The vaccine maker said Wednesday that revenue from its
coronavirus preventive shots jumped to $5.92 billion, from $1.73 billion in
last year’s quarter, when the vaccines were debuting in most markets.
More than 217 million doses of Moderna’s Spikevax vaccine
have been administered in the U.S., where it is one of three approved options
for adults. Pfizer’s Comrinaty shots are the most commonly used, according to
the Centers for Disease Control and Prevention. A vaccine from Johnson &
Johnson ranks third.
Moderna also is seeking authorization for its shots to be
used in adolescents and children, something dozens of other countries have
already granted.
The company also has several vaccines in late-stage clinical
studies, including a potential flu shot and a COVID-19 booster updated to protect
against the evolving virus. Moderna said Wednesday it could have three
commercial product launches over the next two or three years, starting this
fall.
In the first quarter, Moderna earned $3.7 billion, compared
with $1.2 billion in the same period last year.
On a per-share basis, the Cambridge, Massachusetts-based
company said it had profit of $8.58.
The results topped Wall Street expectations. The average
estimate of nine analysts surveyed by Zacks Investment Research was for
earnings of $5.18 per share.
The biotechnology company posted total revenue of $6.07
billion in the period, which also beat average Street forecasts for $4.5
billion.
While vaccine sales jumped compared to last year, they slid
$1 billion from the fourth quarter of 2021, when customers sought boosters and
many children began getting shots.
Research costs and other expenses also jumped in the first
quarter, as the company built out its business. Moderna now has about 3,200
full-time workers, more than twice the total employed at the end of last year’s
quarter.
Company shares fell 2%, or $3.04, to $143.50 in late-morning
trading while broader indexes were mixed. The shares had already tumbled 42% so
far this year. -AP