Moderna stock rises as product sales top analyst estimates

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Moderna stock rises as product sales top analyst estimates
Credit: © Reuters.

Moderna (NASDAQ: MRNA ) has seen a modest increase in its stock price after reporting product sales for 2023 that topped analyst estimates.

The company announced unaudited product sales of approximately $6.7 billion for the year, outperforming the consensus estimate of $6.38 billion. Notably, Moderna's U.S. COVID-19 market share for the year-to-date in 2023 rose to 48%, up from 37% in the previous year.

Shares rose 1.1% in early Monday trade.

In its outlook, Moderna reiterated its expectation for product sales of approximately $4 billion in 2024, with a planned return to sales growth in 2025. The company anticipates achieving breakeven in 2026 through a combination of product launches and disciplined investment.

Moderna also highlighted nine late-stage programs with anticipated milestones in 2024 and 2025, signaling ongoing developments in its pipeline.

The 2024-2026 financial framework provided by the company indicates an expectation of profitability for its COVID-19 franchise, with a focus on achieving breakeven by 2026.

"We are preparing for the launch of Moderna's second product, our RSV vaccine. 2024 is going to be an exciting year for the Company with multiple milestones across our nine late-stage programs. Through these product launches, we are focused on returning to sales growth in 2025,” said Stephane Bancel, Chief Executive Officer of Moderna.

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