On November 2, 2023, Moderna Inc (MRNA, Financial) released its third-quarter financial results for 2023. The company reported revenues of $1.8 billion for the quarter, with a net loss of $3.6 billion, primarily driven by non-cash charges of $3.1 billion related to resizing and a tax valuation allowance.
Financial Performance
Moderna's total revenue for Q3 2023 was $1.8 billion, compared to $3.4 billion in the same period in 2022, mainly due to a decrease in sales of the company's COVID-19 vaccine. Net product sales for the third quarter of 2023 were $1.8 billion, a decrease of 44% compared to the same period in 2022, primarily driven by lower sales volume and partially offset by a higher average selling price.
Cost of Sales and Expenses
The cost of sales for the third quarter of 2023 was $2.2 billion. Research and development expenses for the third quarter of 2023 increased by 41% to $1.2 billion, in comparison to the same quarter of 2022. Selling, general and administrative expenses for the third quarter of 2023 increased by 59% to $442 million, in comparison to the third quarter of 2022.
Net Income and Earnings Per Share
Net loss was $3.6 billion for the third quarter of 2023, compared to net income of $1.0 billion for the third quarter of 2022. Diluted loss per share was $9.53 for the third quarter of 2023, compared to diluted earnings per share of $2.53 for the third quarter of 2022.
2023 Financial Framework
Moderna now expects product sales of at least $6 billion for 2023. The company now expects cost of sales to be approximately $5 billion for the year, inclusive of charges of approximately $1.6 billion across the third and fourth quarters related to proactive resizing of the company’s manufacturing footprint.
Early Thoughts on 2024 and 2025 Sales
Moderna is projecting approximately $4 billion in sales in 2024, mostly in the second half of the year, primarily due to COVID-19 vaccine global sales and the launch of its RSV vaccine. In 2025, the company expects to return to organic sales growth.
Clinical Updates
Moderna’s mRNA platform is positioned to continue to deliver significant impact with mRNA medicines. The company is anticipating up to 15 launches in the next five years and provided a comprehensive overview of its pipeline and clinical programs at R&D Day in September.
For more detailed information, please refer to the official earnings release.
Explore the complete 8-K earnings release (here) from Moderna Inc for further details.
