Moderna (NASDAQ:MRNA) on Thursday blew past estimates for first-quarter earnings and revenue, posting a surprise quarterly profit, despite lower demand for Covid vaccines, its only marketable product.
The biotech company generated first-quarter sales of $1.9 billion, driven by Covid shot revenue deferred from 2022. That’s down more than 30% from the $6.1 billion it recorded in the same period a year ago amid a resurgence of Covid cases.
Moderna posted net income of $79 million, or 19 cents per share, for the quarter. That’s compared with $3.66 billion in net income, or $8.58 per share, reported during the same quarter last year.
Earnings per share proved 19 cents per share vs. a loss of $1.77 per share expected, on revenue of $1.86 billion vs. $1.18 billion expected
Moderna maintained its full-year guidance of around $5 billion in revenue from its Covid vaccine, which will come from signed government contracts for the shot.
CEO Stéphane Bancel said he believes the company is “well on our way to execute” that target.
The company is also having discussions about new contracts with customers in Europe, Japan and in the U.S. Bancel noted the company is in active discussion with U.S. government agencies, pharmacy chains and hospital chains about those contracts.
The company is set to roll out more boosters after the Food and Drug Administration and Centers for Disease Control and Prevention last month authorized additional vaccines targeting the omicron variant for seniors and people with weak immune systems.
MRNA shares popped $7.60, or 5.8%, to $137.74.
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