Moderna Q1 2022 Earnings Report Recap

MRNA beat on earnings and on revenue

Key Takeaways

  • Moderna's EPS and revenue crushed analysts' consensus estimates.
  • Revenue was driven by sales of Moderna's vaccine against COVID-19.
  • The company has advanced purchase agreements for its COVID-19 vaccine of $21 billion for 2022.
Moderna Earnings Results
Metric  Beat/Miss/Match Reported Value Analysts' Prediction
EPS Beat $8.58 $5.83
Revenue Beat $6.1B $4.3B

Source: Predictions based on analysts' consensus from Visible Alpha

Moderna (MRNA) Financial Results: Analysis

Moderna, Inc. (MRNA) reported Q1 FY 2022 earnings that far surpassed analyst expectations. Earnings per share (EPS) came in positive for the fifth straight quarter in a row, beating estimates by a wide margin. Revenue also came in well above analyst expectations. Moderna's revenue of $6.1 billion, which more than tripled from the year-ago quarter, was driven by sales of its COVID-19 vaccine.

The company's shares rose more than 6% in pre-market trading. Over the past year, Moderna's shares have provided a total return of -21.2%, below the S&P 500's total return of -0.9%.

MRNA Vaccine Developments

Moderna's primary source of revenue is currently through sales of its COVID-19 vaccine, which accounted for about 98% of total revenue. The other 2% comprised grant revenue and collaboration revenue.

Moderna's vaccine received full approval for use in individuals aged 18 years or older from the U.S. Food and Drug Administration (FDA) in late January 2022. It was just the second COVID-19 vaccine to receive full approval from the FDA, after the vaccine created by Pfizer Inc. (PFE) and BioNTech SE (BNTX) was approved in August 2021.

Moderna's vaccine is now being marketed in the U.S. as Spikevax following its approval by the FDA. The vaccine, which is administered as a two-dose series, had been available under the FDA's emergency use authorization (EUA) designation since December 2020. A booster dose of the vaccine for individuals 18 years of age and older is available under an EUA.

The company recently submitted an EUA request for use of its vaccine in children six months to under six years of age to the FDA. Moderna earlier requested EUAs for children of ages six to 11 and ages 12 to 17. Approvals for these age groups would be a source of further demand for the vaccine.

MRNA Sales Outlook

Moderna said that it has advanced purchase agreements (APAs) for sales of its COVID-19 vaccine of approximately $21 billion for 2022. The company believes that sales will be slightly stronger in the second half of the year compared to the first half.

MRNA Earnings Call Recap

In a conference call after earnings were announced, Chief Executive Officer (CEO) Stephane Bancel said that Moderna is actively looking at acquisition opportunities around the world. The company had a $19.3 billion cash pile at the end of March. “In terms of M&A, I can tell you our teams have never been as busy,” Bancel told analysts during the call. “They are looking at a lot of opportunities literally across the world. We will not be shy to invest to expand the platform either through technology or through products.”

Moderna's next earnings report (for Q2 FY 2022) is expected to be released on Aug. 10, 2022.

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