Stock Market News

Moderna Shares Rally After Topping Q2 Estimates

2022.08.03 18:42

Moderna Shares Rally After Topping Q2 Estimates
Moderna (MRNA) Shares Rally After Topping Q2 Estimates

By Sam Boughedda

Moderna (NASDAQ:MRNA) shares jumped more than 13% in early Wednesday trading after it posted earnings before the open Wednesday, topping analyst earnings and revenue consensus estimates.

The pharmaceutical company revealed second-quarter earnings of $5.24 per share, $0.70 better than the analyst estimate of $4.54. Revenue for the quarter came in at $4.7 billion versus the consensus estimate of $4.07 billion.

Moderna’s said its revenue increase was primarily due to $4.5 billion in product sales, driven by increased sales of the company’s COVID-19 vaccine.

However, its cost of sales was $1.4 billion, or 30% of product sales, including a charge of $499 million for inventory write-downs related to its Covid vaccine, while there was also a loss on firm purchase commitments of $184 million. Moderna put the loss down to a “substantial reduction” of its expected deliveries to COVAX and a deferral of deliveries to other customers, particularly to the European Union.

Moderna reiterated advance purchase agreements for expected delivery in 2022 of approximately $21 billion. In addition, it announced a new $3 billion share repurchase plan.

“Despite the slowing economy and challenges in the biotech industry, Moderna is in a unique position: a platform to drive scale and speed in research of new medicines, a strong balance sheet with $18 billion of cash and an agile, mission-driven team of over 3,400 people and growing. We will continue to invest and grow as we have never been as optimistic about Moderna’s future. Right now, we have four infectious disease vaccines in Phase 3 trials, and later this year, we expect important data from proof-of-concept studies in rare diseases and immuno-oncology,” said Stephane Bancel, Chief Executive Officer of Moderna.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,268.33 0.24%
ethereum
Ethereum (ETH) $ 3,426.71 2.83%
tether
Tether (USDT) $ 1.00 0.08%
solana
Solana (SOL) $ 258.70 1.11%
bnb
BNB (BNB) $ 660.59 3.14%
xrp
XRP (XRP) $ 1.47 6.27%
dogecoin
Dogecoin (DOGE) $ 0.444494 9.39%
usd-coin
USDC (USDC) $ 1.00 0.03%
cardano
Cardano (ADA) $ 1.07 3.41%
staked-ether
Lido Staked Ether (STETH) $ 3,425.81 2.74%
tron
TRON (TRX) $ 0.214435 3.12%
avalanche-2
Avalanche (AVAX) $ 42.31 3.11%
the-open-network
Toncoin (TON) $ 6.49 16.91%
shiba-inu
Shiba Inu (SHIB) $ 0.000028 10.10%
stellar
Stellar (XLM) $ 0.506968 17.19%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,053.44 2.22%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,885.23 0.59%
polkadot
Polkadot (DOT) $ 9.51 34.42%
chainlink
Chainlink (LINK) $ 17.88 5.83%
bitcoin-cash
Bitcoin Cash (BCH) $ 516.55 0.32%
sui
Sui (SUI) $ 3.55 0.23%
weth
WETH (WETH) $ 3,427.59 2.66%
pepe
Pepe (PEPE) $ 0.000021 4.27%
leo-token
LEO Token (LEO) $ 8.61 1.53%
near
NEAR Protocol (NEAR) $ 6.48 4.00%
litecoin
Litecoin (LTC) $ 100.89 3.54%
aptos
Aptos (APT) $ 13.19 4.43%
uniswap
Uniswap (UNI) $ 10.94 9.63%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,609.56 2.80%
hedera-hashgraph
Hedera (HBAR) $ 0.153439 6.79%
internet-computer
Internet Computer (ICP) $ 11.60 1.60%
crypto-com-chain
Cronos (CRO) $ 0.199552 5.69%
usds
USDS (USDS) $ 1.00 1.48%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.585548 12.05%
ethereum-classic
Ethereum Classic (ETC) $ 30.05 2.55%
render-token
Render (RENDER) $ 7.98 3.97%
bittensor
Bittensor (TAO) $ 537.99 3.26%
kaspa
Kaspa (KAS) $ 0.156687 1.29%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.49 10.79%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
bonk
Bonk (BONK) $ 0.000049 0.88%
arbitrum
Arbitrum (ARB) $ 0.88532 6.30%
whitebit
WhiteBIT Coin (WBT) $ 24.79 0.73%
vechain
VeChain (VET) $ 0.043025 11.83%
dai
Dai (DAI) $ 1.00 0.08%
cosmos
Cosmos Hub (ATOM) $ 8.81 12.38%
dogwifcoin
dogwifhat (WIF) $ 3.38 5.15%
filecoin
Filecoin (FIL) $ 5.55 10.10%
mantra-dao
MANTRA (OM) $ 3.68 3.29%
blockstack
Stacks (STX) $ 2.11 6.15%