Sector: Healthcare|Industry: Biotechnology|Market Cap: $16.68B|Employees: 5.6K
Moderna is a biotechnology company focused on creating medicines using messenger RNA (mRNA) technology. Their core business model revolves around developing therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases, and autoimmune diseases. The company's primary revenue stream is from the sale of its COVID-19 vaccine, Spikevax, and they are working to expand their product portfolio into other areas. Moderna has a global presence with operations in North America, Europe, and Asia-Pacific.
The company's net product sales reached $1.82 billion for the third quarter of 2024, a 4% increase compared to $1.757 billion in Q3 2023. This growth is primarily attributed to higher sales in the U.S. market following the earlier launch of the updated COVID-19 vaccine.
While Moderna reported a net loss of $2.441 billion for the nine months ended September 30, 2024, this represents a substantial decrease compared to the $4.931 billion loss in the same period of 2023. This improvement is primarily due to reduced inventory write-downs and unutilized manufacturing capacity costs.
Cost of sales decreased by 77% for the three months ended September 30, 2024, compared to the same period in 2023. However, cost of sales as a percentage of net product sales for the three months ended September 30, 2024, was 28%, indicating that cost of sales still impacts profitability.