Moderna (MRNA) Q2 2022

Illustration of a vial of Moderna vaccine to treat coronavirus.

Marcos Del Mazo | Lightrocket | beautiful pictures

Moderna on Wednesday reported second-quarter results that beat earnings expectations, and revenue drove $4.5 billion in sales from the Covid -19 vaccine, but it remains the company’s only commercial product. ty and it was greatly affected by the expiration of the injection.

The cost of the Boston biotech company rose to $1.4 billion, or 30% of the revenue generated from its vaccines. Moderna has lost nearly $500 million in write-offs for vaccines that have expired or are expected to expire before they can be used.

Moderna also lost $184 million in vaccine commitments and had $131 million in costs for unused production capacity. These fees are due to a significant drop in the projected supply of vaccines to Covax, an international consortium that buys vaccines for poorer countries. Deliveries have also been delayed for major customers such as the European Union.

The Boston biotech company generated $4.7 billion in revenue for the quarter, up 9% from the same period last year. Moderna maintains its 2022 Covid vaccine sales guideline of $21 billion.

Moderna posted adjusted earnings of $5.24 per share, down 18% from Q2 2021. The company’s net income came in at $2.2 billion, down 20% from the same period in 2021.

Moderna has $18 billion in cash and said it would buy back $3 billion of its stock with some of that money.

Here’s how the company performs against what Wall Street expects, based on average analyst estimates compiled by Refinitiv:

  • Adjusted EPS: $5.24 per share, versus $4.55 expected
  • Turnover: $4.7 billion, versus $4.1 billion expected

Moderna last week announced a $1.74 billion deal with the US to provide 66 million doses of its updated Covid vaccine targeting omicron sub-variants BA.4 and BA.5. The deal includes an option to purchase another 234 million doses.

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