Key points:
- Moderna reports first-quarter earnings
- The company beats earnings and revenue estimates
- MRNA shares rise 6.8%
- Moderna Asks Investors To Be Patient, Should You Buy The Dip?
Moderna (NASDAQ: MRNA) reported earnings for its first quarter before the open Wednesday, smashing analyst estimates.
The drugmaker announced earnings per share of $8.58, with revenue coming in at $6.1 billion.
The numbers reported were against an anticipated EPS of $5.21 and revenue of $4.62 billion.
Also Read: What Do Quarterly Earnings Mean for Investors?
Moderna sold $5.9 billion of its Covid vaccine in Q1, compared to $1.7 billion in the first quarter of 2021.
In reaction to the report, Moderna's share price has risen 6.8% to $156.62.
Moderna reiterated its 2022 signed advance purchase agreements of approximately $21 billion, while it expects to have four programs in Phase 3 in the second quarter: the Omicron-containing bivalent COVID booster, flu, RSV, CMV.
“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,” said Stéphane Bancel, Chief Executive Officer of Moderna.
“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,” Bancel added.
