Q2 2024 Moderna Inc Earnings Call Transcript
Key Points
- Moderna Inc (MRNA) reported positive Phase III results for its flu vaccine candidate, mRNA-1010, meeting all immunogenicity endpoints in adults 18 and older.
- The company launched its second respiratory product, the RSV vaccine mRESVIA, in the US and received a positive opinion from the European Medicines Agency.
- Moderna Inc (MRNA) has a strong cash and investment position, ending the quarter with $10.8 billion.
- The company has made significant progress in reducing operating expenses, with a year-over-year decrease of more than $600 million in Q2 2024.
- Moderna Inc (MRNA) announced a partnership with BARDA to address the H5 influenza virus, securing $176 million in funding to accelerate the development of mRNA-based pandemic flu vaccines.
- Net product sales for Q2 were $184 million, down 37% year over year, primarily due to lower sales volumes of the COVID-19 vaccine outside the United States.
- The company reported a net loss of $1.3 billion for the quarter.
- Moderna Inc (MRNA) revised its 2024 net product sales expectations to a range of $3.0 billion to $3.5 billion, citing low sales from EU member states and increased competitive pressures in the US.
- The company is facing increased competitive pressure for its COVID and RSV vaccines, impacting market share and pricing.
- There is a potential risk of revenue deferrals from 2024 into 2025, which could affect future financial performance.
Good day and thank you for standing by. Welcome to the Moderna second-quarter 2024 conference call. (Operator Instructions) Please be advised today's conference being recorded.
I would now like to hand the conference over to your speaker today, Lavina Talukdar. Please go ahead.
Thank you, Kevin. Good morning, everyone, and thank you for joining us on today's call to discuss Moderna's second-quarter 2024 financial results and business update. You can access the press release issued this morning as well as the slides that we'll be reviewing by going to the Investors section of our website.
On today's call are Stéphane Bancel, our Chief Executive Officer; Jamey Mock, our Chief Financial Officer; and Stephen Hoge, our President.
Before we begin, please note that this conference call will include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please see slide 2 of the accompanying presentation and our SEC filings for
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