Summary by Futu AI
Moderna reported Q2 2024 revenues of $241 million, down from $344 million YoY, with a net loss of $1.3 billion or $(3.33) per share. Product sales declined 37% to $184 million, primarily due to lower COVID-19 vaccine demand. The company has revised its 2024 product sales forecast down to $3.0-3.5 billion, citing very low EU sales, potential international revenue deferrals, and increased U.S. market competition.The company achieved significant milestones, including FDA approval for its RSV vaccine mRESVIA and positive Phase 3 results for both its combination flu-COVID vaccine and next-generation COVID-19 vaccine. Operating costs showed improvement with cost of sales decreasing 84% YoY to $115 million, while R&D expenses increased 6% to $1.2 billion. The company maintained a strong financial position with $10.8 billion in cash and investments.Looking ahead, Moderna expects 40-50% of second-half sales to occur in Q3, with cost of sales projected at 40-50% of product sales for the year. The company anticipates R&D expenses of approximately $4.5 billion and SG&A expenses of $1.3 billion for 2024, with year-end cash and investments projected at approximately $9 billion.
