Moderna (NSDQ:MRNA) posted second-quarter results today that beat the overall consensus on Wall Street.
The Cambridge, Mass.–based company reported profits of $2.8 billion, or $6.46 per share, on sales of $4.4 billion for the three months ended June 30 for a sales growth of 6,398.51% compared with Q2 2020.
Earnings per share were $6.46, 40¢ ahead of The Street, where analysts were looking for sales of $4.28 billion.
“I am proud of the progress our teams at Moderna have made in the past quarter in advancing our development pipeline while addressing a global pandemic and quickly establishing global manufacturing and commercial organizations,” CEO Stéphane Bancel said in a news release. “We now have mRNA candidates in clinical trials across five therapeutic areas including infectious diseases, cardiovascular, oncology, rare disease and autoimmune disorders. We are pleased that our COVID-19 vaccine is showing durable efficacy of 93% through six months, but recognize that the Delta variant is a significant new threat so we must remain vigilant.”
“We have begun preparing late-stage studies for our flu vaccine and RSV vaccine, which received fast track designation from the FDA a few days ago and are looking forward towards our vision of a single dose annual booster that provides protection against COVID-19, flu and RSV for adults. I look forward to the start of our Phase 3 trial for CMV this year and to clinical proof of concept data in the coming quarters from our therapeutics pipeline. We believe this is just the beginning.”
As the U.S. endures another surge in COVID-19 cases, Moderna executives are anticipating the need for a booster shot for its COVID-19 vaccine by the end of the flu season due to the new Delta variant of the virus. Moderna’s COVID-19 vaccine remains effective through six months, but efficacy could be affected by variants.
“We believe today that the increased force of infection that’s resulting from the Delta variant, fatigue with non-pharmaceutical interventions and the seasonal effects of moving indoors will eventually lead to an increase in breakthrough infections,” president Stephen Hoge said during an earnings call presentation. “While we see durable Phase 3 efficacy through six months, we do expect that neutralized hydros will continue to wane, and eventually, that will impact vaccine efficacy. So given this intersection between a rising force infection and waning immunity, we believe a dose three of a booster will likely be necessary to keep us as safe as possible through the winter season in the Northern Hemisphere.”
Moderna said it expects product sales to be $20 billion in fiscal year 2021.
Shares in MRNA were up 1.11% to $423.70 apiece at market open, but later dipped by –3.22% to $405.66 in mid-morning trading.