Moderna gains after strong 1Q beat as COVID-19 vaccine sales exceed forecasts
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Moderna (NASDAQ:MRNA) shares have added ~8% in the pre-market Wednesday after the vaccine makerâs revenue for the first quarter of 2022 stood well ahead of forecasts driven by better than expected COVID-19 vaccine sales.
Beating estimates by as much as $1.7B, total revenue for the quarter reached $6.1B from $1.9B in the prior year period, mainly due to increased product sales. The companyâs COVID-19 vaccine branded as Spikevax made up $5.9B sales ahead of ~$5.1B in the consensus. Meanwhile, the grant revenue dropped ~35% YoY to $126M compared to $43.6M in the consensus.
Net income for the quarter reached $3.7B from $1.2B in 1Q 2021, when Moderna (MRNA) recorded the first quarterly profit. Meanwhile, the cash and equivalents at the end of the period improved from 2021-year end to $19.3B, indicating ~10% rise.
In terms of the outlook, the Cambridge, Massachusetts-based biotech reaffirmed the advance purchase agreements it signed for 2022, valued at approximately $21B.
On the clinical front, Moderna (MRNA) said that it expanded its previous EUA submission at the request of the FDA for the use of the vaccine in the adolescent age group at two-dose 100 Î¼g primary series. The additional submissions would be completed in about two weeks, the company noted.
Chief Executive StÃ©phane Bancel said that the company looks forward to three respiratory commercial launches over the next two to three years, starting from the fall of 2022.
âIn the second quarter, we expect to have four programs in late-stage Phase 3 studies including our Omicron-containing bivalent COVID booster, seasonal flu, RSV and CMV vaccine candidates,â he added. The earnings call is scheduled at 8:00 a.m. ET today.
Read: With its first quarter financials Tuesday, rival vaccine maker, Pfizer (PFE) chose to keep its guidance for COVID-19 franchise intact.