On November 7, 2024, Moderna, Inc. reported its financial results for the third quarter ending September 30, 2024. The company announced revenues of $1.9 billion, a GAAP net income of $13 million, and GAAP earnings per share (EPS) of $0.03. Year-to-date product sales reached $2.2 billion, with the company reiterating its expected product sales for 2024 to be between $3.0 and $3.5 billion. Moderna also initiated two pivotal Phase 3 trials for mRNA vaccines against norovirus and influenza and announced an expansion of its Executive Committee. The third quarter saw $1.8 billion in sales of its COVID-19 vaccine, Spikevax, with $1.2 billion from U.S. sales and $0.6 billion internationally. The updated mRNA COVID-19 vaccine has been approved in major markets globally. The company also reported $10 million in sales for its RSV vaccine...Show More

On November 7, 2024, Moderna, Inc. reported its financial results for the third quarter ending September 30, 2024. The company announced revenues of $1.9 billion, a GAAP net income of $13 million, and GAAP earnings per share (EPS) of $0.03. Year-to-date product sales reached $2.2 billion, with the company reiterating its expected product sales for 2024 to be between $3.0 and $3.5 billion. Moderna also initiated two pivotal Phase 3 trials for mRNA vaccines against norovirus and influenza and announced an expansion of its Executive Committee. The third quarter saw $1.8 billion in sales of its COVID-19 vaccine, Spikevax, with $1.2 billion from U.S. sales and $0.6 billion internationally. The updated mRNA COVID-19 vaccine has been approved in major markets globally. The company also reported $10 million in sales for its RSV vaccine, mRESVIA, which was lower than anticipated due to late-season approval. Cost of sales decreased significantly compared to the same period in 2023, primarily due to reductions in inventory write-downs and unutilized manufacturing capacity. Research and development expenses decreased slightly, while selling, general, and administrative expenses saw a 36% reduction due to cost management and operational efficiencies. The company recognized an income tax expense of $8 million, a substantial decrease from the previous year's $1.7 billion, mainly due to a valuation allowance on deferred tax assets established in 2023. Net income for the quarter was $13 million, a significant improvement from the net loss of $(3.6) billion in the third quarter of 2023. Cash, cash equivalents, and investments as of September 30, 2024, were $9.2 billion. Moderna's financial framework for 2024 includes projections for net sales, cost of sales, research and development expenses, and capital expenditures. The company also highlighted recent progress and upcoming milestones for its late-stage pipeline, including vaccines for COVID-19, RSV, seasonal flu, and other diseases, as well as therapeutics for rare diseases. Corporate updates included the expansion of the Executive Committee, the purchase of the Norwood, MA campus, and new board and partnership announcements.