Moderna stock rises as Q2 COVID vaccine sales surpass estimates; FY vaccine outlook steady; plans $3B buyback
Maddie Meyer

Moderna (NASDAQ:MRNA) stock rose ~4% premarket Aug. 3 after Q2 revenue grew on the back of blockbuster COVID-19 vaccine.
The company's Q2 results beat estimates, as total revenue increased +9% Y/Y to $4.75B.
Product sales (COVID-19 Vaccine sales) in Q2 grew +8% Y/Y to $4.53B, (estimates of $3.82B by Bloomberg), mainly driven by a higher average selling price due to customer mix, the company said in its earnings release.
"Todayâs earnings represent a strong second quarter performance, with $10.8 billion in revenue for the first half of the year. We continue to have advance purchase agreements for expected delivery in 2022 of around $21 billion of sales," said Moderna CEO StÃ©phane Bancel.
Moderna expects that for sales in H2, sales will be greater in Q4 than in Q3, due to timing for approval of its updated COVID-19 vaccines and the related manufacturing ramp-up of new products.
The company noted that the Advance Purchase Agreements (APAs) worth $21B in 2022, includes the recently announced agreement with the U.S. for 70M doses (option for 4M pediatric doses has been exercised) and an adjustment for doses that remain unallocated by COVAX due to lack of demand.
Q2 net income declined -20.97% Y/Y to ~$2.2B.
Buyback: The company's board approved a new $3B share buyback plan.
"Despite the slowing economy and challenges in the biotech industry, Moderna is in a unique position: a platform to drive scale and speed in research of new medicines, a strong balance sheet of $18 billion of cash and an agile, mission-driven team of over 3,400 people and growing. We will continue to invest and grow as we have never been as optimistic about Modernaâs future," Bancel added.
Outlook:
On the product pipeline Bancel commented that, "Right now, we have four infectious disease vaccines in Phase 3 trials, and later this year, we expect important data from proof-of-concept studies in rare diseases and immuno-oncology."
MRNA +4.33% to $167.77 premarket Aug. 3.