Moderna (MRNA) on Thursday reported a smaller-than-expected loss for the first quarter, while the drugmaker affirmed its full-year revenue outlook. The company posted a loss of $3.07 a share for the March quarter, compared with earnings of $0.19 the year before. The consensus on Capital IQ was for a per-share loss of $3.57. The stock was up 6.5% in Thursday trade. Overall revenue plunged to $167 million from $1.86 billion, but was ahead of the Street’s view for $94.3 million. Product sales tanked 91% primarily driven by lower sales volume of the company’s Spikevax COVID-19 vaccine outside the US, Chief Financial Officer James Mock said during a conference call, according to a Capital IQ transcript. “This decline aligns with the anticipated transition of the COVID-19 vaccine market or it’s a seasonal pattern, whereas in the first quarter of 2023, we primarily delivered doses that were deferred from 2022,” according to […]

The following is a summary of the Moderna, Inc. (MRNA) Q1 2024 Earnings Call Transcript: Financial Performance: Moderna reported Q1 2024 revenues of $167 million, mainly from respiratory vaccine sales. The company noted a net loss of $1.2 billion for the quarter. There was a significant reduction in operating expenses by almost $800 million compared to Q1 2023. Moderna’s cash and investments totaled $12.2 billion by the end of the quarter. Year-over-year reductions in R&D expenses ($1.1 billion) and a 10% decrease in SG&A expenses were witnessed. -Moderna predicts annual net sales for 2024 to be roughly $4 billion and expects cost of sales to be about 35% of product sales. The company anticipates ending the year with approximately $9 billion in cash. Business Progress: Moderna has advanced several clinical programs, particularly in vaccines, with data presented on Epstein-Barr Virus (EBV), Varicella Zoster Virus (VZV), and Norovirus. Expansion of studies