MRNA - Embedded Expectations Analysis - 2021 04 30
Moderna, Inc. (MRNA:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 9.3x Uniform P/E. At these levels, the market has bearish expectations for the firm, and management may have concerns about COVID-19 vaccine distribution, inventory costs, and manufacturing capacitySpecifically, management may have concerns about the impact of the COVID-19 vaccine's transition to a more traditional commercial market and they may be overstating the potential of their CMV vaccine. In addition, they may lack confidence in their ability to raise additional capital, maximize the availability of their vaccines around the world, and recover COVID-19 vaccine inventory costs. Furthermore, management may have concerns about increases in their net losses and the scalability of their manufacturing capabilities. Finally, management may lack confidence in their ability to manufacture 700 million COVID-19 vaccine doses globally and develop their mRNA-1283 vaccine into a refrigerated vaccine
Moderna is creating a new generation of medicines based on messenger RNA to improve the lives of patients. The company uses its platform to identify and develop new mRNA medicines. When the company identifies a combination of platform technologies or programs across mRNA technologies, delivery technologies, and manufacturing processes that can enable shared product features across multiple potential mRNA medicines, it groups those programs as a modality. The company has created six modalities including prohylactic vaccines; cancer vaccines; intratumoral immuno-oncology; localized regenerative therapeuctics; systemic secreted therapeutics; and systemic intracellular therapeutics.
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