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The drugmaker had been expected to post a $1.75 loss in the quarter, however, it reported Q1 EPS of $0.19, topping expectations by $1.94. In addition, revenue for the quarter came in at $1.9 billion, above the consensus estimate of $1.18 billion.
Despite the demand for COVID vaccines being significantly lower, the company said it was 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.
In addition, $1.8B in sales represents the vast majority of the projected $2B in sales from 2022 deferrals expected in the first half of 2023.
Moderna shares are currently trading 2% higher.
“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,” said Stéphane Bancel, chief executive officer of Moderna.
