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Moderna, Inc. is a biotechnology company specializing in the development of medicines using messenger RNA (mRNA) technology. The company's mRNA platform is designed to instruct the body’s cells to produce proteins that offer therapeutic or preventive benefits, targeting a wide range of diseases including infectious diseases, immuno-oncology, rare diseases, and autoimmune diseases . Moderna's first commercial product is the COVID-19 vaccine, marketed as Spikevax®, which has been adapted to address emerging SARS-CoV-2 strains . The company offers vaccines for COVID-19, respiratory syncytial virus (RSV), and seasonal flu, and is advancing a pipeline of 45 development programs to diversify its product offerings .
- COVID-19 Vaccine (Spikevax®) - Developed to combat COVID-19, this vaccine has been a major revenue driver and is adapted to address emerging SARS-CoV-2 strains .
- Respiratory Syncytial Virus (RSV) Vaccine (mRESVIA®) - Approved in 2024, this vaccine is expected to contribute to revenue as it launches in the U.S. and other markets .
- Seasonal Flu Vaccine - Targets seasonal influenza, aiming to provide preventive benefits against flu strains.
- Combination Vaccine for Flu and COVID-19 - Combines protection against both flu and COVID-19, offering a comprehensive solution for respiratory illnesses.
- Pipeline of Development Programs - Includes 45 development programs with 40 candidates in clinical studies, focusing on diversifying product offerings beyond COVID-19 .
- Given the delays in securing full contracting seasons, how do you plan to maximize sales of your approved products, such as Spikevax and mRNA-1345, especially in light of the competitive environment in the U.S. COVID-19 vaccine market?
- Can you provide detailed insights into your reserve return assumptions for this winter season, particularly considering the $500 million-plus reserve from last winter that was adjusted down to approximately $400 million?
- With the purchase of the Norwood campus impacting your capital expenditures, how will this acquisition affect your cash position and cost-saving initiatives, and how do you plan to reconcile this with your goal of ending 2024 with approximately $9 billion in cash and investments?
- Considering the timing challenges with your flu-COVID combination vaccine and the decision not to use a priority review voucher, how will this impact your ability to capture market share in the 2025 flu season, and what strategies are you implementing to mitigate potential revenue gaps?
- Given the late approval of your RSV vaccine relative to the contracting season, how confident are you in achieving significant market share next year, and what realistic expectations should investors have regarding your position in the RSV vaccine market?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
FFF Enterprises | Distribution/wholesale | All | 39% of accounts receivable as of December 31, 2023. |
European Commission | Supply of COVID‑19 vaccines | All | 28% of revenue in 2022, 32% in 2021, and 29% of accounts receivable as of December 31, 2022. |
U.S. Government (excluding BARDA) | Supply of COVID‑19 vaccines | All | 23% of revenue in 2022And 29% in 2021. |
Takeda Pharmaceutical Company | Distribution/partnership | All | 10% of revenue in 2022. |
Ministry of Health, Labor, and Welfare | Supply of COVID‑19 vaccines | All | 21% of revenue in 2023And 30% of accounts receivable as of December 31, 2022. |
UK Health Security Agency | Supply of COVID‑19 vaccines | All | 35% of accounts receivable as of December 31, 2023And 11% as of December 31, 2022. |
Recent developments and announcements about MRNA.
Financial Reporting
Earnings Report
Moderna, Inc. has released its preliminary financial results for the fiscal year ended December 31, 2024. The company reported product sales of $3.0 to $3.1 billion (unaudited) and expects to have approximately $9.5 billion in cash, cash equivalents, and investments as of the end of 2024. Looking ahead to 2025, Moderna projects revenue between $1.5 billion and $2.5 billion, primarily from Spikevax and mRESVIA vaccine sales, with most revenue expected in the second half of the year. The company also plans to reduce cash cost expenses by $1.0 billion in 2025 and anticipates an additional $0.5 billion in cost savings in 2026. By the end of 2025, Moderna expects to have approximately $6.0 billion in cash and investments.