Earnings Summary: Moderna swings to profit in Q3 on modest revenue growth

Biotechnology company Moderna, Inc. (NASDAQ: MRNA) Thursday reported net income for the third quarter of 2024, compared to a loss last year

• Third-quarter revenues came in at $1.86 billion, compared to $1.83 billion in the prior-year period
• The company reported net profit of $13 million for Q3, compared to a loss of $3.63 billion in the same period last year
• On a per-share basis, Q3 earnings were $0.03, vs. a loss of $9.53 per share last year
• Net product sales for the quarter were $1.8 billion, which is up 4% from the same period in 2023
• Q3 cost of sales was $514 million, including third-party royalties, unutilized manufacturing capacity, and inventory write-downs
• For fiscal 2024, the company expects total product sales to be between $3.0 billion and $3.5 billion
• Full-year cost of sales is expected to be in the range of 40-45% of product sales
• Cash, cash equivalents, and investments as of September 30, 2024, were $9.2 billion, vs. $10.8 billion last year