NASDAQ$MRNA
Moderna Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Moderna reported a decrease in revenue and net income compared to the same period in 2021, but highlighted progress in its vaccine development pipeline and reaffirmed its 2023 sales guidance.
Moderna's Q4 2022 revenue was $5.1 billion, a decrease from $7.2 billion in Q4 2021. Net income also decreased to $1.5 billion from $4.9 billion in the same period. The company is focusing on expanding its vaccine pipeline and expects approximately $5 billion in COVID-19 sales for 2023.
- Fourth quarter revenue totaled $5.1 billion, primarily from product sales of COVID-19 vaccines.
- GAAP net income for the quarter was $1.5 billion, with a diluted EPS of $3.61.
- Moderna is advancing its vaccine pipeline, including RSV, flu, and CMV programs.
- The company anticipates approximately $5 billion in COVID-19 vaccine sales for 2023 and plans to increase R&D investments to $4.5 billion.
Headline financials
Revenue & EPS history
Moderna · Revenue · Quarterly
$5.08B
Revenue by segment
Moderna · $1.93B total across 2 segments · Q3 2023
- Net Product Sales$1.76B—91.0%
- Other Revenue$174M—9.0%
Forward guidance
Moderna anticipates approximately $5 billion in COVID vaccine sales for 2023 and expects product sales in the first half of 2023 to be approximately $2.0 billion. The company projects full-year cost of sales to be in the range of 35-40% of sales. Full-year expenses are expected to be approximately $6.0 billion, with approximately $4.5 billion in R&D. Capital investments for 2023 are expected to be approximately $1.0 billion.
Tailwinds
- Approximately $5 billion in COVID vaccine sales contracted for 2023 delivery.
- Potential additional sales opportunities in the United States, Europe, Japan, and other key markets.
- Product sales in the first half of 2023 expected to be approximately $2.0 billion.
- The company expects a negligible provision for income taxes in 2023.
- The company has commenced repurchases from the additional $3 billion program announced in August 2022, and currently has $2.8 billion remaining under this latest authorization.
Headwinds
- Cost of sales for the full year are expected to be in the range of 35-40% of sales.
- Full-year expenses are expected to be approximately $6.0 billion.
- The company expects capital investments for 2023 of approximately $1.0 billion.
- Anticipated sales should not be construed as expected 2023 revenue
- Forward-looking statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna’s control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2022
+0.8%
Avg return
Earnings day
+1.4%
Avg return
5 days after
+8.2%
Avg return
30 days after
59%
17 / 29 earnings
Positive
+21.0%
Q1 2020
Best reaction
-31.5%
Q3 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.0% | +6.2% | +2.7% | |
| Q4 2025 | +5.3% | +16.2% | +31.0% | |
| Q3 2025 | +2.6% | +12.1% | +17.6% | |
| Q1 2025 | -5.3% | -14.4% | -6.9% | |
| Q4 2024 | +3.4% | +12.5% | +8.5% | |
| Q3 2024 | -9.6% | -16.1% | -14.2% | |
| Q2 2024 | -27.4% | -31.0% | -35.1% | |
| Q1 2024 | +12.1% | +8.6% | +27.9% | |
| Q4 2023 | +10.1% | +9.8% | +20.4% | |
| Q3 2023 | +1.7% | -3.3% | +4.8% | |
| Q2 2023 | -1.8% | -9.5% | +2.1% | |
| Q1 2023 | +5.3% | +2.8% | +0.3% | |
| Q4 2022 | -12.0% | -12.2% | -4.6% | |
| Q3 2022 | +6.6% | +10.8% | +22.7% | |
| Q2 2022 | +20.8% | +13.8% | -13.8% | |
| Q1 2022 | -3.1% | -7.3% | -6.4% | |
| Q4 2021 | +11.5% | +10.2% | +22.2% | |
| Q3 2021 | -31.5% | -31.5% | -11.3% | |
| Q2 2021 | -1.3% | +9.0% | -0.6% | |
| Q1 2021 | +0.2% | -2.4% | +26.5% | |
| Q4 2020 | +6.9% | +1.4% | -7.9% | |
| Q3 2020 | +2.6% | +5.1% | +93.2% | |
| Q2 2020 | -6.0% | -8.2% | -20.2% | |
| Q1 2020 | +21.0% | +27.4% | +18.9% | |
| Q4 2019 | +10.1% | +25.8% | +26.5% | |
| Q3 2019 | +3.6% | +3.0% | +12.1% | |
| Q2 2019 | +7.3% | +5.9% | +29.2% | |
| Q1 2019 | -5.3% | -0.5% | -28.6% | |
| Q4 2018 | -3.6% | -4.4% | +21.5% | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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