Moderna Q32024 $MRNA (-5,5%)
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.
