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Moderna’s stellar rise continues with revenues of $4.4bn in Q2

2021 revenue is expected to exceed $20bn, up from $803m in 2020, driven by revenue of $4.2bn from the sale of just under 200 million doses of the company's vaccine

Moderna

This time last year, Moderna was an exciting biotech with an innovative messenger RNA technology. Now it’s posting revenues in the billions as a result of its hugely successful COVID-19 vaccine, Spikevax.

The Massachusetts-based mRNA therapeutics and vaccines biotech reported sales of $4.4bn compared to $67m for the same period in 2020. This growth was fuelled by Spikevax, which recorded revenue of $4.2bn from the sale of just under 200 million doses of the vaccine.

Moderna also reported anticipated product sales of $20bn for 2021 based on existing advance purchase agreements (APAs). The company expects to manufacture between 800 million and 1 billion doses of its COVID-19 vaccine in 2021.

This lags behind only Pfizer, which recently predicted it would sell 2.1 million doses of its mRNA vaccine for $33.5bn with partner BioNTech.

Moderna also reported a net income of $2.8bn and diluted earnings per share of $6.46, matching analysts’ forecasts. The company’s share price dropped 3% on the news, but this is a drop in the ocean after its shares provided a total return of 434.1% over the past year, well above the S&P 500's average of 33.2%.

The company also announced that it has signed APAs worth $12bn and options of $8bn for 2022, with more still under negotiation. It expects to offer between two and three billion doses in 2022.

Moderna chief executive, Stéphane Bancel, was keen to stress the strength of its pipeline. “We now have mRNA candidates in clinical trials across five therapeutic areas including infectious diseases, cardiovascular, oncology, rare disease and autoimmune disorders. We are pleased that our COVID-19 vaccine is showing durable efficacy of 93% through six months, but recognise that the Delta variant is a significant new threat so we must remain vigilant.”

The company announced that its booster candidates demonstrated “robust antibody responses to COVID-19 variants of concern” in its phase 2 trials. The company also currently has 23 mRNA development programmes underway, with 15 of these in clinical studies.

Article by
Hugh Gosling

9th August 2021

From: Sales

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