Moderna (NASDAQ:MRNA) exceeded analyst expectations with its first-quarter earnings and revenue, leading to a 9% increase in its share price intra-day today. The pharmaceutical company reported a loss per share of $3.07, which was better than the anticipated loss of $3.55. Revenue significantly exceeded projections, reaching $167 million compared to the expected $94.28 million.
Research and Development (R&D) expenses totaled $1.06 billion, which was lower than the anticipated $1.14 billion. Selling, General, and Administrative (SG&A) expenses amounted to $274 million, a 10% decrease from the previous year and also lower than the expected $329 million.
For the year ahead, Moderna projects capital expenditures of around $900 million and maintains its forecast for product sales to reach approximately $4 billion in 2024. The company also expects to receive initial regulatory approvals for its RSV vaccine, mRNA-1345, in the first half of 2024, aiming for a U.S. launch in the fall of 2024.