Moderna (MRNA) Gains as Revenue Tops Estimates, Expects $18.4 Billion in Sales on 700 Million Doses of COVID-19 Vaccine This Year

COVID-19 vaccine maker Moderna (NASDAQ: MRNA) has reported higher-than-expected sales for its fourth-quarter to send shares higher, although it recorded a loss that exceeded analysts’ expectations.

Moderna said it lost $272.5 million or $0.69 per share, much higher than $123.3 million, or $0.34 a share the Street expected. Meanwhile, sales for the quarter were reported at $571 million to crush analysts' estimates of $279.4 million.

“2020 was a historic year for Moderna. The team rose to the challenge to address the devastating COVID-19 pandemic in less than one year with our authorized vaccine. It is encouraging and humbling that more than 32 million doses of our vaccine have been administered in the U.S. and that millions of people around the world have been vaccinated with our vaccine to date. 2020 demonstrated the power of harnessing mRNA to make medicines and also demonstrated the speed and scalability of the Moderna platform that we have built over the last 10 years,” said Stéphane Bancel, Chief Executive Officer of Moderna.

As far as Covid-19 vaccine is concerned, the company said it has distributed 32 million doses of its vaccine in the U.S. so far. Moderna also increased the base-case delivery target from 600 million doses globally to 700 million, while it expects to generate $18.4 billion in sales from the vaccine.

Earlier this month, Pfizer said it forecasts sales of about $15 billion in 2021 from the coronavirus vaccine.

In separate news, the company announced its Chief Medical Officer (CMO) Tal Zaks would leave the company in late September.

Shares of Moderna are up 3.8% in pre-open Thursday.

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