(Corrects headline to say results topped estimates)
Moderna Inc. (MRNA) reported a profit for the second quarter compared to a loss in the previous year, reflecting surging revenues amid vaccine sales. Total revenue for the quarter surged from last year, resulting from commercial sales of the company’s COVID-19 vaccine in the U.S.
Quarterly earnings per share and revenues topped analysts’ expectations. The company raised its 2021 sales forecast for its COVID-19 vaccine.
The company raised its 2021 sales outlook for its COVID-19 vaccine to $20.0 billion from the prior outlook of $19.2 billion, based on Advance Purchase Agreements (APAs) signed. However, the company maintained its 2021 supply forecast of between 800 million and 1 billion doses.
For fiscal 2022, the company has already signed APAs for product sales of approximately $12 billion and options of approximately $8 billion, with numerous additional negotiations still ongoing for 2022 APAs. It also expects dose capacity for its COVID-19 vaccine for the year to be between 2 billion to 3 billion doses, subject to dose level.
For fiscal 2023, the company has also started to sign APAs as forward-looking countries prepare for the endemic phase of COVID-19.
The Board of Directors has also authorized a share repurchase program of up to $1 billion over a two-year period to return excess capital to shareholders.
For the second quarter, the company reported net income of $2.78 billion or $6.36 per share, compared to a net loss of $117 million or $0.31 per share in the prior-year quarter.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $6.04 per share for the quarter. Analysts’ estimates typically exclude special items.
Total revenue for the quarter surged to $4.35 billion from last year’s $67 million, resulting from commercial sales of the Company’s COVID-19 vaccine, and to a lesser extent, grant revenue. Analysts expected revenues of $4.28 billion for the quarter.
Product sales for the quarter were $4.20 billion from sales of the company’s COVID-19 vaccine. The increase in grant revenue of $101 million was primarily driven by an increase in revenue from BARDA related to the company’s COVID-19 vaccine development.
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