- Moderna's EPS came in above analyst forecasts. Revenue also beat analyst expectations.
- Moderna expects to generate at least $19 billion in revenue on sales of its vaccine against COVID-19 in 2022.
- The company announced a new share repurchase program of $3 billion to return excess capital to shareholders.
|Moderna Earnings Results|
|Metric||Beat/Miss/Match||Reported Value||Analysts' Prediction|
Source: Predictions based on analysts' consensus from Visible Alpha
Moderna (MRNA) Financial Results: Analysis
Moderna, Inc. (MRNA) reported Q4 FY 2021 earnings that surpassed analyst expectations. Earnings per share (EPS) came in positive for the fourth straight quarter in a row and beat analysts' consensus estimates. Revenue also came in above analyst expectations. Moderna's revenue of $7.2 billion, which was up significantly from the $570.7 million posted in the year-ago quarter, was driven by sales of its COVID-19 vaccine. The company's shares fell 2% in pre-market trading. Over the past year, Moderna's shares have provided a total return of -9.6%, below the S&P 500's total return of 8.9%.
MRNA Vaccine Developments
Moderna's primary source of revenue is currently through sales of its COVID-19 vaccine, which accounted for about 96% of total revenue. The other 4% comprised grant revenue and collaboration revenue. The company said that it sold 207 million doses of its vaccine during the quarter.
Moderna's vaccine received full approval for use in individuals aged 18 years or older from the U.S. Food and Drug Administration (FDA) on Jan. 31, 2022. It was just the second COVID-19 vaccine to receive full approval from the FDA, after the Pfizer-BioNTech vaccine was approved in August 2021. Moderna said that its vaccine is now approved in over 70 countries around the world.
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 Dec. 18, 2020. A booster dose of the vaccine for individuals 18 years of age and older is available under an EUA.
On Feb. 17, 2022, Australia's Therapeutic Goods Administration (TGA) provisionally approved Moderna's COVID-19 vaccine for use in children aged 6-11 years, meaning the vaccine is now approved in Australia for individuals 6 years of age and older. Moderna said this was the first regulatory approval for its vaccine for this age group.
Moderna is currently conducting studies to test the immunogenicity, safety, and reactogenicity of an omicron-specific booster candidate for adults aged 18 years and older. The company also announced that it is working on a new bivalent candidate that combines its omicron-specific candidate and Spikevax. Moderna is also working to develop vaccines to treat other diseases, including respiratory syncytial virus (RSV), herpes simplex virus (HSV), and cancer.
MRNA Vaccine Sales Outlook for 2022 and 2023
Moderna said that it has signed Advanced Purchase Agreements (APAs) for sales of its COVID-19 vaccine of approximately $19 billion and approximately $3 billion in options for 2022. It is currently in discussions for additional orders in 2022. The company said that it has also received firm orders for delivery of its vaccine in 2023 from the U.K., Canada, Taiwan, and Kuwait.
MRNA Share Repurchase Program
Moderna announced that its board of directors has authorized a new share repurchase program for $3 billion. Its previous program to repurchase $1 billion worth of shares that was announced in August 2021 was fully utilized as of the end of January 2022.
MRNA Earnings Call Recap
On a conference call with analysts after earnings were released, Moderna officials said they continue to expect that a fourth booster dose of the COVID-19 vaccine will be needed by the fall of 2022. A key driver of Moderna’s future revenue growth includes whether fourth doses will be widely used, which could include variant-specific boosters that Moderna and Pfizer are still testing.
The company's next earnings report (for Q1 FY 2022) is expected to be released on May 4, 2022.
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