Moderna (MRNA) Q1 earnings, revenue surprisingly tops consensus estimates

Moderna (NASDAQ: MRNA) shares opened higher Thursday on the back of its surprising earnings and revenue beat.

The drugmaker had been expected to post a $1.75 loss in the quarter, however, it reported Q1 EPS of $0.19, topping expectations by $1.94. In addition, revenue for the quarter came in at $1.9 billion, above the consensus estimate of $1.18 billion.

Despite the demand for Covid vaccines being significantly lower, the company said it was encouraged by the progress of new COVID-19 vaccine contracts in the US for this fall with pharmacy chains, hospital networks, and multiple US government agencies.

In addition, $1.8 billion in sales represents the vast majority of the projected $2 billion in sales from 2022 deferrals expected in the first half of 2023.

Moderna shares are currently trading 2% higher.

"We had a strong first quarter, with $1.9 billion in revenue, clearly indicating that we are on our way to deliver on the $5 billion of signed Advance Purchase Agreements for 2023," said Stéphane Bancel, Chief Executive Officer of Moderna.

By Sam Boughedda

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