COVID-19 vaccine sales helped Moderna triple its net income in a better-than-expected first quarter.
More than 217 million doses of Moderna’s Spikevax vaccine have been administered in the U.S., where it is one of three approved options for adults. Pfizer’s Comrinaty shots are the most commonly used, according to the Centers for Disease Control and Prevention. A vaccine from Johnson & Johnson ranks third.Moderna is seeking authorization in the U.S. 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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