Moderna
MRNA,
+4.41%
reported a surprise first-quarter profit on Thursday, emphasizing the ongoing market potential for COVID-19 vaccine sales even as it races to diversify into other products targeting other respiratory viruses, bacterial pathogens, cancer and other conditions. The biotech company reported first-quarter revenues of $1.862 billion, down 69% from a year earlier, amid dwindling sales of its COVID-19 vaccine. But Moderna reiterated that it expects a minimum of $5 billion in 2023 COVID vaccine sales from previously announced advance purchase agreements and said it’s in active negotiations for additional sales in the U.S., European Union and other key markets. On a call with analysts Thursday morning, Moderna confirmed that the U.S. list price for its commercial COVID-19 vaccine will be in the range of $110 to $130.
Moderna’s first-quarter net income of $79 million, or 19 cents a share, was down from $3.657 billion, or $8.58 a share, in the year-earlier period but blew past Wall Street expectations. The FactSet consensus was for a loss per share of $1.75. COVID-19 vaccine sales totaled $1.8 billion in the first quarter, Moderna said, and sales of updated shots matched to the current strains will start in the second half of this year. “There continues to be a clear need to protect against severe COVID infections, and our customers recognize that need,” Moderna chief commercial officer Arpa Garay said on the conference call Thursday, noting …
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