- Moderna Inc MRNA reported Thursday, a Q4 FY22 EPS of $3.61, compared to the $11.29 posted a year ago, missing the consensus of $4.68.
- Revenue was $5.08 billion compared to $7.21 billion a year ago, slightly above the consensus of $5.02, mainly due to a decline in COVID-19 vaccine sales.
- Product sales for the fourth quarter of 2022 were $4.9 billion, a 30% Y/Y decrease primarily driven by lower sales volume compared to overall higher demand a year ago.
- Also Read: Pfizer/BioNTech Get Ready For London Court Battle With Moderna Over COVID-19 Vaccine Patents.
- The cost of sales for FY22 almost doubled from $2.62 billion to $5.4 billion, mainly due to a charge of $1.3 billion for inventory write-downs related to COVID-19 products that have exceeded or are expected to exceed their approved shelf-lives, related cancellation charges of $725 million, and an expense for unutilized manufacturing capacity of $776 million.
- These charges are driven by lower demand, particularly from low-income countries, a shift in product demand to omicron-targeting COVID-19 bivalent boosters, and costs associated with surplus production capacity.
- Operating income reached $1.58 billion, down from $5.4 billion a year ago.
- Outlook: Moderna has COVID vaccine sales of approximately $5 billion currently contracted for 2023 delivery, with potential additional sales opportunities in the U.S. (endemic private and government markets), Europe, Japan, and other key markets.
- The company expects product sales in 1H of 2023 of approximately $2.0 billion.
- Price Action: MRNA shares are down 3.42% at $152.75 during the premarket session on the last check Thursday.
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