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2022-02-24 17:16

Moderna Inc. is up close to 15% on Thursday after the biotech company reported its financial results for the fourth quarter and full year 2020. Moderna is developing a new class of revolutionary medications for patients based on messenger RNA research.
Highlights of the Q4 report

In the fourth quarter of 2021, overall revenue was $7.2 billion, up from $571 million in the same time of 2020. For the full year of 2021, total revenue was $18.5 billion, up from $803 million in 2020. Greater product sales drove the rise in 2021.

For the fourth quarter of 2021, cost of sales was $952 million, or 14% of product sales, plus $241 million in third-party royalties. For the entire year 2021, the cost of sales was calculated as $2.6 billion, or 15% of product sales, including $641 million in third-party royalties.

In the fourth quarter of 2021, research and development costs were $648 million, opposed to $759 million in the same time of 2020. While f or the entire year of 2021, research & development costs were $2.0 billion, up from $1.4 billion in 2020. The drop has been mainly caused due to lower pre-launch inventory expenditures, which were slightly offset by higher clinical trial costs.

For the fourth quarter of 2021, net income was $4.9 billion, compared to a net loss of $(272) million for the same time in 2020. For the complete year of 2021, net income was $12.2 billion, compared to a net loss of $(747) million in 2020.

In the fourth quarter of 2021, diluted EPS was $11.29, relative to $(0.69) in the same time of 2020. For the entire year 2021, diluted EPS was $28.29, up from $(1.96) in 2020.

CEO Stephane Bancel’s remarks

Commenting on the earnings report, Stéphane Bancel, Chief Executive Officer of Moderna said:

"Spikevax is now approved in more than 70 countries around the world protecting hundreds of millions of people and real-world evidence from multiple independent studies has confirmed its strong effectiveness. Moderna has experienced exponential growth and we have more than doubled the size of our team over the last year with a global team of 3,000."

In the fourth quarter of 2021, selling, general, and administrative costs were $201 million this is an increase from $79 million in the same period of 2020. However, for the entire year 2021, selling, general, and administrative costs were $567 million, this is a rise from $188 million in 2020.

Including the price action on Thursday, shares of Moderna are still down close to 70% from their all-time high of $485 in early August 2021. The pandemic beneficiary now has a market cap of $62 billion and trades at a PE multiple of 9.41.