Moderna: 2024 expectations remain consistent with prior expectations

Expectations for full year 2024 remain consistent with prior expectations. The company reaffirms its 2024 expected revenue of approximately $4B from its respiratory franchise, and now expects approximately $0.3B in net sales in the first half of the year, reflecting the seasonality of the respiratory business. Cost of sales is expected to be approximately 35% of product sales for the year. Full-year 2024 research and development expenses are anticipated to be approximately $4.5B. The company continues to expect its full-year tax expense to be negligible. Capital expenditures for 2024 are expected to be approximately $0.9B. Moderna continues to advance its pipeline and expects numerous product milestones in 2024 across its vaccines and therapeutics portfolio. Late-stage includes eight programs that have progressed to Phase 3 clinical studies and two rare disease programs that are moving toward registrational studies. The company is awaiting regulatory approvals and the U.S. ACIP recommendation in 2024.