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Moderna, Inc. ( MRNA), a biotechnology company pioneering messenger RNA (mRNA)therapeutics and vaccines, today reported financial results and provided business updates for the fourth quarter of fiscal year 2021.
“Spikevax isnow approved in more than 70 countries around the world protecting hundreds of millions of people and real-world evidence from multiple independent studies has confirmed its strong effectiveness,” said Stéphane Bancel, Chief ExecutiveOfficer of Moderna. “In 2021, we delivered 807 million doses with approximately 25% of those doses going to low- and middle-income countries, and we will continue to scale in 2022 to help end the COVID-19 pandemic.
Moderna has experienced exponential growth and we have more than doubled the size of our team over the last year with a global team of 3,000. We also have announced plans to scale to 21 commercialsubsidiaries across the world, including four new locations in Asia and six new locations in Europe.
We continue to expand and advance our industry-leading mRNA pipeline with 44 programs in development. We look forward to clinical readouts from ourtherapeutics development candidates later in 2022 in rare genetic diseases and oncology. We are entering 2022 with a remarkable team and strategic priorities to continue advancing mRNA vaccines and therapeutics to impact human health.”
Fourth Quarter and Full Year 2021 Financial Results
Fourth Quarter 2021
• Revenue: Total revenue was $7.2 billion for the fourth quarter of 2021, compared to$571 million for the same period in 2020. The increase in 2021 was driven by increased product sales. Product sales for the fourth quarter of 2021 were $6.9 billion from sales of 297 million doses of the Company’s COVID-19 vaccine, compared to $200 million in the fourth quarter of 2020 from sales of 13 million doses of the Company’s COVID-19 vaccine. The Company began to record product sales for the Company’s COVID-19 vaccine subsequent to its authorization for emergency use by the FDA and Health Canada in December 2020.
• Cost of Sales: Cost of sales was $952 million, or 14% of the product sales for the fourth quarter of 2021, including third-party royalties of $241 million. Cost of sales was $8 million, or 4% of product sales, for the fourth quarter of 2020, comprised of third-party royalties and shipping and handling costs only as the associated inventory costs were expensed previously as pre-launch inventory.
• Research and Development Expenses: Research and development expenses were $648 million for the fourth quarter of 2021, compared to $759 million for the same period in 2020. The decrease in spending in 2021 was mainly due to a decrease in pre-launch inventory costs, partially offset by an increase in clinical trial expenses.
• Selling, General and Administrative Expenses: Selling, general and administrative expenses were $201 million for the fourth quarter of 2021, compared to $79 million for the same period in 2020. The growth in spending was driven by the commercialization of our COVID-19 vaccine globally with continued investments in personnel and outside services in support of the accelerated company buildout.
• Provision for Income Taxes: The effective tax rate was 10.0% for the fourth quarter of 2021,which included tax benefits from the utilization of the cumulative net operating loss carry-forward of $2.3 billion, the foreign-derived intangible income deduction and stock-based compensation. Income taxes were $542 million for the fourth quarter of 2021, compared to $1 million for the same period in 2020. The increase was due to pre-tax income recognized in 2021, compared to a loss in 2020.
• Net Income (Loss): Net income was $4.9 billion for the fourth quarter of 2021, compared to a net loss of $(272) million for the same period in 2020.
• Earnings (Loss) Per Share: Diluted EPS was $11.29 for the fourth quarter of 2021,compared to $(0.69) for the same period in 2020.