Q1 2024 Moderna Inc Earnings Call Transcript
Key Points
- Moderna Inc (MRNA) reported substantial clinical progress with exciting data on EBV, VZV, and Norovirus vaccines.
- The company announced four significant business agreements and collaborations, enhancing its financial and strategic positioning.
- Moderna Inc (MRNA) has a strong cash position with $12.2 billion in cash and investments, providing substantial financial flexibility.
- The company has made significant advancements in its late-stage clinical programs, including the expansion of studies for Individualized Neoantigen Therapy (INT) into new indications.
- Moderna Inc (MRNA) demonstrated strong financial discipline with a reduction in operating expenses, contributing to a more efficient cost structure.
- Net product sales for Q1 were down 91% year-over-year, primarily due to lower sales volumes of the COVID-19 vaccine outside the United States.
- The cost of sales represented 58% of net product sales, up from 43% in the same quarter last year, indicating increased costs relative to sales.
- Moderna Inc (MRNA) reported a net loss of $1.2 billion for the period, compared to net income of $79 million last year.
- The company experienced a decrease in cash and investments from $13.3 billion at year-end 2023 to $12.2 billion, reflecting significant R&D and operational expenditures.
- Despite ongoing efforts, there are challenges in the regulatory and competitive landscape, particularly with the upcoming need for vaccine approvals and market positioning against competitors.
Good day, and thank you for standing by. Welcome to Moderna's First Quarter 2024 Conference Call. (Operator Instructions) Please be advised, this conference being recorded.
I would now like to hand the conference over to the 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 First Quarter 2024 financial results and business updates. 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; Stephen Hoge, our President; and Jamey Mock, our Chief Financial Officer.
Before we begin, please note, 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
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