Moderna It sold $ 5.9 billion in Covid vaccine in the first quarter, smashing revenue and profit expectations.
Stocks in biotech companies fell after soaring more than 7% in pre-market trading on Wednesday. Its inventory dropped moderately in the afternoon trading.
Moderna maintained $ 21 billion in guidance annually. COVID Vaccine sales. This guidance is based on a signed agreement with the government and does not include orders from the United States, so the final number may be even higher.
However, CFO David Meline said there was uncertainty in the 2022 sales guidance. COVAX, an international alliance that supports the procurement of shots in some countries, opposed exercising additional dose options this year. The sales guidance still includes the contract volume from COVAX, but the group needs to confirm the demand, Meline said.
The Moderna Covid-19 vaccine is waiting to be administered at the Vaccination Clinic in Los Angeles, California on December 15, 2021.
Frederick J. Brown | AFP | Getty Images
Moderna’s first-quarter vaccine sales more than tripled compared to the same period last year, which reported $ 1.7 billion in sales shortly after Shot was first deployed. Spikevax, a Covid vaccine for adults over the age of 18, is the company’s only commercially available product.
CEO Stephane Bancel said Moderna expects vaccine sales to grow in the second half of this year as the government orders more injections to prepare for the fall vaccination campaign. According to Bansel, Moderna will receive regulatory approval late summer for a redesigned vaccine that targets mutations in the Omicron variant, in addition to the original strain that emerged in Wuhan, China in 2019. I also expect that.
“The virus is mutating to become more and more infectious, and the immune system is weakened,” Bansel told CNBC. Meg Tyrrell In an interview on Wednesday, “Squawk Box“What we are working on is that it will be very important to boost people in the fall with more adaptable vaccines.”
Moderna reported quarterly net income of $ 3.66 billion. This is a three-fold increase from the $ 1.2 billion reported in the same period last year.
Based on the analyst’s average estimates compiled by Refinitiv, the company’s performance compared to what Wall Street expected is:
- Adjusted EPS: $ 8.58 per share, expected $ 5.21
- Revenue: $ 6.07 billion, forecast $ 4.62 billion
Moderna’s cash pile increased from $ 17.6 billion in December to $ 19.3 billion in late March. According to Bansel, Moderna’s top priority is to invest in its product pipeline, but the company is actively considering M & A opportunities around the world.
“When it comes to M & A, we can say that our team has never been so busy,” Bansel told analysts in Moderna’s earnings announcement. “They literally see many opportunities around the world. We don’t hesitate to invest to expand our platform through technology and products.”
Moderna will release data on vaccines that also target Omicron in June, President Stephen Hogue told analysts on Wednesday’s phone call.
Current vaccines targeting Wuhan strains are becoming less effective in preventing mild illness because highly mutated variants such as Omicron evade antibodies that block infection. While current shots still provide strong protection against serious illness and death, Modena believes that vaccines containing Omicron provide the broadest immunity to Covid as the virus continues to evolve. ..
Advisory Board of the Food and Drug Administration Meet on June 28th To discuss whether the United States needs to adopt a redesigned vaccine that targets viral mutations. Bansel told CNBC that the turnaround would be tight if the FDA decided that Americans needed a new vaccine in the fall. Moderna and other vaccine makers have only July to order inputs and produce tens of millions of doses.
“Looking at the timeline, I don’t think any manufacturer is ready to fill the channel with products in August,” Bansel said.
Last week, Moderna Asked the FDA to approve a double-dose vaccine For children aged 6 months to 5 years, it is the only remaining age group in the United States and is not yet eligible for shots. Biotechnology companies are also asking the FDA to approve shots of children aged 6 to 11 and teenagers aged 12 to 17. According to the company’s press release, Moderna will complete the FDA application for the pediatric vaccine within the next two weeks.
The FDA Advisory Board has set several dates in June to review submissions for the Covid vaccine for children. Bansel told CNBC Wednesday that Moderna is working towards a June shot launch.