Moderna beats Q2 top and bottom line estimates; updates FY23 outlook
Moderna press release (NASDAQ:MRNA): Q2 GAAP EPS of -$3.62  beats by $0.48.
Revenue of $344M (-92.8% Y/Y)  beats by $38.44M.
"We are on track to deliver 2023 sales between $6 billion to $8 billion vs. consensus of $7.13B, depending on Covid vaccination rates in the U.S.," said StÃ©phane Bancel, Chief Executive Officer of Moderna. 


Outlook: Product Sales: The Company is expecting 2023 COVID-19 sales of $6 billion to $8 billion, dependent on U.S. vaccination rates. Total expected 2023 sales are comprised of approximately $4 billion from existing APAs and $2 billion to $4 billion from additional sales to the U.S., Japan, EU and other countries. Sales will be subject to the timing of regulatory approvals, with the Company currently expecting a 2023 second half sales split of approximately 30% in the third quarter and 70% in the fourth quarter.Cost of Sales: The Company now expects cost of sales to be approximately $3.5 billion to $4 billion for the year.
Research and Development and Selling, General and Administrative Expenses: The Company continues to expect full-year 2023 expenses of approximately $6.0 billion, with approximately $4.5 billion in R&D.
Income Taxes: The Company now anticipates a full-year tax benefit of approximately $0.7 billion to $1.0 billion, driven by an assumed operating loss, R&D credits, international tax provisions and non-recurring items.
Capital Expenditures: The Company continues to expect capital expenditures for 2023 of approximately $1 billion.