Moderna (Nasdaq:MRNA) posted first-quarter results today that beat the earnings consensus on Wall Street but slightly missed on revenue estimates.

The company reported profits of $1.2 billion, or $2.84 per share, on sales of $1.9 billion for the three months ended March 31, for a sales growth of 24112% compared with Q1 2020.

Earnings per share were $2.84, 45¢ ahead of The Street, where analysts were looking for sales of $2.04 billion.

“In the first quarter, the Moderna team delivered on its supply commitments to many governments and helped protect more than 100 million people. This accomplishment translated into our first profitable quarter in the company’s history, after 10 years of scientific innovation and several billion dollars invested to make our mRNA platform a reality,” CEO Stéphane Bancel said in a news release.

“Based on these first quarter accomplishments and our current manufacturing scale-up trajectory, we were pleased to again increase our base plan for 2021 to 800 million doses. The Moderna team and our manufacturing partners are working hard to get as close to 1 billion doses in 2021 as we can. The feedback from governments around the world requesting high-efficacy mRNA vaccines and variant boosters is overwhelming. We are now actively engaged in discussions and agreements for 2022 with all of the governments we are currently supplying for 2021. On top of that, new partnerships, like COVAX, for up to 466 million doses in 2022 and discussions with new governments in Asia, Middle East, Africa and Latin America, make us believe that our total advance purchase agreements for 2022 should be higher than those in 2021.”

Moderna said it expects to log $19.2 billion in product sales by the end of the year.

U.S. Trade Representative Katherine Tai yesterday announced that the Biden administration supported waiving IP protections for COVID-19 vaccinations. The news left shares in Moderna and Pfizer down -6% and -3.5%, respectively, shortly after the announcement.

Moderna also released results of its COVID-19 vaccine trials for people aged 12 to 17, which reported that its vaccine was 96% effective against the virus. It also said that a single booster dose of 50 µg of the vaccine increased neutralizing titers against SARS-CoV-2 and two other variants in previously vaccinated clinical trial participants.

Shares in MRNA were down -1.27% to $160.78 apiece in afternoon trading.