Additionally, you can sign up for our Daily or Weekly newsletters to receive these top-ranked articles right in your inbox, or you can sign up to be notified when new resources like webinars or ebooks are available. We use reader data to auto-curate the articles, meaning that the most valuable resources move to the top. SaaS Brief is a collection of the leading industry thought leadership in the form of blogs, webinars, and downloadable resources, on one convenient website. and illustrate accounting for the write-down of investment balances. Have resources to share? Submit Your Own! The balance of deferred revenue reported on the 31/12/X1 balance sheet is 420.
The company in February forecast a possible net loss for 2023, calling it a transition year before it starts to see sales from experimental vaccines for respiratory syncytial virus (RSV) and flu. Deferred revenue is income a company has received for its products or services, but has not yet invoiced for. They are recorded as Assets on a balance sheet. The company had generated around $36 billion in sales over the last two years from the COVID vaccine, its only commercial product.ĭemand for the vaccine has since fallen globally as the worst of the pandemic has eased. Deferred expenses are expenses a company has prepaid. Moderna said on Thursday it expects a tax benefit of $300 million to $500 million for the year due to credits for research and development and certain one-off items. "The real question is, can Moderna gain market share from Pfizer and BioNTech in the mRNA space? If that happens, then they're going to start having better numbers for the year," said Oppenheimer analyst Hartaj Singh. Pfizer and partner BioNTech (22UAy.DE) own about two thirds of the global COVID vaccine market. The Moderna results come two days after rival Pfizer Inc (PFE.N) reported better-than-expected COVID vaccine sales for the first quarter and maintained its expectations for full-year sales.
#Deferred revenue writedown full#
"If they're unable to generate that additional revenue, we expect their full year margin to be materially worse than guidance."
"On top of their current $5 billion contracts, our numbers suggest they would need an additional $5 billion of contracts to produce the margins stated in their guidance for this year," said SVB Securities analyst Mani Foroohar. Moderna expects an additional $3 billion in deferred vaccine revenue in the second half of 2023. The first quarter's $1.83 billion in COVID vaccine sales represents most of the $2 billion expected in the first half of the year for advanced purchase agreements, but was double analysts' estimates of $998 million. If the targets deferred revenue book value exceeds its fair value, the portion of deferred revenue written down will never be recognized as revenue for the. annual COVID-19 market to be 100 million doses, she added. The company expects to sign commercial contracts for updated COVID vaccine boosters over the next few weeks and into the third quarter, Chief Commercial Officer Arpa Garay said on a conference call to discuss results. that could further boost vaccine revenue. But Moderna said it was in discussions about new contracts with customers in Europe, Japan, and the U.S. The company did not change its forecast of $5 billion in COVID vaccine sales for the year based on advance purchase agreements. May 4 (Reuters) - Moderna Inc (MRNA.O) on Thursday reported a small profit of 19 cents per share instead of an expected loss as it booked more revenue in the first quarter from last year's deferred orders for its COVID-19 vaccine than had been anticipated.Īnalysts expected a loss of $1.77 per share, according to Refinitiv data, and Moderna shares had jumped more than 5% to $136.71 by midday.
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