Moderna Inc on Thursday reported a surprise profit and stronger-than-expected sales for its COVID-19 vaccine in the first quarter, as it received payments for orders that were deferred last year.
The vaccine maker posted a profit of 19 cents per share, compared with analysts' expectations for a loss of $1.77 per share, in part because sales were higher than expected.
The $1.83 billion of sales for its COVID vaccine Spikevax represents most of the $2 billion expected in the first half of the year for advanced purchase agreements and double the average analyst estimate of $998 million, according to Refinitiv IBES data.
Moderna expects an additional $3 billion in deferred vaccine revenue in the second half of 2023.
The company said it continued to expect COVID vaccine sales of $5 billion for the year based on advance purchase agreements. It added it was having discussions about new contracts with customers in Europe, Japan, and in the U.S.
The company expects to sign commercial contracts for updated COVID vaccine boosters over the next few weeks and into the third quarter, Chief Commercial Officer Arpa Garay said in an investor call.Moderna continues to expect the U.S. annual COVID-19 market to be 100 million doses, she added.
"Today's beat and 2023 reiteration of guidance along with ongoing negotiations in 3 regions should support some confidence on the 2023 base business of $5 billion to $7 billion," said Jefferies analyst Michael Yee.
Moderna's shares were up 2% in morning trade in a broadly weaker market.
The results came two days after rival Pfizer Inc reported better-than-expected COVID vaccine sales for the first quarter and maintained its expectations for full-year sales.
Moderna trails Pfizer in share of the global COVID vaccine market, with the latter holding nearly two-thirds, said TD Cowen analyst Tyler Van Buren, ahead of the shot moving into the commercial market from government procurement in the U.S.
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