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Moderna (MRNA) Beats Earnings Estimates in Q4, Revenues Miss

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Zacks Equity Research
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Cambridge, MA-based Moderna, Inc. MRNA is a clinical-stage pharmaceutical company primarily focused on discovering and developing messenger RNA (mRNA) based therapies. The company does not have any marketed products in its portfolio. It derives revenues from its collaboration partners using its messenger RNA (mRNA) technology for development of therapies targeting different indications. These revenues depend on achievement of certain clinical development milestones by partnered pipeline candidates and can vary every quarter.

Moderna’s earnings track record has been mixed so far. Over the four trailing quarters, the company posted an average positive earnings surprise of 0.68%.

Currently, Moderna has a Zacks Rank #2 (Buy). We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Moderna fourth-quarter loss came in at 37 cents per share, narrower than the Zacks Consensus Estimate of 43 cents.

Revenues: Moderna posted revenues of $14.1 million, which missed the Zacks Consensus Estimate of $16.86 million.

Key Stats: Research and development expenses amounted to $118.8 million, down 21.1% year over year. General and administrative expenses decreased almost 32% year over year to $25.9 million. The company ended the fourth quarter with cash and cash equivalents of $1.26 billion, compared to $1.34 billion as of Sep 30, 2019. Moderna estimates net cash used in operating activities and purchases of property and equipment to remain flat year over year in 2020 and lie in the range of $490 million and $510 million Moderna has completed enrollment in two cohort of the phase II study evaluating Cytomegalovirus (CMV) vaccine, mRNA-4157. Enrollment in the third cohort of the study is also nearing completion. The company has shipped first batch of mRNA-based vaccine candidate for coronavirus to National Institutes of Health for evaluation in a phase I study.

Share Market Activity: Share price are up 14.6% in pre-market trading.

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