US government support of a waiver of patent protections for Covid-19 vaccines at the World Trade Organization could weigh on Moderna’s shares.
Bloomberg |
PUBLISHED ON MAY 06, 2021 05:28 PM IST
Moderna Inc. said studies of its Covid vaccine in teenagers showed that it was 96% effective and raised its product sales projections for the year as it reported its first-ever profitable quarter.
- Total revenue for the quarter was $1.94 billion, Moderna said, versus the average expectation of $2.22 billion. Moderna reported earnings of $2.84 a share; analysts had expected adjusted earnings of $2.34 a share.
- The company raised its product sales projection for 2021 to $19.2 billion from $18.4 billion.
Key Insights
- Initial results from the company’s study of its Covid-19 vaccine in 12-to-17 year old adolescents showed that the vaccine was 96% effective with no serious safety problems, the company said.
- Moderna is racing to bolster production capacity to help inoculate the world from Covid-19 and keep viral variants at bay. It recently announced investments in U.S. plants and overseas contractors that will raise supply of its Covid vaccine to as many as 3 billion doses next year. The final count depends on the mix of primary two-dose vaccine and booster shots that use less vaccine material.
- On Wednesday, Moderna released results of preliminary human trials showing that two types of booster shots helped bolster immune responses against variants that surfaced in South Africa and Brazil.
- U.S. government support of a waiver of patent protections for Covid-19 vaccines at the World Trade Organization could weigh on Moderna’s shares.
Market Performance
- Moderna fell 6.7% in trading before U.S. markets opened. The shares have gained 56% since the year began through Wednesday’s close.
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