CAMBRIDGE, Mass. (AP) — COVID-19 vaccine sales helped Moderna triple its net income in a better-than-expected first quarter.
The vaccine maker said Wednesday that revenue from its coronavirus preventive shots jumped to $5.92 billion, from $1.73 billion in last year’s quarter, when the vaccines were debuting in most markets.
Moderna also is seeking authorization for its shots to be used in adolescents and children, something dozens of other countries have already granted. In the first quarter, Moderna earned $3.7 billion, compared with $1.2 billion in the same period last year.The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $5.18 per share.
While vaccine sales jumped compared to last year, they slid $1 billion from the fourth quarter of 2021, when customers sought boosters and many children began getting shots.
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