Modern Inc. posted better-than-expected profits in the last three months of 2021, as the company’s COVID-19 vaccine continues to drive year-on-year growth.
In the latest quarter, Moderna’s revenue reached $7.21 billion, almost all of which came from vaccine sales. The Cambridge, Mass., company said it distributed a total of 807 million shots last year.
According to data from the Centers for Disease Control and Prevention, more than 75 million people in the U.S. have been vaccinated with Moderna’s shots, and nearly 40 million have been given the company’s boosters. This makes it the second most widely used vaccine in the US after the vaccine developed by Pfizer Inc. and BioNTech SE.
Most recently, the Food and Drug Administration is in the early stages of reviewing the data to decide whether to authorize a second round of COVID-19 booster shots toward offering shots in the fall.
This year, Moderna has begun testing a version of its vaccine, which has been redesigned with the Omicron version due to a rise in worldwide infections starting late last year. More recently, cases and deaths caused by Omicron have started to decrease in the US.
Moderna reported net income of $4.87 billion, or $11.29 per share, for the fourth quarter of 2021.
Wall Street analysts polled by FactSet were predicting $6.8 billion in sales and $9.96 per share in earnings.
Shares of Moderna fell 2% in premarket trading after the company released its quarterly results. There was widespread selling in the market on Thursday morning after news of Russia’s invasion of Ukraine. At $135.73 at the end of Wednesday, Moderna’s stock has lost nearly half of its value year to date.
Looking ahead, Moderna said its advance-purchase agreements for 2022 total approximately $19 billion.
This story has been published without modification to the text from a wire agency feed
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