Moderna Q1 Results Top Estimates

(RTTNews) - Moderna Inc. (MRNA) reported on Wednesday net income for the first quarter tripled to $3.66 billion or $8.58 per share from $1.22 billion or $2.84 per share in the prior-year quarter.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $5.21 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter soared to $6.07 billion from last year's $1.94 million, primarily due to increased product sales. Analysts expected revenues of $4.62 billion for the quarter.

The company is reiterating its signed advanced purchase agreements for 2022 of $21 billion. It believes that COVID market dynamics will result in sales slightly larger in the second half of 2022 than in the first half.

The company added that it expects to have four programs in late-stage Phase 3 studies including its Omicron-containing bivalent COVID booster, seasonal flu, RSV and CMV vaccine candidates in the second quarter