Key Takeaways

  • Moderna's EPS matched analyst forecasts.
  • Revenue was also in line with analyst expectations.
  • Moderna expects to supply between 800 million and 1 billion doses of its COVID-19 vaccine in 2021, ramping up to between 2 billion and 3 billion doses in 2022.
Moderna Earnings Results
Metric Beat/Miss/Match Reported Value Analysts' Prediction
EPS Match $6.46  $6.46
Revenue Match $4.4B $4.4B

Source: Predictions based on analysts' consensus from Visible Alpha

Moderna (MRNA) Financial Results: Analysis

Moderna, Inc. (MRNA) reported Q2 FY 2021 earnings that matched analyst expectations. Earnings per share (EPS) came in positive for the second straight quarter in a row, matching analysts' forecasts. Revenue was also in line with analyst estimates. Moderna's revenue of $4.4 billion, which was up significantly from the 66.4 million posted in the year-ago quarter, was driven by sales of its COVID-19 vaccine. The company's shares fell more than 3% in pre-market trading. Over the past year, Moderna's shares have provided a total return of 434.1%, well above the S&P 500's total return of 33.2%.

MRNA Vaccine Developments

Moderna's primary source of revenue is through sales of its COVID-19 vaccine. The company's vaccine was approved for emergency use in the U.S. in December 2020. There are now more than 50 countries that have approved the vaccine for emergency use. There is currently very high global demand for the vaccine amid the ongoing pandemic, helping to fuel Moderna's revenue growth. The company expects to supply between 800 million and 1 billion doses of the vaccine in FY 2021. For FY 2022, it expects to ramp up its supply capacity to between 2 billion and 3 billion doses.

Moderna announced a number of new supply agreements with several countries over the past month. It plans to deliver an additional 35 million doses to Taiwan and 20 million doses to Argentina. The company also announced a partnership with Takeda Pharmaceutical Co. Ltd. (TAK) and the Japanese government to supply an additional 50 million doses to Japan.

The spread of the more-transmissible Delta variant of the coronavirus has fueled debates on whether people will need booster shots. The need for booster shots could fuel more demand for the vaccine. Moderna said that it has observed robust antibody responses from its existing COVID-19 booster candidates in Phase 2 studies.

Obtaining full approval for the vaccine, as opposed to just emergency use authorization, would also help to boost demand by easing restrictions on distribution and advertising of the vaccine. It would also make it easier for schools and businesses to introduce vaccine mandates. Moderna has begun the process of applying for full approval by initiating the rolling submission process for a Biologics License Application in the U.S. The company expects its submission to be completed some time this month.

Moderna announced that its board of directors has approved a share repurchase program of up to $1 billion over two years, returning excess capital to shareholders.

The company's next earnings report (for Q3 FY 2021) is estimated to be released on Oct. 27, 2021.