Moderna revenue triples on soaring covid-19 vaccine sales
Summary
- Biotechnology company is latest drugmaker to post surging sales tied to demand for Covid-19 vaccines, treatments
Moderna Inc.’s first-quarter sales tripled from a year ago on the back of its Covid-19 vaccine.
The biotechnology company’s revenue topped $6 billion in the period ended March 31, beating analyst expectations, driven almost entirely by sales of its mRNA-based vaccine. It is the latest drugmaker to show surging sales due to demand for Covid-19 vaccines and treatments, following recent reports from Eli Lilly & Co., Merck & Co. and Pfizer Inc.
The Cambridge, Mass.-based company’s so-called Spikevax shot received full approval from the Food and Drug Administration in January, making it the second vaccine to do so after one from Pfizer Inc. and BioNTech SE.
Spikevax, which requires two doses to be administered roughly 28 days apart, had received emergency-use authorization in December 2020 and was widely distributed throughout 2021. Moderna is now seeking FDA authorization for the vaccine to be provided to children under the age of 6, and is developing a booster shot aimed at targeting the Omicron variant that became widespread earlier this year.
Moderna reported net income of $3.66 billion for the first quarter of 2022, compared with $1.22 billion in the same period a year ago.
First-quarter earnings climbed to $8.58 a share from $2.84 a year earlier. Wall Street analysts had been expecting $5.37 a share for the quarter, according to FactSet.
Moderna shares rose 7% in premarket trading after the company released its quarterly results. The company’s stock is down more than 42% since the start of the year.
The company said Wednesday that it aims to have four vaccine programs in late-stage studies in the second quarter, including its Omicron-specific booster and a seasonal flu shot.
This story has been published from a wire agency feed without modifications to the text
