Why Moderna, Inc. (MRNA) stock is gloomy today?

Moderna, Inc. (MRNA) stock announced third quarter 2021 financial results after which it became bearish today. MRNA stock saw a downtrend of 15.86% to drop at $291.05 a share at the time of this writing. The stock was also red in the previous trade and went down by 0.78% at closing. Let’s deep dive to understand more about this stock.

Third Quarter 2021 Financial Results:

  • Moderna stock generated $5.0 billion in revenue in the third quarter of 2021, significantly higher than $157 million in the same prior-year period. Revenue for the nine months ended September 30, 2021, reached $11.3 billion compared to $232 million in the same tenure of the previous year. Commercial sales of the Covid-19 vaccine led to increased revenue in the reported period. The stock recorded 208 million and 510 million sales of its Covid-19 vaccine respectively for the three and nine months ended September 30, 2021.
  • The MRNA stock reported $722 million or 15% cost of sales in the third quarter of 2021 that also includes third-party royalties of $168 million. For nine months, MRNA stock recorded $1.7 billion, or 16% in the cost of sales including third-party royalties of $400 million.
  • MRNA stock spent $521 million in research and development expenses and $168 million in selling, general and administrative expenses in the third quarter of 2021. Previous year’s same period research and development expenses were $344 million and selling, general and administrative expenses were $48 million.
  • Moderna stock recorded a net income of $3.3 billion in the third quarter of 2021 as compared to a net loss of $233 million in the same quarter of the previous year. Net income for the first nine months of 2021 was $7.3 billion compared to a $474 million net loss for the same period of 2020.
  • Net cash from operating activities reached jumped from $763 million for the first nine months of 2020 to $10.3 billion for the first nine months of 2021. MRNA stock purchased property and equipment worth $164 million in the first nine months of 2021. By the end reported quarter, Moderna stock had $15.3 billion in cash and cash equivalents.

Covid-19 vaccine distribution:

Moderna stock has signed various agreements to deliver the Covid-19 vaccine. MRNA stock will deliver 110 million doses of Moderna Covid-19 vaccine to the Africa Union. Moreover, it will supply 116.5 million doses of the Covid-19 vaccine to Gavi, the vaccine alliance, by the second quarter of 2022. MRNA stock is looking forward to building a state-of-the-art mRNA facility in Africa that will produce 500 million doses every year at the 50-µg dose level.

Outlook of MRNA stock

Moderna stock has projected its product sales in the range of $15 billion to $18 billion for the full year 2021. MRNA stock expects 700 million to 800 million doses deliveries of its Covid-19 vaccine in the full year 2021. The cost of sales is expected to be between 16% to 17% and capital expenditures of $0.4 billion for full-year 2021.