Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Moderna Inc (MRNA, Financial) reported $1.9 billion in revenue for the third quarter, with a net income of $13 million.
- The company successfully reduced operating expenses by $500 million compared to Q1 2023, excluding a $1.4 billion resizing charge.
- Moderna Inc (MRNA) holds a 40% share of retail COVID-19 vaccinations in the U.S. market.
- The company is expanding its executive committee and promoting internal talent, reflecting a commitment to growth and development.
- Moderna Inc (MRNA) is on track to achieve 10 product approvals over the next three years, with a focus on respiratory vaccines and other pipeline advancements.
Negative Points
- RSV vaccine sales were below expectations at $10 million, impacted by timing of approval and competitor inventory buildup.
- International sales were lower compared to the same period in 2023, due to fulfillment of deferred orders from 2022.
- The company anticipates a decline in some international revenues in 2025 before an uptick in 2026.
- Moderna Inc (MRNA) has lost some market share in the U.S. COVID-19 vaccine market due to intense competition.
- The company faces legal challenges, including a lawsuit from GSK, which could impact its market position.
Q & A Highlights
Q: Can you speak to the source of the rest of world revenue generated in the third quarter and expected in Q4, and do you expect these contracts to recur in 2025?
A: James Mock, CFO: We are establishing a presence in the United Kingdom, Calgary, Canada, and Australia, with orders in Brazil. Most of the $600 million expected in Q4 is contracted with these countries. We anticipate a decline in some countries in 2025, with an uptick in 2026 based on existing contracts.
Q: Regarding CMV, will interim data be provided if the DSMB recommends unblinding?
A: James Mock, CFO: If the DSMB recommends unblinding due to meeting vaccine efficacy criteria, we will share those results. If not, we may proceed to a final analysis, which could happen quickly, and we would communicate results accordingly.
Q: How should we think about RSV market share next year, and what about COVID market share in the US?
A: Stephane Bancel, CEO: We don't guide on market share, but being able to contract for the season should improve our position for RSV. For COVID, we have lost some market share in the US due to intense competition, but we will have a clearer picture at the end of the season.
Q: Can you provide an update on the manufacturing facility in Massachusetts for the INT program?
A: Stephen Hoge, President: The facility is on schedule for completion, and it will not be a critical path to approval. We will transition clinical work to this plant, and bridging will be done in-stream.
Q: What is the outlook for the flu-COVID combination vaccine, and how quickly could the market transition to it?
A: Stephen Hoge, President: We do not expect a market transition in 2025 due to contracting timelines. We aim for 2026, pending regulatory and public health recommendations. Long-term, we see significant potential for the combo product.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
