Moderna Reports Fourth Quarter and Fiscal Year 2024 Financial Results and Provides Business Updates
Rhea-AI Summary
Moderna (MRNA) reported Q4 2024 revenues of $1.0 billion with a GAAP net loss of $(1.1) billion and EPS of $(2.91). Full-year 2024 revenues were $3.2 billion with a net loss of $(3.6) billion and EPS of $(9.28). The company's Q4 Spikevax sales reached $923 million, while mRESVIA sales were $15 million.
For 2025, Moderna expects revenues between $1.5-2.5 billion and projects year-end cash balance of approximately $6 billion. The company has submitted three mRNA products for regulatory approval: next-generation COVID vaccine, RSV vaccine for adults 18-59, and a flu/COVID combination vaccine.
Cost reduction efforts resulted in a 27% decrease compared to 2023, with plans to remove nearly $1 billion in costs by end of 2025. The company maintains a strong cash position of $9.5 billion as of December 31, 2024, though down from $13.3 billion year-over-year.
Positive
- Successful cost reduction of 27% compared to 2023
- Strong cash position of $9.5 billion at year-end 2024
- Three products submitted for regulatory approval
- Q4 Spikevax sales of $923 million
Negative
- Q4 2024 net loss of $(1.1) billion, compared to net income of $217 million in Q4 2023
- Full-year 2024 revenue declined 53% to $3.2 billion from $6.8 billion in 2023
- Expected revenue decline in 2025 to $1.5-2.5 billion
- Cash position decreased from $13.3 billion to $9.5 billion during 2024
News Market Reaction
On the day this news was published, MRNA gained 3.35%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Reports fourth quarter revenues of
Reports full-year revenues of
Expects 2025 revenue range of
Submitted three investigational mRNA products for regulatory approval, including Moderna's next-generation COVID vaccine, RSV vaccine for high-risk adults aged 18 to 59, and flu/COVID combination vaccine
CAMBRIDGE, MA / ACCESS Newswire / February 14, 2025 / Moderna, Inc. (NASDAQ:MRNA) today reported financial results and provided business updates for the fourth quarter and fiscal year 2024.
"We have made progress in 2024 across our late-stage pipeline and cost reduction efforts. Our team successfully filed three Biologics License Applications in the final months of the year and reduced our costs by 27 percent compared to 2023," said Stéphane Bancel, Chief Executive Officer of Moderna. "In 2025, we remain focused on driving sales, delivering up to 10 product approvals through 2027, and expanding cost efficiencies across our business. By the end of 2025, we aim to remove nearly
Recent progress includes:
Commercial Updates
Moderna is entering 2025 with two approved products, Spikevax® and mRESVIA®.
COVID-19: The Company reported
RSV: The Company reported
Fourth Quarter 2024Financial Results
Revenue: Total revenue for the fourth quarter of 2024 was
Cost of Sales: Cost of sales for the fourth quarter of 2024 was
Research and Development Expenses: Research and development expenses for the fourth quarter of 2024decreased by
Selling, General and Administrative Expenses: Selling, general and administrative expenses for the fourth quarter of 2024decreased by
Income Taxes: The Company recognized an income tax benefit of
Net (Loss) Income: Net loss was
(Loss) Earnings Per Share: Loss per share was
Cash Position: Cash, cash equivalents and investments as of December 31, 2024, were
Full Year 2024 Financial Results
Revenue: Total revenue was
Cost of Sales: Cost of sales for the full year 2024 was
Research and Development Expenses: Research and development expenses decreased by
Selling, General and Administrative Expenses: Selling, general and administrative expenses decreased by
Income Taxes: Income tax benefit for the full year 2024 was
Net Loss: Net loss for the full year 2024 was
Loss Per Share: Loss per share for the full year 2024 was
Cash Position: Cash, cash equivalents and investments as of December 31, 2024, and December 31, 2023, were
2025 Financial Framework
Revenue: The Company reiterates 2025 expected revenue of
Cost of Sales: Cost of sales for 2025 is expected to be approximately
Research and Development Expenses: Full-year 2025 research and development expenses are anticipated to be approximately
Selling, General and Administrative Expenses: Selling, general and administrative expenses for 2025 are projected to be approximately
Income Taxes: The Company continues to expect its full-year tax expense to be negligible.
Capital Expenditures: Capital expenditures for 2025 are expected to be approximately
Cash and Investments: Year-end cash and investments for 2025 are projected to be approximately
Recent Progress and Upcoming Late-Stage Pipeline Milestones
The Company remains focused on a prioritized research and development portfolio, delivering up to 10 product approvals through 2027.
Respiratory vaccines:
Next-generation COVID-19 vaccine: Moderna shared positive Phase 3 vaccine efficacy and immunogenicity data for its next-generation COVID-19 vaccine (mRNA-1283) at its R&D Day event in September 2024. The Company has filed for regulatory approval of mRNA-1283 with the FDA using a priority review voucher. The FDA has accepted Moderna's Biologics License Application (BLA) for mRNA-1283 and has assigned a Prescription Drug User Fee Act (PDUFA) goal date of May 31, 2025.
Respiratory syncytial virus (RSV) vaccine: Moderna received regulatory approval of its RSV vaccine mRESVIA (mRNA-1345) for adults aged 60 years and older in 2024. The Company shared positive Phase 3 data for mRNA-1345 in high-risk adults aged 18-59 at its 2024 R&D Day event and has since submitted an application to the FDA for regulatory approval using a priority review voucher. The FDA has accepted Moderna's BLA and has assigned a PDUFA goal date of June 12, 2025.
Seasonal flu + COVID vaccine: Moderna shared positive Phase 3 immunogenicity data for its flu/COVID combination vaccine (mRNA-1083) for adults aged 50 years and older at its 2024 R&D Day event. The Company has filed with the FDA for regulatory approval of mRNA-1083, which may require vaccine efficacy data from Moderna's ongoing Phase 3 seasonal flu vaccine study.
Seasonal flu vaccine: Moderna has shared positive Phase 3 immunogenicity and safety data for its seasonal flu vaccine (mRNA-1010). The Company is conducting a two-season Phase 3 efficacy study (P304), where the timing of the efficacy readout depends on case accrual and could happen in the current season.
Latent and other vaccines:
Cytomegalovirus (CMV) vaccine: The pivotal Phase 3 study of Moderna's CMV vaccine candidate (mRNA-1647) is fully enrolled and accruing cases, evaluating its efficacy, safety and immunogenicity in the prevention of primary infection in women of childbearing age. The Data Safety Monitoring Board (DSMB) met to review the initial study data and has informed the Company that the criterion for early efficacy was not met. The DSMB recommended that the study continue as planned. The Company remains blinded and anticipates efficacy data from the study in 2025.
Norovirus vaccine: The two-season Phase 3 study evaluating the efficacy, safety and immunogenicity of Moderna's trivalent vaccine against norovirus (mRNA-1403) is fully enrolled in the Northern Hemisphere and the Company is preparing second season enrollment in the Southern Hemisphere. The trial is currently on FDA clinical hold following a single adverse event report of a case of Guillain-Barré syndrome, which is currently under investigation. The Company does not expect an impact on the study's efficacy readout timeline as enrollment in the Northern Hemisphere has already been completed. The timing of the Phase 3 readout will be dependent on case accruals.
Oncology therapeutics:
Individualized Neoantigen Therapy (INT): Moderna continues to demonstrate the potential clinical benefit of its individualized neoantigen therapy (INT) (mRNA-4157). In collaboration with Merck, the Phase 3 clinical trial for adjuvant melanoma is fully enrolled. Two Phase 3 studies for non-small cell lung cancer are enrolling. A randomized Phase 2 study for high-risk muscle invasive bladder cancer is enrolling, and a randomized Phase 2 study for adjuvant renal cell carcinoma is enrolling.
Rare disease therapeutics:
Propionic acidemia (PA) therapeutic: In an ongoing Phase 1/2 study designed to evaluate safety and pharmacology in trial participants with PA, Moderna's investigational therapeutic (mRNA-3927) has been generally well-tolerated to date with no events meeting protocol-defined dose-limiting toxicity criteria. Early results suggest potential decreases in annualized metabolic decompensation event (MDE) frequency compared to pre-treatment, and the majority of patients have elected to continue on the open label extension study. The Company began generating registrational trial data in 2024.
Methylmalonic acidemia (MMA) therapeutic: Moderna's investigational therapeutic for MMA (mRNA-3705) has been selected by the FDA for the Support for Clinical Trials Advancing Rare Disease Therapeutics (START) pilot program. The FDA and Moderna have agreed on the pivotal study design. The Company expects to start a registrational study in 2025.
Moderna Corporate Updates
Published Moderna CEO Stéphane Bancel's annual letter to shareholders on January 6, 2025.
Provided business and pipeline updates at the 43rd Annual J.P. Morgan Healthcare Conference on January 13, 2025.
Announced updates on the Company's pandemic influenza program.
Entered into a framework agreement with the European Union, Norway and North Macedonia that provides 17 participating countries a framework for tendering for Moderna's mRNA COVID-19 vaccine for up to four years should there be demand in addition to the current competitor contract.
Scheduled the Moderna Annual Meeting of Shareholders to be held on Wednesday, April 30, 2025, at 8:00 a.m. ET.
Company Accolades
Moderna topped BioSpace's Best Places to Work in Biopharma ranking for fourth consecutive year.
Key 2025 Investor and Analyst Event Dates
Analyst Day: November 20
Investor Call and Webcast Information
Moderna will host a live conference call and webcast at 8:00 a.m. ET on February 14, 2025. To access the live conference call via telephone, please register at the link below. Once registered, dial-in numbers and a unique pin number will be provided. A live webcast of the call will also be available under "Events and Presentations" in the Investors section of the Moderna website.
Telephone: https://register-conf.media-server.com/register/BI694d51cf38c44a3183177f19559ddb80
Webcast: https://investors.modernatx.com
The archived webcast will be available on Moderna's website approximately two hours after the conference call and will be available for one year following the call.
About Moderna
Moderna is a leader in the creation of the field of mRNA medicine. Through the advancement of mRNA technology, Moderna is reimagining how medicines are made and transforming how we treat and prevent disease for everyone. By working at the intersection of science, technology and health for more than a decade, the company has developed medicines at unprecedented speed and efficiency, including one of the earliest and most effective COVID-19 vaccines.
Moderna's mRNA platform has enabled the development of therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases and autoimmune diseases. With a unique culture and a global team driven by the Moderna values and mindsets to responsibly change the future of human health, Moderna strives to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.
MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except per share data)
| Three Months Ended December 31, |
|
| Years Ended December 31, |
| |||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net product sales |
| $ | 938 |
|
| $ | 2,793 |
|
| $ | 3,109 |
|
| $ | 6,671 |
|
Other revenue1 |
|
| 28 |
|
|
| 18 |
|
|
| 127 |
|
|
| 177 |
|
Total revenue |
|
| 966 |
|
|
| 2,811 |
|
|
| 3,236 |
|
|
| 6,848 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
| 739 |
|
|
| 929 |
|
|
| 1,464 |
|
|
| 4,693 |
|
Research and development |
|
| 1,122 |
|
|
| 1,406 |
|
|
| 4,543 |
|
|
| 4,845 |
|
Selling, general and administrative |
|
| 351 |
|
|
| 470 |
|
|
| 1,174 |
|
|
| 1,549 |
|
Total operating expenses |
|
| 2,212 |
|
|
| 2,805 |
|
|
| 7,181 |
|
|
| 11,087 |
|
(Loss) income from operations |
|
| (1,246 | ) |
|
| 6 |
|
|
| (3,945 | ) |
|
| (4,239 | ) |
Interest income |
|
| 91 |
|
|
| 103 |
|
|
| 425 |
|
|
| 421 |
|
Other expense, net |
|
| (29 | ) |
|
| (39 | ) |
|
| (87 | ) |
|
| (124 | ) |
(Loss) income before income taxes |
|
| (1,184 | ) |
|
| 70 |
|
|
| (3,607 | ) |
|
| (3,942 | ) |
(Benefit from) provision for income taxes |
|
| (64 | ) |
|
| (147 | ) |
|
| (46 | ) |
|
| 772 |
|
Net (loss) income |
| $ | (1,120 | ) |
| $ | 217 |
|
| $ | (3,561 | ) |
| $ | (4,714 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(Loss) earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | (2.91 | ) |
| $ | 0.57 |
|
| $ | (9.28 | ) |
| $ | (12.33 | ) |
Diluted |
| $ | (2.91 | ) |
| $ | 0.55 |
|
| $ | (9.28 | ) |
| $ | (12.33 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average common shares used in calculation of (loss) earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 385 |
|
|
| 381 |
|
|
| 384 |
|
|
| 382 |
|
Diluted |
|
| 385 |
|
|
| 395 |
|
|
| 384 |
|
|
| 382 |
|
_______
1Includes grant, collaboration, and licensing and royalty revenue
MODERNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions)
| December 31, |
|
| December 31, |
| |||
| 2024 |
|
| 2023 |
| |||
Assets |
|
|
|
|
|
| ||
Current assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 1,927 |
|
| $ | 2,907 |
|
Investments |
|
| 5,098 |
|
|
| 5,697 |
|
Accounts receivable, net |
|
| 358 |
|
|
| 892 |
|
Inventory |
|
| 117 |
|
|
| 202 |
|
Prepaid expenses and other current assets |
|
| 599 |
|
|
| 627 |
|
Total current assets |
|
| 8,099 |
|
|
| 10,325 |
|
Investments, non-current |
|
| 2,494 |
|
|
| 4,677 |
|
Property, plant and equipment, net |
|
| 2,196 |
|
|
| 1,945 |
|
Right-of-use assets, operating leases |
|
| 759 |
|
|
| 713 |
|
Other non-current assets |
|
| 594 |
|
|
| 766 |
|
Total assets |
| $ | 14,142 |
|
| $ | 18,426 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 405 |
|
| $ | 520 |
|
Accrued liabilities |
|
| 1,427 |
|
|
| 1,798 |
|
Deferred revenue |
|
| 153 |
|
|
| 568 |
|
Other current liabilities |
|
| 221 |
|
|
| 129 |
|
Total current liabilities |
|
| 2,206 |
|
|
| 3,015 |
|
Deferred revenue, non-current |
|
| 58 |
|
|
| 83 |
|
Operating lease liabilities, non-current |
|
| 671 |
|
|
| 643 |
|
Financing lease liabilities, non-current |
|
| 39 |
|
|
| 575 |
|
Other non-current liabilities |
|
| 267 |
|
|
| 256 |
|
Total liabilities |
|
| 3,241 |
|
|
| 4,572 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Additional paid-in capital |
|
| 866 |
|
|
| 371 |
|
Accumulated other comprehensive loss |
|
| (10 | ) |
|
| (123 | ) |
Retained earnings |
|
| 10,045 |
|
|
| 13,606 |
|
Total stockholders' equity |
|
| 10,901 |
|
|
| 13,854 |
|
Total liabilities and stockholders' equity |
| $ | 14,142 |
|
| $ | 18,426 |
|
MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
| Years Ended December 31, |
| ||||||
| 2024 |
|
| 2023 |
| |||
Operating activities |
|
|
|
|
|
| ||
Net loss |
| $ | (3,561 | ) |
| $ | (4,714 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
| 429 |
|
|
| 305 |
|
Depreciation and amortization |
|
| 189 |
|
|
| 621 |
|
Amortization/accretion of investments |
|
| (95 | ) |
|
| (61 | ) |
Loss on equity investments, net |
|
| 52 |
|
|
| 35 |
|
Other non-cash items |
|
| 60 |
|
|
| 7 |
|
Changes in assets and liabilities, net of acquisition of business: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
| 534 |
|
|
| 493 |
|
Prepaid expenses and other assets |
|
| 145 |
|
|
| 1,802 |
|
Inventory |
|
| 83 |
|
|
| 747 |
|
Right-of-use assets, operating leases |
|
| (53 | ) |
|
| (605 | ) |
Accounts payable |
|
| (69 | ) |
|
| 13 |
|
Accrued liabilities |
|
| (385 | ) |
|
| (340 | ) |
Deferred revenue |
|
| (439 | ) |
|
| (2,060 | ) |
Operating lease liabilities |
|
| 28 |
|
|
| 551 |
|
Other liabilities |
|
| 78 |
|
|
| 88 |
|
Net cash used in operating activities |
|
| (3,004 | ) |
|
| (3,118 | ) |
Investing activities |
|
|
|
|
|
|
|
|
Purchases of marketable securities |
|
| (6,529 | ) |
|
| (3,760 | ) |
Proceeds from maturities of marketable securities |
|
| 5,562 |
|
|
| 5,575 |
|
Proceeds from sales of marketable securities |
|
| 3,967 |
|
|
| 3,206 |
|
Purchases of property, plant and equipment |
|
| (1,051 | ) |
|
| (707 | ) |
Acquisition of business, net of cash acquired |
|
| - |
|
|
| (85 | ) |
Investment in convertible notes and equity securities |
|
| - |
|
|
| (23 | ) |
Net cash provided by investing activities |
|
| 1,949 |
|
|
| 4,206 |
|
Financing activities |
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock through equity plans |
|
| 66 |
|
|
| 46 |
|
Repurchase of common stock, including excise tax |
|
| - |
|
|
| (1,153 | ) |
Changes in financing lease liabilities |
|
| (10 | ) |
|
| (270 | ) |
Net cash provided by (used in) financing activities |
|
| 56 |
|
|
| (1,377 | ) |
Net decrease in cash, cash equivalents and restricted cash |
|
| (999 | ) |
|
| (289 | ) |
Cash, cash equivalents and restricted cash, beginning of year |
|
| 2,928 |
|
|
| 3,217 |
|
Cash, cash equivalents and restricted cash, end of period |
| $ | 1,929 |
|
| $ | 2,928 |
|
Spikevax® and mRESVIA® are registered trademarks of Moderna.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna's ability to deliver up to 10 product approvals through 2027; Moderna's ability to deliver cost efficiencies across its business and reduce cash costs over the next two years; Moderna's 2025 financial framework, including its expected revenue range and ending cash balance; and anticipated milestones for Moderna's pipeline programs. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this press release.
###
Moderna Contacts
Media:
Chris Ridley
Head of Global Media Relations
+1 617-800-3651
Chris.Ridley@modernatx.com
Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
Lavina.Talukdar@modernatx.com
SOURCE: Moderna, Inc.
View the original press release on ACCESS Newswire
FAQ
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