Shares of Moderna (NASDAQ:MRNA) are up 5% in premarket trading Wednesday after the company reported better-than-expected Q1 revenue.
The pharmaceutical company reported a Q1 EPS of $8.58, topping the consensus estimates of $4.98. Revenue came in at $6.07 billion, up from $1.94 billon in the year-ago period, and above the consensus estimates of $4.71 billion.
The company generated coronavirus vaccine revenue of $5.93 billion, easily beating the analyst expectations of $5.05 billion. Moderna reaffirmed its 2022 signed advance buy pacts for Covid-19 vaccines of around $21 billion.
MRNA also said it expects 2022 cost of sales as a percentage of product sales in the low-to-mid 20s percentage range and anticipates 4 programs in Phase 3 in the current second quarter including Omicron-containing bivalent COVID booster, flu, RSV, and CMV.
Goldman Sachs (NYSE:GS) analyst Salveen Richter commented:
“We look to the call for an update on discussions with global governments and NGOs for APAs in 2022+ - including China and India per prior management commentary. In terms of preparing for private market demand, management has previously noted ongoing work of the US commercial team with PBMs and pharmacy chains, to prepare for a scenario where there is no purchase by the US government for vaccines this fall.”
By Senad Karaahmetovic