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Moderna: Q2 2022 Earnings Update

  • Industry: Healthcare
  • Current: ESG
  • Moderna revenue grew by 9% in Q2 2022 year-over-year on a reported basis
  • Moderna reported GAAP Diluted Earnings per Share (EPS) of $5.24
  • The Board of Directors has approved an additional share repurchase program for $3 billion in August 2022

On August 3, 2022, Moderna reported Q2 revenue of $4.7 billion (an increase of 9% year-over-year on a reported basis) on GAAP Diluted Earnings per Share (EPS) of $5.24.

Summary: Moderna’s Q2 2022 revenue grew 9% on a reported basis compared to the same period in 2021. Moderna had three reportable segments: Product, Grant, and Collaboration.

  • Product sales grew by 8% vs Q2 2021 primarily due to increased COVID-19 vaccines sales and higher average selling price due to customer mix.
  • Grant revenue decreased by 12.5% vs Q2 2021.
  • Collaboration revenue decreased by 48.6% vs Q2 2021.

The company reported a GAAP operating margin of 52% during Q2 2022, a year-over-year decrease of 1800 bps. The Board of Directors has approved an additional share repurchase program for $3 billion in August 2022.

Guidance:

Moderna expectations for the full year 2022 -

  • Moderna expects the sales from advance purchase agreements (APAs) to be greater in the second half of 2022.
  • Cost of sales is expected to be in the mid-20s percentage range, if product updates are carried out in the future the cost of sales is expected to be in the high-20s percentage range.
  • For the fiscal year 2022, the expenses related to research & development (R&D) and selling, general & administration (SG&A) are expected to be around $4 billion
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