Moderna sold $5.9 billion of its Covid vaccine in the first quarter, blowing out revenue and profit expectations. The biotech company’s shares soared by more than 7% in premarket trading on Wednesday.Moderna maintained its full-year guidance of $21 billion in Covid vaccine sales.
The sales guidance is based on signed agreements with governments and does not include any orders from the U.S., so the final number could come in higher. Moderna’s first-quarter vaccine sales more than tripled over the same period last year, when it reported $1.7 billion in sales shortly after the shots first rolled out.
The Covid vaccine for adults ages 18 and over, Spikevax, is the company’s only commercially available product. Moderna reported $3.66 billion in net income for the quarter, a threefold increase over the $1.2 billion it reported in the same period last year.