Moderna Stock Up 6% As Q4 Results Top Estimates
(RTTNews) - Biotechnology company Moderna, Inc. (MRNA) reported a profit for the fourth quarter that plunged from last year, reflecting a sharp drop in COVID-19 vaccines sales. However, both earnings per share and revenues for the quarter topped analysts' expectations. The company also reaffirmed its 2024 product sales outlook.
In pre-market activity on Nasdaq, Moderna shares are surging $5.24 or 5.98 percent to trade at $92.83.
For the fourth quarter, the company reported net income of $217 million or $0.55 per share, sharply down from $1.47 billion or $3.61 per share in the prior-year quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report a loss of $0.97 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter nearly halved to $2.81 billion from last year's $5.08 billion, primarily due to a reduction in sales of the Company's COVID-19 vaccine. Analysts expected revenues of $2.49 billion for the quarter.
Net product sales for the quarter decreased 43 percent to $2.8 billion from last year, primarily driven by lower sales volume, partially offset by a higher average selling price.
The Company reported $2.8 billion in COVID-19 vaccine Spikevax sales in the fourth quarter of 2023, which includes $0.8 billion of U.S. sales and $2 billion of international sales.
Looking ahead, the company is reaffirming its 2024 product sales outlook of $4 billion as it enters the second year of the U.S. commercial endemic COVID market with increased clarity of market size and dynamics.
The Company continues to expect initial regulatory approvals of its RSV vaccine (mRNA-1345) starting in the first half of 2024. It is well-prepared for the launch of its second respiratory vaccine, which will build upon the success of its commercial efforts in the fall COVID-19 market.
"We look forward to the anticipated approvals of our RSV vaccine beginning in the first half of the year. With multiple upcoming Phase 3 data readouts in 2024, we remain focused on commercial execution and continued investment in our pipeline with financial discipline," said Stéphane Bancel, Chief Executive Officer of Moderna.
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