Key Takeaways

  • Moderna's EPS beat analyst forecasts by a significant margin.
  • Revenue narrowly missed analyst expectations.
  • Moderna plans to supply between 800 million and 1 billion doses of its COVID-19 vaccine in 2021.
Moderna Earnings Results
Metric Beat/Miss/Match Reported Value Analysts' Prediction
EPS Beat $2.84 $2.30
Revenue Miss $1.9B $2.0B

Source: Predictions based on analysts' consensus from Visible Alpha

Moderna (MRNA) Financial Results: Analysis

Moderna, Inc. (MRNA) reported mixed results in its Q1 FY 2021 earnings report. Earnings per share (EPS) beat analyst forecasts by a wide margin in the company's first ever profitable quarter. Revenue for the quarter came in slightly below analysts' estimates. Moderna's revenue of $1.9 billion, which was up significantly from the $8 million posted in the year-ago quarter, was driven by sales of its COVID-19 vaccine. The company's shares fell more than 5% in pre-market trading. Over the past year, Moderna's shares have provided a total return of 230.0%, well above the S&P 500's total return of 45.3%.

MRNA Vaccine Developments

In a separate press release, Moderna announced a new supply agreement for its COVID-19 vaccine with the Swiss Federal Government. The company agreed to supply 7 million doses of booster vaccine in 2022 with an additional option to deliver another 7 million doses in the second half of 2022 or during the first quarter of 2023. Swissmedic authorized Moderna's vaccine for use in Switzerland on Jan. 12, 2021.

Moderna reiterated in its earnings press release a previous increase to its forecast of future supply of its COVID-19 vaccine. The company plans to supply a total of between 800 million and 1 billion doses of the vaccine in 2021. It is making additional investments in order to increase global supply to up to 3 billion doses in 2022. Moderna has already signed advanced purchase agreements for scheduled delivery of its vaccine in 2021 worth a total of $19.2 billion, which includes the $1.7 billion in sales of the vaccine already recorded in Q1 FY 2021.

Moderna also noted that it has completed the second of three phases of testing for its COVID-19 vaccine in adolescents ages 12-17. The TeenCOVE Study showed a vaccine efficacy rate of 96%, and no serious safety concerns were identified.

The company offered no forward earnings or revenue guidance in its earnings press release. Moderna's next earnings report (for Q2 FY 2021) is estimated to be released on Aug. 3, 2021.