Moderna Q1 profit triples on robust COVID vaccine sales

COVID-19 vaccine sales helped Moderna triple its net income in a better-thanexpected 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.

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.

About $5 billion in Spikevax sales came from outside the U.S. in the quarter.

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.

The company also has several vaccines in latestage clinical studies, including a potential flu shot and a COVID-19 booster updated to protect against the evolving virus. Moderna said Wednesday it could have three commercial product launches over the next two or three years, starting this fall.

In the first quarter, Moderna earned $3.7 billion, compared with $1.2 billion in the same period last year.

On a per-share basis, the Cambridge, Massachusettsbased company said it had profit of $8.58.

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.