Moderna (MRNA) Tops Q2 Street Estimates, Nabs $4.2 Billion from 199 Million Sold Vaccines That Yielded 93% Efficacy Through Six Months

August 5, 2021 6:58 AM EDT

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Moderna (NASDAQ: MRNA) reported better-than-expected Q2 results for the second quarter on the back of the robust demand for its effective Covid-19 vaccine.

Moderna’s second-quarter net income came in at $2.78 billion, or $6.46 per share to beat the Street consensus of $6.01 per share. Sales for the quarter were reported at $4.35 billion to again beat the $4.29 billion market estimate.

Over 90% of sales were generated through the sale of 199 million Covid-19 vaccines in Q2, the company said. Cost of sales was $750 million, or 18%, of product sales for the three months ended June 30.

“I am proud of the progress our teams at Moderna have made in the past quarter in advancing our development pipeline while addressing a global pandemic and quickly establishing global manufacturing and commercial organizations,” said Stéphane Bancel, Chief Executive Officer of Moderna.

Moreover, the company said its vaccine showed a 93% efficacy through six months “but recognize that the Delta variant is a significant new threat so we must remain vigilant.”

“We have begun preparing late stage studies for our flu vaccine and RSV vaccine, which received fast track designation from the FDA a few days ago and are looking forward towards our vision of a single dose annual booster that provides protection against COVID-19, flu and RSV for adults. I look forward to the start of our Phase 3 trial for CMV this year and to clinical proof of concept data in the coming quarters from our therapeutics pipeline. We believe this is just the beginning,” Bancel added.

Including sales already recorded in the six months to end-June, the company has commercial agreements worth $20 billion, out of which $12 billion is guaranteed and $8 billion are options.

It is expected to produce up to 1 billion doses in 2021, with the capacity projected to increase to between 2 billion to 3 billion doses in 2022.

Shares of the company are down over 1% in pre-open Thursday.

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