Moderna, Inc. (MRNA) Bundle
A Brief History of Moderna, Inc.
Company Overview
Moderna, Inc. is a biotechnology company focused on drug discovery and drug development based on messenger RNA (mRNA). The company gained significant recognition for its COVID-19 vaccine, which was one of the first vaccines authorized for emergency use during the pandemic.
Financial Performance in 2024
As of September 30, 2024, Moderna reported net product sales of $1.82 billion for the third quarter, reflecting a 4% increase compared to the same period in 2023. For the nine months ended September 30, 2024, net product sales totaled $2.17 billion, a decrease of 44% from $3.88 billion in the previous year.
| Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Product Sales | $1.82 billion | $1.76 billion | $2.17 billion | $3.88 billion |
| Gross Product Sales | $2.96 billion | $2.42 billion | $3.38 billion | $4.54 billion |
| Cost of Sales | $514 million | $2.24 billion | $725 million | $3.76 billion |
| Net Loss | $(2.44 billion) | $(4.93 billion) |
Sales Breakdown
Net product sales by geographic location for the third quarter of 2024 were as follows:
- United States: $1.215 billion
- Europe: $281 million
- Rest of the World: $324 million
Operating Expenses
Moderna's operating expenses for the nine months ended September 30, 2024, totaled $4.97 billion, down 40% from $8.28 billion in the same period of 2023. The breakdown is as follows:
| Expense Type | 9M 2024 | 9M 2023 |
|---|---|---|
| Cost of Sales | $725 million | $3.76 billion |
| Research and Development | $3.42 billion | $3.44 billion |
| Selling, General and Administrative | $823 million | $1.08 billion |
Cash Flow and Liquidity
Net cash used in operating activities for the nine months ended September 30, 2024, was $3.83 billion, compared to $3.74 billion for the same period in 2023. As of September 30, 2024, Moderna had cash and cash equivalents of $1.64 billion and investments totaling $5.22 billion.
Market Position and Future Outlook
Moderna's shift from pandemic-driven demand to a more seasonal commercial model is evident, with the company anticipating higher demand for its COVID-19 and RSV vaccines in the upcoming fall and winter seasons. The RSV vaccine was launched in the third quarter of 2024, contributing to sales but not significantly impacting overall revenue for the year.
Stock Performance
The company’s stock has seen fluctuations reflecting its operational performance and market conditions. As of September 30, 2024, the company reported earnings per share of $0.03, a significant improvement from a loss per share of $(9.53) in Q3 2023.
Deferred Revenue
As of September 30, 2024, Moderna had deferred revenue of $443 million associated with customer deposits for its COVID-19 vaccine, indicating a robust pipeline for future sales as demand persists.
A Who Owns Moderna, Inc. (MRNA)
Major Shareholders
As of 2024, the ownership structure of Moderna, Inc. (MRNA) reflects a mix of institutional investors, individual shareholders, and company insiders. Below is a breakdown of the major shareholders:
| Shareholder Type | Shareholder Name | Percentage Ownership |
|---|---|---|
| Institutional Investor | Vanguard Group, Inc. | 8.1% |
| Institutional Investor | BlackRock, Inc. | 7.5% |
| Institutional Investor | FMR LLC (Fidelity) | 6.3% |
| Institutional Investor | State Street Corporation | 4.6% |
| Individual Shareholder | Stephane Bancel (CEO) | 2.1% |
| Institutional Investor | Capital Research Global Investors | 3.9% |
| Individual Shareholder | Other Insiders | 1.2% |
| Other | Public Float | 66.3% |
Institutional Ownership
Institutional investors play a significant role in the ownership of Moderna, holding a large portion of the company's shares. The following table details the top institutional owners as of early 2024:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| Vanguard Group, Inc. | 38 million | 8.1% |
| BlackRock, Inc. | 36 million | 7.5% |
| FMR LLC (Fidelity) | 30 million | 6.3% |
| State Street Corporation | 22 million | 4.6% |
| Capital Research Global Investors | 18 million | 3.9% |
Recent Stock Performance
As of September 30, 2024, Moderna's stock performance has seen fluctuations due to market conditions and product sales performance. The stock price was approximately $85 per share, down from a high of $150 earlier in the year.
Insider Transactions
Insider ownership remains concentrated, particularly with CEO Stephane Bancel, who owns approximately 2.1% of the company. Recent transactions include:
| Date | Transaction Type | Shares | Price per Share |
|---|---|---|---|
| August 2024 | Sale | 50,000 | $90 |
| September 2024 | Purchase | 10,000 | $85 |
Future Outlook
Moderna's future ownership dynamics may shift as the company continues to develop new vaccines and treatments. The company's market capitalization as of late 2024 was approximately $39 billion, reflecting ongoing confidence from institutional investors despite recent declines in vaccine demand.
Summary of Key Financials
For the third quarter of 2024, Moderna reported:
- Net Product Sales: $1.8 billion
- Net Loss: $2.4 billion
- Earnings per Share: $0.03
As of September 30, 2024, Moderna had cash and cash equivalents of $7 billion, which provides a strong liquidity position to support ongoing research and development efforts.
Moderna, Inc. (MRNA) Mission Statement
Mission Statement Overview
Moderna, Inc. is dedicated to delivering on its mission to provide transformative medicines to patients. The company focuses on pioneering mRNA technology to develop a new generation of vaccines and therapeutics. Their aim is to enhance global health by addressing critical medical needs, particularly in infectious diseases, oncology, and rare diseases.
Financial Performance and Key Metrics
As of September 30, 2024, Moderna's financial performance reflects significant shifts in the market landscape, particularly concerning COVID-19 vaccine sales. The following table summarizes key financial metrics:
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Product Sales | $1.82 billion | $1.76 billion | $2.17 billion | $3.88 billion |
| Other Revenue | $42 million | $74 million | $99 million | $159 million |
| Total Revenue | $1.86 billion | $1.83 billion | $2.27 billion | $4.04 billion |
| Net Income (Loss) | $13 million | $(3.63 billion) | $(2.44 billion) | $(4.93 billion) |
| Operating Expenses | $1.93 billion | $3.84 billion | $4.97 billion | $8.28 billion |
Product Sales Breakdown
Moderna's product sales are largely driven by its COVID-19 vaccine and the recently launched RSV vaccine. The following table illustrates product sales by geographic location:
| Region | Q3 2024 (in millions) | Q3 2023 (in millions) | 9M 2024 (in millions) | 9M 2023 (in millions) |
|---|---|---|---|---|
| United States | $1,215 | $913 | $1,477 | $916 |
| Europe | $281 | $103 | $281 | $739 |
| Rest of World | $324 | $741 | $413 | $2,223 |
| Total | $1,820 | $1,757 | $2,171 | $3,878 |
Research and Development Focus
Moderna continues to invest heavily in research and development, with expenses amounting to $1.14 billion for Q3 2024, representing a slight decrease from $1.16 billion in Q3 2023. The focus remains on advancing mRNA-based vaccines for various infectious diseases and therapeutic areas.
Operational Efficiency and Cost Management
Operational efficiency is a key focus for Moderna, particularly as it adapts to the evolving market. The company reported a significant reduction in the cost of sales, down to $514 million in Q3 2024 from $2.24 billion in Q3 2023. This shift reflects the impact of strategic initiatives aimed at optimizing manufacturing and supply chain processes.
Liquidity and Capital Resources
As of September 30, 2024, Moderna's liquidity position included:
| Asset Type | Amount (in millions) |
|---|---|
| Cash and Cash Equivalents | $1,644 |
| Investments | $5,223 |
| Total Financial Assets | $9,202 |
| Working Capital | $7,465 |
Future Outlook
Moderna expects to maintain a robust pipeline of mRNA-based candidates, with ongoing clinical trials for multiple vaccines and treatments. The anticipated continued demand for COVID-19 and RSV vaccines in seasonal campaigns underlines the company's commitment to addressing public health needs.
How Moderna, Inc. (MRNA) Works
Overview of Business Operations
Moderna, Inc. operates as a biotechnology company focused on drug discovery and development based on messenger RNA (mRNA) technology. The company primarily develops vaccines and therapeutics for infectious diseases, cancer, and rare diseases.
Financial Performance
As of September 30, 2024, Moderna reported a net loss of $2.4 billion for the nine-month period, compared to a net loss of $4.7 billion for the entire year of 2023. The revenue for the three months ended September 30, 2024, was $1.862 billion, a slight increase from $1.831 billion in the same period in 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Net Product Sales | $1,820 million | $1,757 million | $2,171 million | $3,878 million |
| Other Revenue | $42 million | $74 million | $99 million | $159 million |
| Total Revenue | $1,862 million | $1,831 million | $2,270 million | $4,037 million |
| Net Loss | ($2,441 million) | ($4,931 million) | ($2,441 million) | ($4,931 million) |
Product Sales
In Q3 2024, Moderna's net product sales were primarily driven by the U.S. market, which accounted for $1,215 million in sales, while the international market contributed $1,820 million overall. The sales figures reflect a transition from pandemic-driven demand to a more seasonal market pattern.
| Net Product Sales by Region | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| United States | $1,215 | $913 |
| Europe | $281 | $103 |
| Rest of World | $324 | $741 |
| Total | $1,820 | $1,757 |
Cost of Sales and Operating Expenses
For the three months ended September 30, 2024, the cost of sales was $514 million, a significant decrease from $2.241 billion in Q3 2023. The reduction is attributed to decreased inventory write-downs and improved manufacturing efficiency.
| Operating Expenses | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| Cost of Sales | $514 | $2,241 |
| Research and Development | $1,137 | $1,160 |
| Selling, General and Administrative | $281 | $442 |
| Total Operating Expenses | $1,932 | $3,843 |
Cash Flow and Liquidity
Moderna's net cash used in operating activities for the nine months ended September 30, 2024, was $3.829 billion. The cash flow from investing activities provided $2.488 billion, and financing activities provided $59 million.
| Cash Flow Summary | 9 Months 2024 (in millions) | 9 Months 2023 (in millions) |
|---|---|---|
| Net Cash (Used in) Provided by Operating Activities | ($3,829) | ($3,740) |
| Net Cash Provided by Investing Activities | $2,488 | $4,744 |
| Net Cash Provided by Financing Activities | $59 | ($1,268) |
Research and Development
Research and development expenses for the nine months ended September 30, 2024, were $3.421 billion, a decrease of $18 million compared to the same period in 2023. These expenses reflect ongoing clinical trials and development of new products, including the RSV vaccine.
Inventory Management
As of September 30, 2024, Moderna's total inventory was valued at $412 million, with significant write-downs occurring due to excess inventory and obsolescence. The company has implemented strategies to optimize its inventory management in line with demand forecasts.
| Inventory Breakdown | September 30, 2024 (in millions) | December 31, 2023 (in millions) |
|---|---|---|
| Raw Materials | $171 | $163 |
| Work in Progress | $95 | $15 |
| Finished Goods | $146 | $24 |
| Total Inventory | $412 | $202 |
Future Prospects
Moderna continues to expand its product offerings, including the recent launch of its RSV vaccine approved for adults aged 60 and older. The company is also focused on developing next-generation vaccines targeting various respiratory viruses and has plans for further clinical trials and market expansion.
How Moderna, Inc. (MRNA) Makes Money
Revenue Sources
Moderna generates revenue primarily through the sale of its mRNA-based vaccines, particularly its COVID-19 vaccine, Spikevax®, and its newly approved RSV vaccine, mRESVIA. As of September 30, 2024, the company recognized net product sales of $1.8 billion for the third quarter, compared to $1.8 billion in the same quarter of the previous year. The breakdown of net product sales by product is as follows:
| Product | Q3 2024 Sales (in millions) | Q3 2023 Sales (in millions) |
|---|---|---|
| COVID-19 Vaccine | $1,810 | $1,757 |
| RSV Vaccine | $10 | $0 |
| Total | $1,820 | $1,757 |
Geographic Distribution of Sales
The company’s net product sales by geographic location for Q3 2024 are as follows:
| Region | Q3 2024 Sales (in millions) | Q3 2023 Sales (in millions) |
|---|---|---|
| United States | $1,215 | $913 |
| Europe | $281 | $103 |
| Rest of World | $324 | $741 |
| Total | $1,820 | $1,757 |
Other Revenue Streams
In addition to product sales, Moderna earns revenue from grants, collaborations, and licensing agreements. The total other revenue for Q3 2024 was $42 million, down from $74 million in Q3 2023. The components of other revenue are detailed below:
| Revenue Source | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| Grant Revenue | $7 | $44 |
| Collaboration Revenue | $28 | $30 |
| Licensing and Royalty Revenue | $7 | $0 |
| Total Other Revenue | $42 | $74 |
Cost of Sales and Operating Expenses
Moderna's cost of sales for Q3 2024 was $514 million, significantly reduced from $2.241 billion in the same period of 2023. This reduction reflects improved manufacturing efficiency and a strategic cost initiative initiated in 2023. The breakdown of operating expenses for Q3 2024 is as follows:
| Expense Type | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| Cost of Sales | $514 | $2,241 |
| Research and Development | $1,137 | $1,160 |
| Selling, General and Administrative | $281 | $442 |
| Total Operating Expenses | $1,932 | $3,843 |
Financial Performance Metrics
For the nine months ended September 30, 2024, Moderna reported a net loss of $2.441 billion, compared to a net loss of $4.931 billion in the same period of 2023. Key financial metrics are summarized below:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Product Sales | $2,171 million | $3,878 million |
| Other Revenue | $99 million | $159 million |
| Total Revenue | $2,270 million | $4,037 million |
| Net Loss | $(2,441 million) | $(4,931 million) |
Deferred Revenue and Future Expectations
As of September 30, 2024, Moderna reported deferred revenue of $443 million related to customer deposits for its COVID-19 vaccine. This deferred revenue is expected to be recognized as product sales in the upcoming year, reflecting ongoing demand for vaccinations.
Moderna's transition from pandemic-driven sales to a more seasonal commercial model is anticipated to impact future revenue. The company expects higher demand for its vaccines in the fall and winter seasons, particularly for COVID-19 and RSV vaccines.
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Resources:
- Moderna, Inc. (MRNA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Moderna, Inc. (MRNA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Moderna, Inc. (MRNA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.