Moderna sold $5.9 billion of its Covid vaccine in the first quarter, blowing out revenue and profit expectations.
The company’s shares soared by more than 8% in premarket trading.
The biotech company on Wednesday maintained its full-year guidance of $21 billion in Covid vaccine sales. The sales guidance is based on signed agreements with governments and does not include any orders from the U.S., so the final number could ultimately come in higher.
Moderna’s first-quarter vaccine sales more than tripled over the same period last year, when it reported $1.7 billion in sales shortly after the shots first rolled out. The Covid vaccine, Spikevax, is the biotech company’s only commercially available product.
Here’s how Moderna performed compared with what Wall Street expected, based on analysts’ average estimates compiled by Refinitiv:
Adjusted EPS: $8.58 per share, vs. $5.21 expectedRevenue: $6.07 billion, vs. $4.62 billion expected
Moderna reported $3.66 billion in net income for the quarter, a threefold increase over the $1.2 billion it reported in the same period last year.
This is a developing story. Please check back for updates.