Moderna shares rose after the biotechnology company unexpectedly reported a profit for the first quarter and reaffirmed its 2023 COVID-19 vaccine sales expectations.
The company posted earnings per share of $0.19, down from $8.58 in the same quarter a year earlier, but significantly outperforming Wall Street’s expectation of a loss per share of $1.77.
Revenue was $1.9 billion, down from $6.1 billion from the year-ago quarter due to a decrease in COVID-19 vaccine sales, but ahead of the Street’s forecast of $1.2 billion.
The company also reaffirmed its forecast of minimum COVID-19 vaccine sales of $5 billion for the year based on its previously announced Advanced Purchase Agreements.
“In addition, we are encouraged by the progress of new COVID-19 vaccine contracts in the US for this fall with pharmacy chains, hospital networks and multiple US government agencies,” said Moderna CEO Stéphane Bancel in a statement.
“Similar discussions are ongoing with Japan, the EU, and other key markets such as Australia, which recently ordered additional COVID-19 vaccines.”
Moderna stock was up 4.5% at US$135.68 on Thursday morning.
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