Revenue: $1.94 billion versus $2.03 billion expected<\/li>\n<\/ul>\nModerna's Covid-19 vaccine generated $1.7 billion in sales, according to the earnings report.<\/p>\n
CNBC Health & Science <\/h2>\n
Read CNBC's latest coverage of the Covid pandemic:<\/p>\n
Moderna says early data shows Covid vaccine is 96% effective in teens\u00a0<\/p>\n
India reports over 412,000 new Covid cases as court demands plan to tackle oxygen shortage in Delhi\u00a0<\/p>\n
U.S. backs waiving patent protections for Covid vaccines, citing global health crisis <\/p>\n
India's worsening Covid crisis could spiral into a problem for the world <\/p>\n
The company's shares were down by more than 6% in premarket trading. Covid vaccine makers' shares tanked after the Biden administration said late Wednesday that it would back waiving patent protections for Covid vaccines, citing the global health crisis. <\/p>\n
Moderna raised its 2021 sales forecast for its vaccine to $19.2 billion, up from its previous forecast of $18.4 billion. Earlier this week, rival Pfizer also raised its vaccine sale forecast, predicting full-year sales of $26 billion.<\/p>\n
Research and development expenses were $401 million for the quarter, the company said, compared to $115 million for the same period a year ago.<\/p>\n
"In the first quarter, the Moderna team delivered on its supply commitments to many governments and helped protect more than 100 million people," Moderna CEO Stephane Bancel said in a press release. "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."<\/p>\n
Moderna, which was founded in 2010, was the second company to gain U.S. authorization for its Covid vaccine behind Pfizer. It has a deal with the U.S. government for 300 million doses, enough to inoculate 150 million Americans since the vaccine requires two doses given four weeks apart.<\/p>\n
Bancel said Thursday the company is "actively engaged" in discussions and agreements for 2022 with all of the governments is it currently supplying for 2021.<\/p>\n
On Wednesday, the company announced a booster shot of its vaccine generated a promising immune response against the B.1.351 and P.1 variants first identified in South Africa and Brazil, respectively. The data was preliminary and had not yet been peer-reviewed.<\/p>\n
The new data came as drugmakers and scientists say people will likely need a booster shot of the Covid-19 vaccines and possibly additional shots each year, just like for the seasonal flu.<\/p>\n
This is a developing story. Please check back for updates.<\/strong><\/em><\/p>\nCorrection: This article was updated to correct the year the company was founded, which was 2010.<\/em><\/p>\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Moderna said its Covid-19 vaccine is 96% effective in kids ages 12 to 17, according to early data released with the company's first-quarter earnings Thursday. […]<\/p>\n","protected":false},"author":3,"featured_media":113697,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\n
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