Better-than-expected COVID-19 vaccine sales led Moderna to beat Wall Street’s second-quarter expectations.
The Spikevax vaccine brought in $4.53 billion during the quarter, according to the company. Analysts were looking for about $3.6 billion, according to FactSet.
Moderna shares surged on Wednesday’s open.
The company’s vaccine sales represent a decline from nearly $6 billion in vaccine sales in the first quarter of this year, when a surge in the virus in the United States prompted more people to seek protection. increase.
However, those sales could pick up again later this year.
Moderna has developed an updated version of the vaccine for its fall booster campaign that combines protection against the original shot and the Omicron variant.
Federal regulators also recently approved a vaccine for children as young as 6 months of age.
The COVID-19 vaccine is Moderna’s primary source of income, aside from grants and collaboration funding. Total revenue for the quarter increased 9% to $4.75 billion.
But operating expenses for vaccine makers also rose 78% to $2.3 billion. The company has several products in late-stage clinical trials, the most expensive stage of research.
Net income declined 21% in the second quarter to $2.2 billion, or $5.24 per share.
Analysts had expected earnings of $4.58 per share on earnings of about $4.1 billion, according to FactSet.
According to the Centers for Disease Control and Prevention, more than 77 million people in the United States are fully immunized with two doses of Moderna. More than 128 million have done so with rival Pfizer’s vaccine.
Another competitor entered the US vaccine market last month. That’s when federal regulators approved his fourth option for Novavax. Novavax is a protein vaccine found in large studies to be approximately 90% effective in preventing symptomatic COVID-19.
Cambridge, Massachusetts-based Moderna shares surged more than 15% to $185.54 in morning trading, while the broader index rose slightly.
Follow Tom Murphy on Twitter: @thpmurphy
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COVID-19 Vaccine Sales Beat Second Quarter Forecast by Moderna | WGN Radio 720
Source link COVID-19 Vaccine Sales Beat Second Quarter Forecast by Moderna | WGN Radio 720