Moderna Q4 Profit Tops Estimates; Believes SARS-CoV-2 Virus To Evolve To Endemic Phase In 2022

(RTTNews) - Moderna, Inc. (MRNA) reported fourth-quarter net income of $4.9 billion or $11.29 per share compared to a loss of $272 million or $0.69 per share, a year ago. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $9.90, for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $7.21 billion from $571 million, a year ago. Analysts on average had estimated $6.79 billion in revenue. The company said the increase was driven by increased product sales. Product sales were $6.9 billion from sales of 297 million doses of the COVID-19 vaccine.

Fiscal 2021 profit per share was $28.29, compared to a loss of $1.96, prior year. Total revenue was $18.5 billion, compared to $803 million. Product sales for the full year 2021 were $17.7 billion.

Moderna COVID-19 Vaccine, Spikevax, is now approved in more than 70 countries around the world. In 2021, the company delivered 807 million doses.

Moderna has signed 2022 Advanced Purchase Agreements for product sales of approximately $19 billion and approximately $3 billion in options including for any potential updated COVID-19 vaccine booster candidates. The company is currently in active discussions for additional orders in 2022. For fiscal 2022, the company estimates Research & Development and Selling, General & Administrative Expenses to be approximately $4 billion. The company's Board has authorized a new share repurchase program for $3 billion to return excess capital to shareholders. The previous program of $1 billion announced in August 2021 has been fully utilized as of the end of January 2022.

Moderna believes that the SARS-CoV-2 virus will evolve to an endemic phase in 2022. The company expects sales to be larger in the second half of 2022 than in the first half.

Shares of Moderna were down 5% in pre-market trade on Thursday.