Moderna reported Q2 2024 financial results with net product sales of $184 million, down 37% from $293 million in Q2 2023, reflecting the COVID-19 vaccine market's transition to a seasonal commercial pattern. The company posted a net loss of $1.28 billion or $3.33 per share, compared to a net loss of $1.38 billion or $3.62 per share in the prior year period. Cost of sales decreased significantly to $115 million from $731 million year-over-year.Research and development expenses increased 6% to $1.22 billion, driven by higher personnel costs and the purchase of a priority review voucher. The company achieved a major milestone with FDA approval of mRESVIA, its RSV vaccine for adults aged 60 and older, in May 2024. Additionally, Moderna updated its COVID-19 vaccine to target KP.2 and JN.1 strains for the 2024-2025 season.Show More

Moderna reported Q2 2024 financial results with net product sales of $184 million, down 37% from $293 million in Q2 2023, reflecting the COVID-19 vaccine market's transition to a seasonal commercial pattern. The company posted a net loss of $1.28 billion or $3.33 per share, compared to a net loss of $1.38 billion or $3.62 per share in the prior year period. Cost of sales decreased significantly to $115 million from $731 million year-over-year.Research and development expenses increased 6% to $1.22 billion, driven by higher personnel costs and the purchase of a priority review voucher. The company achieved a major milestone with FDA approval of mRESVIA, its RSV vaccine for adults aged 60 and older, in May 2024. Additionally, Moderna updated its COVID-19 vaccine to target KP.2 and JN.1 strains for the 2024-2025 season.Looking ahead, Moderna expects lower full-year COVID-19 vaccine sales compared to 2023 as the market continues its seasonal transition. The company maintains a strong financial position with $10.8 billion in cash and investments as of June 30, 2024. Management anticipates higher vaccine demand during fall and winter seasons, with cost of sales as a percentage of net product sales projected to improve from 70% in 2023.