Moderna (MRNA) Tops Q1 EPS by 45c

Moderna (NASDAQ: MRNA) reported Q1 EPS of $2.84, $0.45 better than the analyst estimate of $2.39. Revenue for the quarter came in at $1.94 billion versus the consensus estimate of $2.44 billion.

2021 Updated Financial Framework

• Advance Purchase Agreements (APAs): The Company has already signed APAs for scheduled delivery in 2021, for a total of $19.2 billion in anticipated product sales, including sales already recorded in the three months ended March 31, 2021.
• Q2 Delivered Doses: The Company expects doses delivered in the second quarter 2021 to be in the range of 200-250 million doses.
• Cost of Sales: Cost of sales as percentage of product sales are expected to be approximately 20% for fiscal year 2021.
• 2021 Research & Development (R&D) and Selling, General & Administrative (SG&A) Expenses: Expect quarter over quarter cost increases in R&D and SG&A expenses during 2021 as commercial and research and development activities and expenses ramp up.
• Tax Rate: Effective tax rate expected in the low-teens as a result of the forecasted global sales mix and utilization of the accumulated net operating loss carry-forward of $2.3 billion, based on current tax rates.
• Capital Expenditures: $450-550 million of capital investments currently planned for 2021 including the planned capacity expansion.

For earnings history and earnings-related data on Moderna (MRNA) click here.

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