Moderna Therapeutics Inc (NASDAQ:MRNA) is projecting increased vaccine sales in the second half of 2022 as it develops a “next-generation booster,” according to first-quarter results released Wednesday.
Sales of the Moderna vaccine were $5.9 billion in the first quarter, and the firm projects $21 billion total in 2022. Total revenue was more than $6 million, easily topping analysts’ expectations of $4.6 million, according to media reports.
The firm believes COVID-19 will become more endemic as the year goes on, according to its corporate presentation, and expects boosters to be needed for those at high risk of severe illness, a group it estimates includes 1.7 billion people worldwide.
READ: Moderna requests emergency approval for a second Covid booster for all adults
Moderna is developing a potential next-generation booster designed for both the Omicron variant, currently the most dominant strain in the US according to reports, and the original strain of COVID-19.
Sales of the vaccine could increase if the US and others sign contracts to buy booster doses, however, they could also fall if the international vaccine-sharing program known as COVAX is not able to confirm demand for the booster in low- to middle-income countries, Moderna noted.
Shares of Moderna climbed more than 5% to $154.04 Wednesday afternoon.
Earlier this week, fellow vaccine-maker Pfizer Inc (NYSE:PFE) (Pfizer Inc (NYSE:PFE)) projected $32 billion in sales for its vaccine this year, reiterating its previous guidance. The firm had previously increased its projections following each quarter of 2021.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel