Moderna reports higher earnings, wider loss in Q3

Moderna Inc (NASDAQ: MRNA) reported third-quarter 2020 financial results before the opening bell on Thursday. The frontrunner in COVID vaccine research reported Q3 revenue of $157.9 million, which was well above the Wall Street consensus. Meanwhile, net loss widened to $0.59 per share, missing the target that analysts had projected.

On the research front, the company announced that its COVID-19 vaccine candidate (mRNA-1273) is now fully enrolled with 30,000 participants. Moderna currently has four programs in Phase 2 studies, in addition to the Phase 3 study of COVID-19 vaccine.

Looking forward to listening to management/ analyst comments on Q3 results? Stay tuned here for Moderna Q3 2020 earnings call transcript

MRNA shares gained 3.2% immediately following the announcement. The stock has more than tripled since the beginning of this year.

For 2020, the company said it now expects a positive cash flow in the range of $0.1 billion to $0.3 billion, driven by customer deposits.

CEO Stéphane Bancel said, “We are actively preparing for the launch of mRNA-1273 and we have signed a number of supply agreements with governments around the world. I believe that if we launch our COVID-19 vaccine, 2021 could be the most important inflection year in Moderna’s history.” 

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