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    Moderna Inc (MRNA)

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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 .

    1. 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 .
    2. 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 .
    3. Seasonal Flu Vaccine - Targets seasonal influenza, aiming to provide preventive benefits against flu strains.
    4. Combination Vaccine for Flu and COVID-19 - Combines protection against both flu and COVID-19, offering a comprehensive solution for respiratory illnesses.
    5. Pipeline of Development Programs - Includes 45 development programs with 40 candidates in clinical studies, focusing on diversifying product offerings beyond COVID-19 .
    NamePositionStart DateShort Bio
    Stéphane BancelChief Executive OfficerOctober 2011Stéphane Bancel has served as the CEO of Moderna since October 2011. Previously, he was CEO of bioMérieux SA and held roles at Eli Lilly. He holds degrees from École Centrale Paris, University of Minnesota, and Harvard Business School .
    Jerh CollinsChief Technical Operations and Quality OfficerOctober 2022Jerh Collins joined Moderna in October 2022 and has been in his current role since January 2023. He previously worked at Novartis from 1993 to 2022 .
    Kate CroninChief Brand OfficerJuly 2021Kate Cronin joined Moderna in July 2021. She oversees communications, branding, and marketing. Previously, she was Global CEO at Ogilvy Health .
    Tracey FranklinChief Human Resources OfficerOctober 2019Tracey Franklin joined Moderna in October 2019. She oversees talent and organizational strategy. Previously, she worked at Merck & Co. from 2004 to 2019 .
    Stephen Hoge, M.D.PresidentJanuary 2013Stephen Hoge, M.D., joined Moderna in January 2013 and has been President since February 2015. He oversees R&D and early commercial efforts. Previously, he was a Partner at McKinsey & Company .
    Shannon Thyme KlingerChief Legal Officer and Corporate SecretaryJune 2021Shannon Thyme Klinger joined Moderna in June 2021. She oversees legal matters and serves as President of the Moderna Charitable Foundation. Previously, she worked at Novartis .
    James MockChief Financial OfficerSeptember 2022James Mock joined Moderna in September 2022. He oversees financial functions. Previously, he was CFO at PerkinElmer and held various roles at General Electric .
    1. 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?
    2. 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?
    3. 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?
    4. 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?
    5. 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?
    Program DetailsProgram 1
    Approval DateAugust 1, 2022
    End Date/DurationNo expiration date
    Total additional amount$3.0 billion
    Remaining authorization$1.7 billion as of September 30, 2024
    DetailsThe program aims to return capital to shareholders, improve earnings per share, and manage capital structure. The timing and number of shares repurchased depend on various factors, including price and market conditions.
    CustomerRelationshipSegmentDetails
    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.
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2014 PresentCurrent auditor

    Recent developments and announcements about MRNA.

    Financial Reporting

      Earnings Report

      ·
      Jan 13, 2025, 1:45 PM

      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.