Q3 2024 Moderna Inc Earnings Call Transcript
Key Points
- Moderna Inc (MRNA) 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.
- 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.
(Audio in progress) Important risk factors that could cause our actual performance and results to differ materially from those expressed or implied in these forward-looking statements. I will now turn the call over to Stéphane are trued up enough.
Good morning or good afternoon, everyone. Thank you for joining us for ourselves. We will review of our business in the fourth quarter. Jamey will present our financial results and outlook, Stephen will review our clinical programs. I will then come back and share of key priorities before Q&A.
We did a good $1.9 billion of revenue in the third quarter. Net income was $13million barrels. We ended the quarter with cash and investments of $9.2 billion. As you know, formulary and now we have been working to improve productivity in the Company in the third quarter of 2024 compared to Q1 of 2023, we reduced operating expenses by $500 million across cost of sales, R&D and SG&A. This figure excludes $1.4 billion of resizing charge in
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