Moderna Announced Positive Earnings Due to Covid-19 Vaccine

Feb 24, 2022 By MarketDepth

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Moderna (NASDAQ: MRNA) announced that following positive earnings, it now expects to sell a minimum of USD19 Billion of its Covid-19 vaccine, Spikevax, in 2022. The new forecast is USD2 Billion higher than its previous outlook of USD17 Billion. Additionally, the company disclosed a new USD3 Billion share repurchase plan.

Higher than Anticipated Earnings

The American pharmaceutical and biotechnology company reported earnings of USD11.29, compared to the expected USD9.90 a share. Revenue amounted to USD7.2 Billion, higher than analysts anticipated USD6.78 Billion. Furthermore, Moderna revealed that net income within the quarter totaled USD4.9 Billion.

“Spikevax is now approved in more than 70 countries around the world protecting hundreds of millions of people and real-world evidence from multiple independent studies has confirmed its strong effectiveness. In 2021, we delivered 807 million doses with approximately 25% of those doses going to low- and middle-income countries, and we will continue to scale in 2022 to help end the COVID-19 pandemic.”

Stéphane Bancel, Chief Executive Officer of Moderna

Though the world is recovering from the omicron wave, Bancel says that people will need booster shots in the fall, especially those over 50 years old and individuals with underlying conditions.

“We believe there’s a high probability that we’re moving into an endemic setting,” Bancel told CNBC’s Meg Tirrell. “We should still be cautious because as we’ve seen with delta, which came after alpha and was more virulent, [it] is always possible to get the more virulent variant of course.”