Reports third quarter revenues of $1.9 billion, GAAP net income of $13 million and GAAP EPS of $0.03
Achieves year-to-date product sales of $2.2 billion; reiterates 2024 expected product sales of $3.0 to $3.5 billion
Initiated dosing in two pivotal Phase 3 trials to assess efficacy of investigational mRNA vaccines against norovirus and influenza
CAMBRIDGE, MA / ACCESSWIRE / November 7, 2024 / Moderna, Inc. (NASDAQ:MRNA) today reported financial results and provided business updates for the third quarter of 2024.
“During the third quarter, we focused on execution with the launch of our updated COVID-19 and RSV vaccines in markets across the globe. I am pleased with the cost efficiency we achieved in the quarter, tracking ahead of where we planned to be at this time,” said Stéphane Bancel, Chief Executive Officer of Moderna. “Looking into the fourth quarter and preparing for 2025, we remain focused on driving sales growth, delivering 10 product approvals over the next three years, and continuing to reduce our cost structure.”
COVID-19: The Company reported $1.8 billion in Spikevax® sales in the third quarter of 2024, which includes $1.2 billion of U.S. sales and $0.6 billion of international sales.
Moderna’s updated mRNA COVID-19 vaccine has been approved in major markets worldwide. In the U.S., the Company was ready for an earlier COVID vaccine approval compared to the prior season, with timely shipments to all channels across the U.S. healthcare system. The approval timing has driven an earlier uptake in the retail channel, where Moderna has 40% market share season to date.[1]
The Company continues to focus on public health efforts to drive vaccination rates globally. Moderna has undertaken marketing and awareness campaigns to educate consumers and activate the medical community. The recent recommendation of the CDC’s Advisory Committee on Immunization Practices (ACIP) of additional doses for older adults and high-risk populations is supportive of vaccination uptake.
RSV: The Company reported $10 million in mRESVIA® sales in the third quarter of 2024. Sales were lower than anticipated, resulting from the approval and recommendation of mRESVIA later in the contracting season, when many customers had completed their orders. Moderna’s RSV vaccine has been approved in the U.S., EU, Norway, Iceland and Qatar.
Revenue: Total revenue for the third quarter of 2024 was $1.9 billion, compared to $1.8 billion in the same period in 2023. Net product sales for the third quarter of 2024 reached $1.8 billion, reflecting a 4% year-over-year increase. This growth was primarily driven by higher sales in the U.S. market, following the earlier launch of the updated COVID-19 vaccine. With FDA approval granted three weeks earlier than in the previous year, the Company was able to meet demand more effectively. International sales were lower compared to the same period in 2023, when sales benefited from the fulfillment of orders deferred from 2022. Additionally, the Company commenced sales of its RSV vaccine during the third quarter of 2024. RSV vaccine sales were $10 million in the quarter.