Moderna Inc

**Revenue Growth and Forecast**: Moderna reported $1.9 billion in revenue for Q3 2024, with a net income of $13 million, showcasing a significant reduction in operating expenses by $500 million YOY. The product sales outlook for the full year remain stable at $3 billion to $3.5 billion, implying a Q4 sales range of $0.8 billion to $1.3 billion. However, this forecast indicates a potential decline in sales compared to the previous year's Q4.

**Cost Efficiency Initiatives**: The company successfully reduced cost of sales by 77% to $514 million in Q3 2024, compared to $2.2 billion in Q3 2023. Overall operating expenses, including R&D and SG&A, reflect a commitment to improving productivity, with SG&A costs down 36% YOY. Investors should note the ongoing strategy to decrease annual R&D expenses by $1.1 billion by 2027, contributing to financial stability.

**Market Dynamics and Challenges**: The overall COVID vaccine market is experiencing a decline in vaccination rates, with Moderna capturing approximately 40% of retail market share. The company faces challenges from slower than anticipated RSV vaccine sales due to prior inventory buildup by competitors and revised CDC guidelines, which could impact revenue projections moving forward.