cloudyn.png
Tuesday August 16th, 2022 11:22PM

Moderna first-quarter profit triples on robust vaccine sales

By The Associated Press
Related Articles
  Contact Editor

CAMBRIDGE, Mass. (AP) — COVID-19 vaccine sales helped Moderna triple its net income in a better-than-expected first quarter.

The vaccine maker said Wednesday that revenue from its coronavirus preventive shots jumped to $5.92 billion, from $1.73 billion in last year’s quarter, when the vaccines were debuting in most markets.

More than 217 million doses of Moderna’s Spikevax vaccine have been administered in the U.S., where it is one of three approved options for adults. Pfizer’s Comrinaty shots are the most commonly used, according to the Centers for Disease Control and Prevention. A vaccine from Johnson & Johnson ranks third.

Moderna also is seeking authorization for its shots to be used in adolescents and children, something dozens of other countries have already granted.

The company also has several vaccines in late-stage clinical studies, including a potential flu shot and a COVID-19 booster updated to protect against the evolving virus. Moderna said Wednesday it could have three commercial product launches over the next two or three years, starting this fall.

In the first quarter, Moderna earned $3.7 billion, compared with $1.2 billion in the same period last year.

On a per-share basis, the Cambridge, Massachusetts-based company said it had profit of $8.58.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $5.18 per share.

The biotechnology company posted total revenue of $6.07 billion in the period, which also beat average Street forecasts for $4.5 billion.

While vaccine sales jumped compared to last year, they slid $1 billion from the fourth quarter of 2021, when customers sought boosters and many children began getting shots.

Research costs and other expenses also jumped in the first quarter, as the company built out its business. Moderna now has about 3,200 full-time workers, more than twice the total employed at the end of last year’s quarter.

Company shares fell 2%, or $3.04, to $143.50 in late-morning trading while broader indexes were mixed. The shares had already tumbled 42% so far this year.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRNA at https://www.zacks.com/ap/MRNA

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Industries, AP Business - Health Care
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Election 2022: JD Vance wins Ohio's GOP Senate primary
Primary elections in Ohio have set the stage for a more competitive phase of the midterm primary season, with closely watched races in Pennsylvania, North Carolina and Georgia scheduled for later this month
11:43AM ( 3 minutes ago )
Pope's Ukraine diplomacy a political and spiritual tightrope
Pope Francis hasn’t made much of a diplomatic mark in Russia’s war in Ukraine: His appeals for a truce have gone unheeded, and his planned meeting with the head of the Russian Orthodox Church was called off
11:35AM ( 11 minutes ago )
Russia pounds Ukraine, targeting supply of Western arms
Russian forces pounded targets across Ukraine, taking aim at supply lines for foreign weapons in the west and intensifying an offensive in the east
11:26AM ( 19 minutes ago )
Associated Press (AP)
EXPLAINER: What's the impact if Europe cuts off Russian oil?
The European Union's executive commission has proposed phasing out imports of Russian oil within six months
10:44AM ( 1 hour ago )
Live updates | Hungary won't support banning Russian oil
Hungary’s foreign minister says the country won’t support a European Union proposal for banning oil imports from Russia in a move that could derail the bloc’s efforts to apply united pressure against Moscow over its war in Ukraine
10:36AM ( 1 hour ago )
Beijing shuts 10% of subway stations to stem COVID-19 spread
Beijing has closed 60 subway stations as an additional measure against the spread of the coronavirus
10:16AM ( 1 hour ago )
AP Business
CVS raises 2022 forecast after better-than-expected 1Q
COVID-19 vaccines and tests for the virus continued to boost CVS Health in the first quarter, and the health care giant finally raised its annual forecast
6:55AM ( 4 hours ago )
Fiji says US can seize Russian superyacht but not right away
A judge in Fiji has ruled that U.S. authorities can seize a Russian-owned superyacht — but not until at least Friday while defense lawyers mount a challenge
1:07AM ( 10 hours ago )
Starbucks reports record Q2 sales, enhances worker benefits
Starbucks’ sales climbed to a record $7.6 billion in its fiscal second quarter, but its profits took a hit from climbing labor costs
7:36PM ( 16 hours ago )
AP Business - Corporate News
Wall Street points toward gains ahead of Fed rate decision
Wall Street headed toward gains before the market opened Wednesday as investors waited for the Federal Reserve to announce another expected interest rate hike
8:16AM ( 3 hours ago )
EU takes major step toward Russian oil ban, new sanctions
The European Union’s chief executive has called on the 27-nation bloc to ban oil imports from Russia in a sixth package of sanctions over the war in Ukraine
8:11AM ( 3 hours ago )
EU leader calls for Russian oil ban in new set of sanctions
The European Union’s leader has called on the 27-nation bloc to ban oil imports from Russia in a sixth package of sanctions targeting Moscow for its war in Ukraine
7:17AM ( 4 hours ago )
AP Business - Industries
Pfizer profit soars in first quarter, revises 2022 forecast
Sales of Pfizer’s COVID-19 vaccine and treatment pushed the drugmaker well past expectations in the first quarter, as profit grew 61%
1:42PM ( 22 hours ago )
Change at the top for Biogen after Alzheimer's drug flops
Biogen is looking for a new CEO less than a year after its launch of its Alzheimer’s drug Aduhelm largely fizzled
1:29PM ( 22 hours ago )
Pfizer hopes to submit little-kid vaccine data by early June
Pfizer now hopes to tell U.S. regulators how well its COVID-19 vaccine works in the littlest kids by early June
1:12PM ( 22 hours ago )
AP Business - Health Care
Election 2022: JD Vance wins Ohio's GOP Senate primary
Primary elections in Ohio have set the stage for a more competitive phase of the midterm primary season, with closely watched races in Pennsylvania, North Carolina and Georgia scheduled for later this month
11:43AM ( 3 minutes ago )
Sinn Fein eyes historic win in Northern Ireland election
The Irish nationalist party Sinn Fein may be headed for a historic victory in Northern Ireland, which has been led by British unionist parties since it was founded as a state a century ago
11:20AM ( 26 minutes ago )
Strong winds could push New Mexico fire toward mountain town
Residents of the small northeastern New Mexico town of Las Vegas have been watching aircraft disappear into a giant plume of smoke to fight a growing wildfire that has burned hundreds of square miles, destroyed about 170 homes and threatens more destruction
11:06AM ( 40 minutes ago )
Russia pounds Ukraine, targeting supply of Western arms
Russian forces pounded targets across Ukraine, taking aim at supply lines for foreign weapons in the west and intensifying an offensive in the east
11:26AM ( 20 minutes ago )
Film and stage star Ariana DeBose to host the Tony Awards
New Academy Award winner and Tony Award nominee Ariana DeBose will host this year’s Tony Awards
11:03AM ( 43 minutes ago )