Moderna Q1 Profit, Revenues Down, Yet Beats Market; Backs FY23 COVID-19 Vaccine Sales View

(RTTNews) - Covid vaccine maker Moderna, Inc. (MRNA) reported Thursday that its first-quarter net income plunged to $79 million from last year's $3.66 billion. Earnings per share were $0.19, down from $8.58 a year ago.

On average, 14 analysts polled by Thomson Reuters expected loss of $1.77 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the first quarter was $1.86 billion, sharply lower than prior year's $6.1 billion. Analysts expected revenues of $1.18 billion for the quarter.

The drop in revenues mainly reflected a decrease in sales of the company's COVID-19 vaccines. Product sales were $1.8 billion, a decrease of 69 percent, primarily driven by lower sales volume.

Further, Moderna reiterated its expectation of 2023 minimum sales of around $5.0 billion from previously announced COVID-19 vaccine Advanced Purchase Agreements.

The company estimates the U.S. annual COVID-19 market to be 100 million doses. The firm is in active supply discussions for new COVID-19 vaccine orders for fall of 2023 in the U.S., Japan, and the E.U.

The company projects second-quarter sales between $0.2 billion and $0.3 billion, and continues to expect total product sales in the first half of 2023 of around $2.0 billion.

In pre-market activity on Nasdaq, Moderna shares were trading at $132.85, up 2.08 percent.

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