Shares of Moderna Inc. (NASDAQ: MRNA) were up 6% in morning trade on Thursday after the company reported its fourth quarter and full year 2020 earnings results. Revenues surpassed market estimates but the quarterly loss came in wider than expected. The stock has gained 46% since the beginning of this year and 486% over the past 12 months.
Moderna generated $571 million in total revenue in Q4 2020 compared to revenues of $14 million in Q4 2019. The top line growth was driven by increases in grant revenue and product sales. The company began recognizing revenue from its COVID-19 vaccine in December following its approvals in the US and Canada. Net loss amounted to $272 million, or $0.69 per share, compared to a loss of $123 million, or $0.37 per share, in the year-ago period.
Moderna has raised the lower end of its 2021 global manufacturing plan to 700 million doses from 600 million doses, and it is still working on its plan to supply up to 1 billion doses in 2021. Owing to high global demand, the company is making new capital investments to increase capacity up to 1.4 billion doses in 2022.
The company has completed the manufacturing of clinical trial material for its vaccine candidate against the South Africa variant of the virus. Doses have been shipped to the National Institutes of Health for a Phase 1 clinical trial.
Moderna has supply agreements with various countries around the world for its COVID-19 vaccine. The company has agreed to supply 300 million doses to the US government with options for another 200 million doses. The company will supply 310 million doses to the European Union with the option for another 150 million doses in 2022. Moderna also has agreements with countries like Japan, Canada, the UK, Switzerland, Republic of Korea, Israel, Taiwan and Singapore for the supply of the COVID-19 vaccine.
Moderna expects to garner $18.4 billion from COVID-19 vaccine sales this year. The company has signed advance purchase agreements (APAs) for delivery in 2021 and is in discussions with various governments on APAs for deliveries in 2021 and 2022.
Moderna announced that its Chief Medical Officer, Tal Zaks, will depart from the company in late September after six years of service. The company is searching for a suitable successor.
Moderna is working on several vaccine candidates in its infectious diseases and rare diseases portfolio. These include vaccines against the seasonal flu, which affects approx. 8% of the US population each year and presents an average economic burden of approx. $11 billion per year, as well as the HIV, Nipah and Zika viruses.
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