Moderna Q4 Profit Down On Lower Covid-19 Product Sales, But Beats Estimates

(RTTNews) - Moderna, Inc. (MRNA) Thursday reported significantly lower profit for the fourth quarter than last year, primarily driven by decrease in revenue on lower Covid-19 product sales. However, the company's profit as well revenue beat the Street view.

Net income was $217 million or $0.55 per share for the fourth quarter, compared with $1.465 billion or $3.61 per share in the same quarter a year ago. On average, 17 analysts polled by Thomson-Reuters were expecting for a loss of $0.97 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the fourth quarter was $2.811 billion, a sharp decrease from $5.084 billion in the same period last year, primarily due to a reduction in sales of the company's COVID-19 vaccine. The consensus estimate was for $2.49 billion.

Net product sales were $2.8 billion, 43% down from the previous year.

Looking ahead, Moderna has reiterated its full-year product sales outlook of about $4 billion.

Moderna shares were up more than 6 percent in pre-market. The stock had closed at $87.59, up 0.69 percent on Wednesday. It has traded in the range of $62.55 - $163.24 in the last 1 year.