team to strengthen the company management.
• Solid liquidity situation with 9.2 billion dollars in cash and investments.

Negative aspects

• Decrease in total assets and equity.
• Lower than expected sales of RSV vaccines.
• Continued negative operating cash flow.
• Decline in international COVID-19 vaccine sales.
• Expected increase in capital expenditure for 2024.

Earnings next week

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JustTrade evaluation:

The most traded stocks in Germany in September:

Berkshire $BRK.B (+1.54%)

Moderna $MRNA (+8.19%)

Rheinmetall $RHM (+1.88%)

on the sales page:

Tesla $TSLA (+4.29%)

Aixtron $AIXA (+1.44%)

Nvidia $NVDA (-2.33%)

Which stocks do you have, or what was bought/sold?

Kind regards 🖖