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Moderna COVID-19 vaccine tallies more than USD 4B in Q2 sales
Washington: Moderna’s COVID-19 vaccine brought in more than USD 4 billion in second-quarter sales, helping to push the vaccine developer into a profit. The company also said Thursday an analysis showed that its vaccine remains 93 per cent effective as much as six months after the second dose.
Moderna’s announcement comes after pharmaceutical giant Pfizer Inc. said its COVID-19 vaccine remained effective months after the second dose and had become a top seller. It brought in nearly half the company’s revenue — USD 7.84 billion from direct sales and revenue split with its partner, Germany’s BioNTech.
The COVID-19 vaccine is Moderna’s only commercially approved product. It also is developing several vaccines that aim to guard against the flu, Zika and HIV among other viruses. Those are all in early stages of clinical testing, according to its website. The company also is testing a potential booster shot for the COVID-19 vaccine.
Overall, Moderna earned USD 2.78 billion in the second quarter, compared to a loss of USD 117,000 last year, before its vaccine received emergency use authorization in the US and other countries to fight the global pandemic. The company brought in USD 4.35 billion in total revenue, thanks to the vaccine and some grants. Earnings per share totaled USD 6.46.
The results topped Wall Street expectations. Analysts surveyed by Zacks Investment Research expected, on average, earnings of USD 6.01 per share on USD 4.29 billion in revenue. Moderna’s COVID-19 vaccine has received emergency authorization for use in more than 50 countries. Cambridge, Massachusetts-based Moderna Inc. also said Thursday that it completed enrollment in an early-stage study of its next-generation COVID-19 vaccine, which could be easier to store and distribute.
The company also said it will explore a combination vaccine that aims to offer protection against the flu, COVID-19 and other viruses. Company shares fell 4% to USD 402 in premarket trading Thursday. The stock price has quadrupled since the end of 2020.