Moderna Earnings: Maintaining Our $227 Fair Value Estimate as Pivotal-Stage Pipeline Grows

Moderna’s first-quarter results were as expected, with minimal covid vaccine revenue of $167 million due to seasonality of sales and a net loss of $1.2 billion, largely driven by aggressive investment in research and development for the growing pipeline. We’re maintaining our $227 fair value estimate as the firm approaches several significant catalysts, including potential US approval of its respiratory syncytial virus vaccine later this month, phase 3 data for a flu/covid combination vaccine by midyear, and phase 3 data for a cytomegalovirus vaccine likely later this year.