Moderna Inc. (NYSE: MRNA) released its second-quarter FY22 earnings before the market opened on Wednesday May 4, 2022. Here is an overview of the latest disclosure.
- Revenue: $6.1 billion reported vs. $4.50 billion expected
- EPS: $8.58 diluted vs. $5.18 expected
- Net Income: $3.7 billion
Financial Highlights
- First quarter 2022 revenues of $6.1 billion; GAAP net-income of $3.7 billion and GAAP diluted EPS of $8.58
- Moderna reiterates its 2022 signed advance purchase agreements of approximately $21 billion
- Submitted a EUA request to U.S. FDA for a 25 μg two-dose primary series of mRNA-1273 in children 6 months to under 6 years of age; similar requests underway with international regulatory authorities
- Positive initial data on booster dose of bivalent candidate based on the wild-type and Beta variant (mRNA-1273.211)
CEO’s Statement
“The Moderna team delivered a strong Q1 performance and I am thankful for the progress our team continues to make as we advance our pipeline of mRNA medicines. Today, we are reiterating our signed advanced purchase agreements for 2022 of $21 billion. In the second quarter, we expect to have four programs in late-stage Phase 3 studies including our Omicron-containing bivalent COVID booster, seasonal flu, RSV and CMV vaccine candidates.Beginning in the fall of 2022, our robust Phase 3 pipeline could lead to three respiratory commercial launches over the next two to three years. We also look forward to advancing our therapeutic programs and sharing proof-of-concept readouts on our rare genetic disease programs for propionic acidemia and methylmalonic acidemia, and on our personalized cancer vaccine program this year. I would like to thank the global Moderna team for their commitment to our mission. mRNA has changed the future of medicine and I look forward to continuing our impact on human health. This is just the beginning.”
said Stéphane Bancel, Chief Executive Officer of Moderna
Analysts Estimate
The Zacks Consensus Estimate for the earnings per share (EPS) was pinned at $5.18. This indicated a massive increase of 82.39% year-over-year. However, it also suggested a huge decline 54.11% than that of the last quarter.
The Earnings Expected Surprise Prediction was 4.93%, which suggested that the consensus did expect Moderna to meet as well as beat its estimates for the first quarter. Moreover, the estimated revenue was pegged at $4.50 billion. This suggested a massive Increase of 132.48% year-over-year.
Earnings History
Moderna announced in its fourth-quarter earnings that it increased its 2022 signed advance purchase agreements to approximately $19 billion, with additional signed options of approximately $3 billion; numerous discussions ongoing with governments for the fall of 2022 and 2023.
The fourth-quarter and full year FY21 earnings highlights:
- Q4 2021 revenues of $7.2 billion
- Q4 2021 GAAP net-income of $4.9 billion and GAAP diluted EPS of $11.29
- Full year 2021 revenues of $18.5 billion
- Full year GAAP net-income of $12.2 billion and GAAP diluted EPS of $28.29
However, in the third-quarter Moderna failed to meet analysts’ estimate. It generated revenue of $5.0 billion and diluted EPS of $7.70, figures below analysts’ expectations.
Earnings Forecast
Analysts estimate the EPS to be at $6.90 in the second quarter of FY22, indicating a slight decrease of 5.18% year-over-year. Moreover, the revenue is estimated at $5.04 billion, indicating a growth of 15.80% from this year.
