Moderna, Inc. (MRNA) stock plummeted 17.07% in the pre-market trading session at the price of $286.88 after announcing its financial results for the third quarter of the fiscal year 2021.
Moderna is a research-stage enterprise with a clinical portfolio of therapeutics and vaccines across six modalities. The company has an intellectual property portfolio related to mRNA and lipid nanoparticle formulation. Its construction plant offers clinical and commercial production at an unprecedented rate.
MRNA Third Quarter Fiscal 2021 Financial Results
On 4th November 2021, MRNA announced its financial results for the third quarter of the fiscal year 2021 and provided business updates.
Financial Highlights
MRNA reported total revenue of $5.0 billion for the third quarter ended 30th September 2021. Total revenue was $157 million for the third quarter of the previous year. For the nine months ended on 30th September 2021, the total revenue was $11.3 billion, compared to $232 million for the nine months ended on 30th September 2020. Product sales were $4.8 billion for the nine months ended on 30th September 2021. For the three months ended on 30th September 2021, the cost of sales was 15% or $722 million of product sales. The cost of sales was 16% or $1.7 billion of the product sales, for the nine months ended 30th September 2021.
For the three months ended on 30th September 2021, research and development expenses were approximately $521 million. MRNA reported research and development expenses of $344 million for the same quarter of the previous year. For the nine months ended 30th September 2021, research and development costs were $1.3 billion. R&D expenses were $611 million for the nine months ended on 30th September 2020.
For the three months ended 30th September 2021, general and administrative expenses were approximately $168 million. G&A expenses were $48 million for the three months ended on 30th September 2020. MRNA reported a net income of $3.3 billion for the three months ended on 30th September 2021. A net loss was $(233) million for the three months ended on 30th September 2020. For the nine months ended 30th September 2021, net income was $7.3 billion. A net loss was $(474) million for the nine months of 2020.
