MRNA Stock: Moderna, Inc. (NASDAQ: MRNA) has announced its third-quarter financial results for 2024, with total revenues reaching $1.9 billion, marking a 1.7% increase compared to the same period last year. This strong performance comes as the biotechnology company continues to capitalize on its updated COVID-19 vaccine, Spikevax, and its respiratory syncytial virus (RSV) vaccine, mRESVIA, which saw global distribution in the quarter.
CEO Stéphane Bancel highlighted the company’s operational efficiency and strategic focus on cost management, noting that Moderna is ahead of schedule in executing its plans for growth and market expansion. “We are pleased with the cost efficiency we achieved in the quarter, tracking ahead of where we planned to be,” Bancel said.
Key financial highlights include:
Spikevax Sales: Moderna reported $1.8 billion in Spikevax sales, with significant contributions from both the U.S. and international markets. The earlier approval of the vaccine in the U.S. contributed to higher-than-expected demand and helped the company secure a 40% market share in the retail channel for the season.
RSV Vaccine Sales: Although RSV vaccine sales were lower than anticipated at $10 million, Moderna remains optimistic about long-term growth, with the vaccine now approved in multiple regions including the U.S., EU, and Qatar.
Net Income: The company posted net income of $13 million for the quarter, a significant recovery from a net loss of $3.6 billion in the same period last year. This turnaround was driven by increased sales and strategic cost reductions.
Earnings Per Share (EPS): Moderna’s EPS for Q3 2024 was $0.03, compared to a loss of $9.53 per share in Q3 2023.
With a strong cash position of $9.2 billion as of September 30, 2024, Moderna is well-positioned to continue investing in its pipeline and pursue its goal of delivering 10 new product approvals over the next three years. The company is also focused on reducing its cost structure while maintaining growth momentum.
Looking Ahead to 2025
As Moderna prepares for a busy 2025, it remains committed to expanding its mRNA-based vaccine portfolio, including advancements in the fight against norovirus and influenza. Investors have responded positively to the company’s results, with Moderna’s stock surging 8.90% in premarket trading following the announcement.
Moderna’s leadership in the mRNA vaccine space continues to make it a key player in global health, and its robust financial results suggest strong potential for further growth in the coming quarters.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult a qualified financial advisor or conduct your own research before making investment decisions.
