Summary by Futu AI
On May 2, 2024, Moderna, Inc. reported its financial results for the first quarter ending March 31, 2024, with revenues of $167 million, a significant decrease from $1.9 billion in the same period the previous year. The decline was attributed to reduced sales of its COVID-19 vaccine, Spikevax. Despite a GAAP net loss of $1.2 billion and a diluted EPS of $(3.07), Moderna is preparing for the launches of its RSV vaccine and updated Spikevax formula, with expected product sales of approximately $4 billion for 2024. The company has initiated three new clinical studies in partnership with Merck for cancer treatments and is advancing three new vaccine programs toward Phase 3 clinical trials. Moderna's cash position decreased to $12.2 billion from $13.3 billion at the end of 2023, mainly due to research and development expenses and operating activities. The company reaffirmed its 2024 financial framework, expecting revenue of about $4 billion from its respiratory franchise and projecting year-end cash and investments to be approximately $9 billion.