Moderna's Covid vaccine obliterated first-quarter views Wednesday, leading Moderna stock to pop despite the company's retained full-year outlook.
Despite a nearly $2 billion sales beat, Moderna restated its prediction for $21 billion in full-year advance purchase agreements for its two-shot Covid vaccine. The projection was just below Wall Street's call for $22.4 billion in 2022 sales.
The company now is focusing on new projects and hopes to have four drugs in final-phase testing this quarter, including a vaccine that targets Covid's omicron variant. Chief Executive Stephane Bancel says three products could launch over the next two to three years. That would help bolster sales, which are currently expected to peak this year as Covid becomes endemic.
Messenger RNA, the technology behind Moderna's Covid vaccine, "has changed the future of medicine and I look forward to continuing our impact on human health," Bancel said in a written statement. "This is just the beginning."
On today's stock market, Moderna stock jumped 5.8% to 155.05.
Moderna Stock: Sales, Earnings Beat
During the first quarter, Moderna earned $8.58 per share on $6.07 billion in sales. Profit surged 202% and easily beat projections for $5.37 per share, according to FactSet. Sales rocketed 213% and crushed analysts' call for $4.2 billion.
The company's Covid vaccine, Spikevax, brought in $5.93 billion in sales. The remainder of Moderna's revenue came from grants and collaboration money.
Next, Moderna hopes to launch its Covid vaccine for children ages 6 months to under 6 years old. In the U.S., Comirnaty, from Pfizer and BioNTech, is available for children as young as 5. But toddlers and infants remain unprotected.
Moderna is also working on final-phase testing for flu, respiratory syncytial virus and cytomegalovirus, all respiratory ailments. It's also testing a bivalent vaccine, which combines inoculations against the first Covid strain and the omicron variant.
Therapies, Personalized Cancer On Deck
"We also look forward to advancing our therapeutic programs and sharing proof-of-concept readouts on our rare genetic disease programs for propionic acidemia and methylmalonic acidemia, and on our personalized cancer vaccine program this year," CEO Bancel said.
Patients with acidemia are unable to break down certain proteins and fats, leading to a toxic buildup.
Despite the bullish pipeline projections, Moderna stock has largely trended down since November. The stock caught up to its 50-day moving average on Wednesday, according to MarketSmith.com.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
