Moderna Faces Analyst Downgrades Amid Revised R&D Restructured Strategy and Delayed Profitability Target
Moderna Faces Analyst Downgrades Amid Revised R&D Restructured Strategy and Delayed Profitability Target
Thursday, Moderna Inc (NASDAQ:MRNA) unveiled key updates at its annual R&D Day by reducing annual R&D spending by $1.1 billion by 2027, enabling a focus on ten prioritized products.
週四，現代生物-疫苗(納斯達克：moderna)在其年度研發日活動中發佈了關鍵更新，預計到2027年將其年度研發支出削減110億美元，專注於十個優先產品。
The company expects R&D expenses to fall from $4.8 billion in 2024E to $3.6 billion—$3.8 billion in 2027.
該公司預計，研發費用將從2024E的480億美元下降至2027年的360億至380億美元。
The strategy, expanding its portfolio into oncology and rare diseases, positions Moderna to deliver ten product approvals within the next three years.
這一策略將該公司的投資組合擴展到腫瘤學和罕見病領域，使現代生物-疫苗能夠在未來三年內獲得十個產品的批准。
Oppenheimer downgraded Moderna stock from Outperform to Perform and removed the price target.
Oppenheimer將現代生物-疫苗的股票評級由表現優異下調至表現並去掉了價格目標。
Oppenheimer analyst writes that with a restructured R&D budget, Moderna's non-respiratory assets will play a larger role in shaping the pipeline and face increased pressure to reach commercialization.
Oppenheimer的分析師表示，通過重新調整研發預算，現代生物-疫苗的非呼吸系統資產將在塑造其研發管線方面發揮更大作用，並面臨着更大的商業化壓力。
Also Read: Moderna's Investigational Mpox Vaccine More Effective Than Current Approved Shot, Animal Study Shows.
同時閱讀：現代生物-疫苗的探索性病毒疫苗比當前批准的疫苗更有效，動物研究顯示。
RBC Capital Market decreased the price target from $90 to $75 while maintaining the Sector rating.
RBC資本市場將現代生物-疫苗的價格目標從90美元下調至75美元，同時保持該板塊的評級。
The analyst notes the COVID-19 vaccine maker pushed its breaking-even event by two years to 2028.
分析師注意到，這家COVID-19疫苗製造商將其盈虧平衡事件推遲了兩年，到2028年。
The analyst remains confident in Moderna's cancer vaccine and the potential of its broader platform over the long term. However, near-term challenges continue to be seen, such as declining COVID-19 vaccination rates and the gradual uptake of the respiratory syncytial virus (RSV) vaccine.
分析師對Moderna的癌症疫苗和其整體平台的長期潛力仍然持有信心。然而，在短期內仍然存在一些挑戰，例如COVID-19疫苗接種率下降和呼吸道合胞病毒(RSV)疫苗的逐漸接受程度。
Needham's analyst highlights substantial commercial and competitive challenges in the respiratory vaccine market across all indications. Investors appear to view cytomegalovirus (CMV) as a less significant commercial opportunity, while the rare disease programs, including MMA and PA, are expected to have only modest peak sales potential, estimated at around $500 million.
Needham的分析師強調，在呼吸道疫苗市場的所有適應症中都存在着重大的商業和競爭挑戰。投資者似乎認爲人鉅細胞病毒(CMV)的商業機會不那麼重要，而罕見疾病項目，包括MMA和PA，預計只有適度的最高銷售潛力，估計約爲500百萬美元。
The analyst says the INT Oncology program, developed in partnership with Merck & Co Inc (NYSE:MRK), offers the most upside potential. However, progress has been slow, and revenue from this program is unlikely to materialize before 2027 or later. Needham maintains the Hold rating.
分析師表示，與默沙東合作開發的INt Oncology項目具有最大的上升潛力。然而，進展緩慢，該項目的收入可能要到2027年或以後才能實現。Needham維持持有評級。
William Blair notes that Moderna's pattern of issuing high financial expectations, followed by lowered guidance, has negatively impacted the company's stock.
William Blair指出Moderna高額的財務預期，隨後降低的指引模式對該公司的股價產生了負面影響。
Since cutting its 2024 revenue forecast during its second-quarter earnings 2024 call, the stock has dropped approximately 40%.
自從在2024年二季度業績電話會議上調低了其2024年營業收入預測以來，股價下跌了約40%。
The analyst highlights that although Moderna has now pushed back its goal of breaking even to 2028, it will still need to double its revenue from the projected $3.0 billion-$3.5 billion in 2024 to $6.0 billion by 2028 to achieve breakeven along with reduced operating costs and streamlined COGS.
分析師強調，雖然Moderna現在已將實現盈虧平衡的目標推遲到2028年，但它仍需要將其預計的2024年的30-35億美元的營業收入增加一倍，到2028年達到60億美元，並降低運營成本和精簡成本費用。
Piper Sandler reiterates the Overweight rating on Moderna but lowers the price target to $115 from $157.
Piper Sandler重申對Moderna的超額評級，但將價格目標從157美元下調至115美元。
Price Action: MRNA stock closed lower by 2.01% to $68.28 on Friday.
股價行情：MRNA股票週五下跌2.01%，收於68.28美元。
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Photo via Wikimedia Commons
照片通過Wikimedia Commons
譯文內容由第三人軟體翻譯。
