Summary by Futu AI
Moderna reported Q3 2024 revenue of $1.8 billion, including $1.8 billion in product sales primarily from COVID-19 vaccines and initial RSV vaccine sales. The company achieved net income of $13 million or $0.03 per share, compared to a net loss of $3.6 billion in Q3 2023. Cost of sales decreased significantly to $514 million or 28% of net product sales, down from 128% in the prior year period.The company's financial position remains strong with $9.2 billion in cash and investments as of September 30, 2024. Operating expenses showed improvement with research and development costs decreasing 2% to $1.1 billion and selling, general and administrative expenses declining 36% to $281 million compared to Q3 2023, reflecting enhanced operational efficiency and cost discipline.Looking ahead, Moderna expects continued transition to a seasonal commercial model for COVID-19 vaccines while expanding its product portfolio with the recent RSV vaccine launch. The company is advancing multiple late-stage clinical programs including next-generation COVID-19, seasonal flu, CMV and norovirus vaccines, as well as its individualized neoantigen therapy program in collaboration with Merck.
