Moderna (MRNA) beats estimates in Q1 2024, targets RSV vaccine launch in fall

Moderna Inc. (NASDAQ: MRNA) reported first-quarter earnings and revenue that came ahead of analyst expectations, sending its shares 1.5% higher in premarket trading Thursday.

The drugmaker posted a loss per share of $3.07 for the quarter, better than the $3.55 per share loss expected by analysts. Revenue rose to $167 million, significantly higher than the consensus projection of $94.28 million.

Research and Development (R&D) expenses were reported at $1.06 billion, below the anticipated $1.14 billion, while Selling, General, and Administrative (SG&A) expenses were $274 million, marking a 10% decrease year-over-year, and were lower than the expected $329 million.

Looking ahead, Moderna forecasts capital expenditures of about $900 million for the year and reaffirms its expectation for 2024 product sales to reach approximately $4 billion.

The company anticipates initial regulatory approvals for its RSV vaccine, mRNA-1345, in the first half of 2024, with a targeted U.S. launch in fall 2024.

The pharmaceutical firm also projects its year-end cash and investments to total around $9 billion by the end of 2024.

"As we anticipate the launches of our Spikevax 2024-2025 formula and RSV vaccine, we are exercising financial discipline and have intensified our focus on building and utilizing AI technologies to further streamline operations and enhance productivity," said Stéphane Bancel, CEO of Moderna.

"With 10 late-stage programs, and additional new programs advancing toward pivotal studies, we continue to expect numerous product milestones this year across our vaccines and therapeutics portfolio. This is the start of a banner year for our vaccine platform as we continue to advance mRNA medicines for patients. This is just the beginning."

By Vahid Karaahmetovic

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