Moderna Inc. reported in its first-quarter earnings release that its revenue dropped 68% on a yearly basis to $1.9 billion, which was still above analysts' expectations. Net income plummeted from $3.6 billion in the first quarter of 2022 to $79 million in 2023, while diluted earnings per share (EPS) sank from $8.58 in 2022 to $0.19.
"We had a strong first quarter, with $1.9 billion in revenue, clearly indicating that we are on our way to deliver on the $5 billion of signed Advance Purchase Agreements for 2023. In addition, we are encouraged by the progress of new COVID-19 vaccine contracts in the U.S. for this fall with pharmacy chains, hospital networks and multiple U.S. government agencies. Similar discussions are ongoing with Japan, the EU, and other key markets such as Australia, which recently ordered additional COVID-19 vaccines," Moderna CEO Stephane Bancel said.
Moderna's shares gained 1.44% in premarket trade after the earnings announcement.
