Moderna Q1 Profit Tops View; Raises FY COVID-19 Vaccine Sales Outlook
Moderna Inc. (MRNA) reported a profit for the first-quarter compared to a loss in the previous year. Total revenue for the quarter surged from last year, resulting from a full quarter of commercial sales of the company’s COVID-19 vaccine in the U.S.
Quarterly earnings per share topped analysts’ expectations. The company raised its 2021 sales forecast for its COVID-19 vaccine.
The company raised its 2021 sales outlook for its COVID-19 vaccine to $19.2 billion from the prior outlook of $18.4 billion.
The company increased 2021 supply forecast to between 800 million and 1 billion doses, making additional investments to increase global supply for COVID-19 Vaccine to up to 3 billion doses in 2022.
The company plans to initiate rolling submission for a Biologics License Application for the vaccine in the U.S. this month. In December 2020, the U.S. FDA authorized the emergency use of the Moderna COVID-19 vaccine in individuals 18 years of age or older.
The company Thursday reported that its net income for the first-quarter was $1.22 billion or $2.84 per share compared to a net loss of $124 million or $0.35 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.39 per share for the first-quarter. Analysts’ estimates typically exclude special items.
Total revenue for the first-quarter surged to $1.94 billion from last year’s $8 million, resulting from a full quarter of commercial sales of the company’s COVID-19 vaccine in the U.S. and an initial ramp up of international sales. A total of 102 million doses were recognized as revenue. Analysts expected revenues of $2.04 billion for the quarter.
Product sales for the latest-quarter were $1.7 billion from sales of the company’s COVID-19 vaccine. The increase in grant revenue of $190 million was primarily driven by an increase in revenue from BARDA related to the company’s COVID-19 vaccine development.
Moderna noted that Shannon Thyme Klinger will join the Company as Chief Legal Officer and Corporate Secretary, effective June 1, 2021. Klinger joins Moderna from Novartis (NVS), where she served as Chief Legal Officer and a member of the Novartis Executive Committee since 2018.
In Thursday pre-market trade, MRNA was trading at $152.00 down $10.84 or 6.66%.
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