Moderna starts global launch of Covid vaccine taking in $1.1 billion in deposits

 

 

 

Moderna, Inc. (Nasdaq: MRNA),has taken in 1.1 billion dollars as a deposit from governments. The company has agreements with the Middle East and North America as well as other parts of the world.

Moderna is looking forward to winning regulatory approvals or authorizations for coronavirus vaccine mRNA-1273.

Takeda Pharmaceutical Co., Ltd (NYSE: TAK) have agreed to purchase and distribute 50 million doses of mRNA-1273, Moderna’s vaccine candidate against COVID-19, to support Japan’s initiative to distribute vaccines to Japans citizens.

Moderna’s rise in revenue was caused by  $472 million from the Biomedical Advanced Research and Development Authority (BARDA) in July supporting  the  late-stage study of mRNA-1273. BARDA Awarded Moderna $483 million dollars for a smaller phase three study of the COVID-19 vaccine.

Moderna’s huge revenue jump stemmed from the company receiving more grants. The biggest of these was the additional $472 million from the Biomedical Advanced Research and Development Authority (BARDA) in July to support the expanded late-stage study of mRNA-1273. BARDA previously awarded the biotech up to $483 million to fund a smaller phase 3 study of the experimental coronavirus vaccine.

Third Quarter 2020 Financial Results:  Source Moderna

Cash Position: Cash, cash equivalents and investments as of September 30, 2020 and December 31, 2019 were $3.97 billion and $1.26 billion, respectively.

Net Cash Provided by Operating Activities:

Net cash provided by operating activities was $762.7 million for the nine months ended September 30, 2020 compared to $(359.9 million) used in operating activities for the same period in 2019.

Revenue:

Total revenue was $157.9 million for the three months ended September 30, 2020 compared to $17.0 million for the same period in 2019. Total revenue was $232.7 million for the nine months ended September 30, 2020 compared to $46.2 million for the same period in 2019. Total revenue increased for both the three month and nine-month periods in 2020, due to increases in grant revenue, primarily due to our BARDA agreement related to our mRNA-1273 vaccine candidate development.


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