5/6, 1:05 PM (Source: TeleTrader)
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Moderna misses estimates with revenue of $1.9B in Q1

Moderna, Inc. said on Thursday that its revenue in the first quarter of 2021 amounted to $1.9 billion, surging from $8 million reported in the corresponding period of 2020 but missing estimates.

Net income was $1.2 billion, improving from a net loss of $124 million a year earlier and coming in above expectations. Diluted earnings per share stood at $2.84, compared to a loss per share of $0.35 posted in the first quarter of last year. The company's growth came as a result of COVID-19 vaccine sales. Moderna also noted it increased its vaccine supply forecast for 2021 to between 800 million and 1 billion doses.

"In the first quarter, the Moderna team delivered on its supply commitments to many governments and helped protect more than 100 million people. This accomplishment translated into our first profitable quarter in the company’s history, after 10 years of scientific innovation and several billion dollars invested to make our mRNA platform a reality," CEO Stephane Bancel stated.

Moderna shares plunged 5.45% in premarket trading following the earnings announcement.

Breaking the News / NP