Moderna's first-quarter profit triples on vaccine sales
Moderna earned $3.7B in the first quarter
Moderna said Wednesday that revenue from its COVID-19 vaccine sales helped the company to triple its net income in a better-than-expected first quarter.
Revenue from its coronavirus preventive shots climbed to $5.92 billion, up from $1.73 billion in last year's first quarter when vaccines were debuting.
Moderna's net income for the first quarter was $3.7 billion, compared with $1.2 billion for the same period a year ago.
MODERNA LAWSUITS COULD LEAVE TAXPAYERS ON THE HOOK AFTER COMPANY MADE BILLIONS
On a per-share basis, the Cambridge, Massachusetts-based company said it had a profit of $8.58.
This June 14, 2021, file photo shows a Moderna COVID-19 vaccine vial that is being administered for flight attendants of Japan Airlines ar Haneda Airport in Tokyo. (AP Photo/Eugene Hoshiko / AP Newsroom)
"The Moderna team delivered a strong Q1 performance and I am thankful for the progress our team continues to make as we advance our pipeline of mRNA medicines. Moderna's CEO Stéphane Bancel said in a statement.
Data from the Centers for Disease Control and Prevention (CDC) shows more than 217 million doses of Moderna's Spikevax vaccine have been administered in the U.S.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 36.91 | -0.03 | -0.09% |
GET FOX BUSINESS ON THE GO BY CLICKING HERE
While sales of its vaccine jumped compared with last year, they declined by $1 billion from the fourth quarter of 2021.
Research costs and expenses also rose.
Bancel noted that Moderna has several vaccines in late-stage clinical studies, including its "omicron-containing bivalent COVID booster, seasonal flu, RSV and CMV vaccine candidates."
Moderna CEO on Russia invading Ukraine, new COVID variant, alleged genetic patent match
In a wide-ranging interview on ‘Mornings with Maria,’ Moderna CEO Stephane Bancel discusses how a Russian invasion could impact the company and COVID-19 progression.
"Beginning in the fall of 2022, our robust Phase 3 pipeline could lead to three respiratory commercial launches over the next two to three years," he added. "We also look forward to advancing our therapeutic programs and sharing proof-of-concept readouts on our rare genetic disease programs for propionic acidemia and methylmalonic acidemia and on our personalized cancer vaccine program this year."
CLICK HERE TO READ MORE ON FOX BUSINESS
Moderna currently is seeking authorization for its shots to be used in adolescents and children.
The Associated Press contributed to this report.