Home Health News Moderna Posts Q2 Beat, Closes In On Coronavirus Vaccine Deal With Swiss Government – Yahoo Finance

Moderna Posts Q2 Beat, Closes In On Coronavirus Vaccine Deal With Swiss Government – Yahoo Finance

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Moderna Inc (NASDAQ: MRNA) shares were&nbsp;moving to the downside Wednesday despite the coronavirus vaccine developer reporting forecast-beating second-quarter results and reports of a potential deal with the Swiss government.” data-reactid=”19″>Moderna Inc (NASDAQ: MRNA) shares were moving to the downside Wednesday despite the coronavirus vaccine developer reporting forecast-beating second-quarter results and reports of a potential deal with the Swiss government.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Moderna’s Q2 Report: Cambridge, Massachusetts-based Moderna said its second-quarter revenue&nbsp;increased from $13.1 million in 2019 to $66.4 million in 2020, exceeding the $27.43-million consensus estimate.” data-reactid=”20″>Moderna’s Q2 Report: Cambridge, Massachusetts-based Moderna said its second-quarter revenue increased from $13.1 million in 2019 to $66.4 million in 2020, exceeding the $27.43-million consensus estimate.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The company attributed the higher revenue&nbsp;to increased collaboration revenues from AstraZeneca plc (NYSE: AZN) and incremental BARDA funding.” data-reactid=”21″>The company attributed the higher revenue to increased collaboration revenues from AstraZeneca plc (NYSE: AZN) and incremental BARDA funding.

The loss per share narrowed from 41 cents to 31 cents, despite R&D expenses climbing about 18%. The Street was expecting a loss of 35 cents per share. 

The company ended the quarter with cash, cash equivalents and investments of about $3.1 billion. Moderna raised $1.3 billion in net proceeds with a public equity offering in May.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Moderna said it has received about $400 million in&nbsp;customer deposits as of July 31 for potential supply of its coronavirus vaccine candidate, mRNA-1273.” data-reactid=”28″>Moderna said it has received about $400 million in customer deposits as of July 31 for potential supply of its coronavirus vaccine candidate, mRNA-1273.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Benzinga is covering every angle of how the coronavirus affects the financial world.&nbsp;For daily updates,&nbsp;sign up for our coronavirus newsletter.” data-reactid=”29″>Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Moderna Analyst&nbsp;Says Government Funding Key: On the earnings call, the company said it has executed smaller volume agreements for mRNA-1273 at $32-$37 per dose, and it expects to negotiate larger volume contracts at lower prices in the future, SVB Leerink analyst Mani Foroohar said in a note.” data-reactid=”30″>Moderna Analyst Says Government Funding Key: On the earnings call, the company said it has executed smaller volume agreements for mRNA-1273 at $32-$37 per dose, and it expects to negotiate larger volume contracts at lower prices in the future, SVB Leerink analyst Mani Foroohar said in a note.

“We continue to expect larger volume government contracts to drive most revenue in the pandemic period, and that these large contracts will present an economically [attractive] value to MRNA shares on a contribution margin basis, regardless of somewhat lower headline price,” the analyst said. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="View more earnings on MRNA” data-reactid=”32″>View more earnings on MRNA

The risk of increasing competitive intensity could impact demand, he said. 

Moderna said its base case assumes a supply of 500 million doses of the vaccine per year, with annual capacity of 1 billion doses in an upside scenario, Foroohar said. 

The Phase 1 data from elderly patients treated with mRNA-1273 is likely to be released in the upcoming weeks, the analyst said.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="A Deal In The Making: Moderna is close to striking a coronavirus vaccine supply agreement with the Swiss government, a Reuters report said, citing a government official.” data-reactid=”36″>A Deal In The Making: Moderna is close to striking a coronavirus vaccine supply agreement with the Swiss government, a Reuters report said, citing a government official.

“We are only a few hours away from completing a purchase contract. With this contract we will get it very quickly,” the official reportedly said.

The official did not disclose the financial terms of the deal, Reuters said.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="MRNA Price Action: Moderna shares were down 3.98% at $75.34 at the time of publication Wednesday.&nbsp;” data-reactid=”39″>MRNA Price Action: Moderna shares were down 3.98% at $75.34 at the time of publication Wednesday. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Related Links:” data-reactid=”40″>Related Links:

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Attention Biotech Investors: Mark Your Calendar For August PDUFA Dates ” data-reactid=”42″>Attention Biotech Investors: Mark Your Calendar For August PDUFA Dates

Latest Ratings for MRNA

Date Firm Action From To
Jul 2020 SVB Leerink Initiates Coverage On Market Perform
Jul 2020 JP Morgan Downgrades Overweight Neutral
Jul 2020 Chardan Capital Maintains Buy

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="View More Analyst Ratings for MRNA
View the Latest Analyst Ratings” data-reactid=”46″>View More Analyst Ratings for MRNA
View the Latest Analyst Ratings

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