Moderna Stock Notches Another Record As Earnings Obliterate Forecasts
Moderna stock popped Thursday after the Covid vaccine maker crushed Wall Street’s second-quarter forecasts, and announced a $1 billion stock buyback.
Further, Moderna (MRNA) raised its full-year outlook and now expects $20 billion in sales, including already reported sales and signed agreements for Covid vaccine doses. This year, Moderna says it can make 800 million to 1 billion doses of the vaccine.
In early action on the stock market today, Moderna stock popped 2.8% and was near 430.60. That reversed a premarket decline following news of the buyback.
During the quarter, Moderna earned $6.46 per share, minus certain items, on $4.35 billion in sales. Moderna earnings flipped from year-earlier losses and sales skyrocketed close to 6,400%. Its Covid vaccine generated close to $4.2 billion of sales. The balance came from grants and collaborations.
Both measures easily beat Moderna stock analysts’ forecasts for $5.96 earnings per share and $4.21 billion in sales.
Moderna Stock: Advancing Other Vaccines
The company is also advancing its flu and respiratory syncytial virus vaccines into late-stage testing, and plans to begin a Phase 3 study of its cytomegalovirus vaccine later this year.
“We believe this is just the beginning,” Chief Executive Stephane Bancel said in a written statement.
For 2022, Moderna has already signed contracts to deliver $12 billion worth of Covid vaccine sales, with options to purchase roughly $8 billion more in doses. Next year, it expects to make 2 billion to 3 billion doses. That number could change based on dose level.
The company says it has also starting signing agreements for 2023 “as forward-looking countries prepare for the endemic phase of Covid-19.”
Early Thursday, Moderna stock hit another record high.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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