Moderna Inc. (MRNA) Thursday reported a fourth-quarter net loss that widened from last year. But quarterly revenues surged from the previous year, driven by increases in grant revenue and product sales.
The company expects product sales of $18.4 billion in 2021.
The company raised its lower end of global COVID-19 vaccine manufacturing plan for 2021 to 700 million doses from 600 million doses. The manufacturing is still working to supply up to 1 billion doses for 2021.
The company said it is making new capital investments to increase capacity up to 1.4 billion doses in 2022, citing the high demand from around the world for its COVID-19 vaccine and variant-based boosters.
The company noted that it established 8 commercial subsidiaries in 2020 in North America and Europe and plans to expand in 2021 to Japan, South Korea and Australia.
Moderna reported that its fourth-quarter net loss widened to $272.49 million or $0.69 per share from $123.29 million or $0.37 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.35 per share for the fourth-quarter. Analysts’ estimates typically exclude special items.
Total revenue for the fourth-quarter surged to $570.75 million from last year’s $14.06 million, driven by increases in grant revenue and product sales. The increase in grant revenue was primarily due to the BARDA award to accelerate development of our COVID-19 vaccine. Analysts expected revenues of $279.41 million for the fourth-quarter.
The company said it began to recognize revenue in December 2020 from its COVID-19 vaccine subsequent to its authorization for emergency use by the FDA and Health Canada.
In December 2020, the U.S. Food and Drug Administration authorized the emergency use of mRNA-1273, Moderna’s vaccine against COVID-19, in individuals 18 years of age and older. Moderna has also received emergency authorization for use of its COVID-19 vaccine from health agencies in Canada, Israel, the European Union, the United Kingdom, Switzerland, Singapore and Qatar.
Moderna said it is working with additional health agencies and with the World Health Organization on the authorization of its vaccine in additional jurisdictions.
In Thursday pre-market trade, MRNA was trading at $151.00 up $6.21 or 4.29 percent.
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