Moderna Projects Billions in COVID Sales
Date
2/24/2022 10:12:24 AM
(MENAFN- Baystreet.ca)
Moderna Projects Billions in COVID Sales
Moderna (NASDAQ:MRNA) on Thursday said it expects to sell at least $19 billion of its COVID-19 vaccine this year, after reporting fourth-quarter earnings that blew out analysts' earnings and revenue estimates.
The company's 2022 forecast for vaccine sales was $2 billion higher than its previous expectation. Moderna previously said it expected $17 billion in vaccine sales this year.
Moderna reported $4.9 billion in net income for the fourth quarter. The company sold $17.7 billion of its COVID vaccine in 2021, delivering 807 million vaccine doses worldwide. Moderna's revenue totaled $18.5 billion for 2021.
CEO Stephane Bancel told the media on Thursday that the world may be moving out of the pandemic phase as the omicron wave subsides in the U.S. and around the world. However, Bancel said people will need booster shots in the fall, particularly individuals over 50 and those with underlying conditions.
“We believe there's a high probability that we're moving into an endemic setting,” Bancel went on to say.“We should still be cautious because as we've seen with delta, which came after alpha and was more virulent, [it] is always possible to get the more virulent variant of course.”
Moderna's COVID vaccine is the company's only commercially available treatment. The two-dose vaccine, Spikevax, was fully approved for adults ages 18 and older in the last month by the Food and Drug Administration and the Centers for Disease Control and Prevention.
Moderna is conducting a clinical trial for a booster shot that specifically targets the omicron COVID variant. However, it's unclear whether there will be strong demand for an omicron booster, as new infections from the variant drop sharply in the U.S. and other parts of the world.
MRNA shares closed Wednesday at $15.73.
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