Moderna Inc. (NASDAQ: MRNA) stock falls by 5.31% in the current market trading after MRNA has announced its financial results for Q1 2021. Moderna is developing a new class of groundbreaking medicines for patients based on messenger RNA (mRNA) chemistry. mRNA medicines are engineered to guide the body’s cells to manufacture intracellular, membrane, or secreted proteins that can be used to treat or avoid a variety of diseases.
mRNA has released its first-quarter 2021 financial highlights. Given below is the summary:
- Total revenue was $1.9 billion for the three months ended March 31, 2021, compared to $8 million for the same period in 2020. Total revenue increased in the first quarter of 2021, resulting from a full quarter of commercial sales of the Company’s COVID-19 vaccine in the U.S. and an initial ramp-up of international sales.
- Costs of sales were $193 million, or 11%, of product sales the three months ended March 31, 2021, including third-party royalties of $84 million.
- Research and development expenses were $401 million for the three months ended March 31, 2021, compared to $115 million for the same period in 2020.
- For the three months ending March 31, 2021, selling, general, and administrative expenditures were $77 million, relative to $24 million for the same duration in 2020.
- For the three months ending March 31, 2021, net income was $1.2 billion, relative to a net loss of $(124) million for the same time in 2020.
- For the three months ending March 31, 2021, cash used for property and infrastructure acquisitions was $35 million, compared to $6 million for the same duration in 2020.
MRNA declared today a new supply deal with the Swiss Federal Government for 7 million booster vaccine doses in 2022, with an option for a further 7 million doses in the second half of 2022 or the first quarter of 2023. The booster vaccine candidate must be approved by the FDA before it can be purchased under this arrangement. The news comes in the wake of two previous deals between Switzerland and Moderna to provide 13.5 million doses of the COVID-19 Vaccine Moderna. On January 12, 2021, Swissmedic, the Swiss Agency for Therapeutic Products, approved the COVID-19 Vaccine Moderna in Switzerland.