Moderna Reports Mixed Q3 Results, Net Income Turnaround, and FDA Approval for RSV Vaccine

Moderna, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance compared to the previous fiscal period. For the third quarter, total revenue reached $1,862 million, a slight increase of $31 million (2%) from $1,831 million in Q3 2023. Net product sales for the same period were $1,820 million, up $63 million (4%) from $1,757 million in the prior year, primarily driven by increased U.S. sales of its COVID-19 vaccine following its earlier launch in the commercial market.

In contrast, the nine-month results showed a significant decline, with total revenue falling to $2,270 million, down $1,767 million (44%) from $4,037 million in the same period in 2023. Net product sales for the nine months were $2,171 million, a decrease of $1,707 million (44%) compared to $3,878 million in the prior year. This decline reflects a shift from pandemic-driven demand to a more seasonal commercial pattern for COVID-19 vaccines.

Operating expenses for Q3 2024 were $1,932 million, a substantial decrease of $1,911 million (50%) from $3,843 million in Q3 2023. The cost of sales also saw a significant reduction, totaling $514 million, down $1,727 million (77%) from $2,241 million in the same quarter last year. This led to a turnaround in net income, which was $13 million for Q3 2024, compared to a net loss of $3,630 million in Q3 2023.

For the nine-month period, the net loss improved to $2,441 million from a loss of $4,931 million in the same period in 2023. The company reported a basic earnings per share of $0.03 for Q3 2024, a significant recovery from a loss per share of $(9.53) in Q3 2023.

As of September 30, 2024, Moderna's total current assets were $9,666 million, down from $10,325 million at the end of 2023. Total assets decreased to $15,803 million from $18,426 million, while total stockholders’ equity fell to $11,927 million from $13,854 million. The company also reported a decrease in total current liabilities to $2,201 million from $3,015 million.

Strategically, Moderna received FDA approval for its RSV vaccine, mRESVIA®, in May 2024, which began sales in Q3 2024. The company continues to focus on its development pipeline, with 36 candidates across 45 programs, including ongoing clinical studies for various mRNA-based vaccines. Additionally, Moderna has made adjustments to its operational strategies, including a change in logistics providers to enhance vaccine distribution.