Moderna (NASDAQ: MRNA) reported Q3 EPS of $7.70, $1.35 worse than the analyst estimate of $9.05. Revenue for the quarter came in at $5 billion versus the consensus estimate of $6.21 billion.

2021 Updated Financial Framework

• For Expected Delivery in Fiscal Year (FY) 2021: Expected to realize product sales for FY 2021 between $15 billion and $18 billion.
  
• Key Variables Impacting FY 2021 Revenues: Fewer doses for delivery in 2021, shifted to early 2022; prioritization of deliveries to low-income countries through COVAX and African Union
  
• Vaccine Dose Deliveries for FY 2021: The Company expects deliveries of its COVID-19 vaccine in FY 2021 to be between 700 million and 800 million doses at the 100 µg dose level. Key variables impacting output include longer delivery lead times for international shipments and exports that may shift deliveries to early 2022, temporary impact from expansion of fill/finish capacity and ramp up of product release to market.
• Cost of Sales: Cost of sales as percentage of product sales are expected to be between 16-17% for FY 2021.
• 2021 Research & Development (R&D) and Selling, General & Administrative (SG&A) Expenses: Continue to expect quarter over quarter cost increases in R&D and SG&A expenses during 2021 as commercial and research and development activities and expenses ramp up.
• Tax Rate: The Company now expects the effective tax rate for 2021 to be in the high single digit range as a result of the forecasted global sales mix and utilization of the accumulated net operating loss carry-forward of $2.3 billion.
• Capital Expenditures: Expect approximately $0.4 billion of capital investments for 2021.
• Share Repurchase Program: The Board of Directors has authorized a share repurchase program of up to $1 billion over a two-year period to return excess capital to shareholders. No shares were repurchased through the end of the third quarter.
• 2022 Revenue Drivers
• We expect several dynamics will drive 2022 revenues:
• APAs Signed: The Company has signed approximately $17 billion of advance purchase agreements (APAs) for delivery in 2022.
• APAs with Options: The Company anticipates the exercise of options under 2022 APAs of up to $3 billion.
• U.S. Fall 2022 Booster Market: Subject to receipt of a BLA or sBLA for boosters prior to the fall booster season, the Company anticipates commercial booster market sales could be up to $2 billion.

For earnings history and earnings-related data on Moderna (MRNA) click here.