Moderna Inc. (MRNA) Thursday reported a fourth-quarter net loss that widened from last year. But quarterly revenues surged from the previous year, driven by increases in grant revenue and product sales.<\/p>\n
The company expects product sales of $18.4 billion in 2021.<\/p>\n
The company raised its lower end of global COVID-19 vaccine manufacturing plan for 2021 to 700 million doses from 600 million doses. The manufacturing is still working to supply up to 1 billion doses for 2021.<\/p>\n
The company said it is making new capital investments to increase capacity up to 1.4 billion doses in 2022, citing the high demand from around the world for its COVID-19 vaccine and variant-based boosters.<\/p>\n
The company noted that it established 8 commercial subsidiaries in 2020 in North America and Europe and plans to expand in 2021 to Japan, South Korea and Australia.<\/p>\n
Moderna reported that its fourth-quarter net loss widened to $272.49 million or $0.69 per share from $123.29 million or $0.37 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.35 per share for the fourth-quarter. Analysts’ estimates typically exclude special items. <\/p>\n
Total revenue for the fourth-quarter surged to $570.75 million from last year’s $14.06 million, driven by increases in grant revenue and product sales. The increase in grant revenue was primarily due to the BARDA award to accelerate development of our COVID-19 vaccine. Analysts expected revenues of $279.41 million for the fourth-quarter.<\/p>\n
The company said it began to recognize revenue in December 2020 from its COVID-19 vaccine subsequent to its authorization for emergency use by the FDA and Health Canada.<\/p>\n