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Except for its recent jump, Moderna stock has been at the lows. The remarkable Q1 2022 performance may give Moderna a boost and help its stock to rebound.
Moderna Inc (NASDAQ: MRNA) gained about 8% in pre-market trading after the company’s Q1 2022 earnings results squashed analysts’ predictions. In its first-quarter result, the company saw a profit of $8.58 per share pm a $6 billion revenue. This is a significant jump over earlier estimates of $5.37 on $4.204 billion revenue. In Q1 2022, Moderna recorded remarkable performances with substantial profits.
The pharmaceutical giant placed its net income at $3.66 million for the quarter, a X3 increase over the $1.2 billion reported in Q1 2021. Currently, Moderna is trading at a 7.21% gain to $157.10 in premarket trading. The company has also pumped nearly 3% in the last five days.
Moderna Performs Smashes Expectations in Q1 2022
In addition to its notable gains in Q1 2022, Moderna said vaccine sales tripled over sales in Q1 2021. As of the first quarter of 2021, the vaccine maker said it sold $1.7 billion in vaccines shortly after the rolling out of the shots.
Moving forward, Moderna is sticking to its $21 billion full-year guidance in vaccine sales. Currently, the guidance is conditioned on the deals with governments. However, the agreement does not include any vaccine orders from the US, which means the full-year guidance in Covid vaccine sales can go higher.
Moderna CEO Stephane Bancel stated that he is expecting Moderna to pull in more robust vaccine sales in Q2 2022 than in Q1. In a statement, he said the government’s order for more shots may fuel increased sales. Speaking further, the CEO revealed that Modern is awaiting approval for a modified vaccine. Bancel said the redesigned vaccine would focus on the mutations on the omicron variant as well as the original form.
Speaking to CNBC’s “Squawk Box” the executive noted:
“The virus is mutating to become more and more infectious, and there’s waning immunity. It is going to be really important to boost people in the fall with a better adapted vaccine which is what we’re working towards.”
FDA to Review Moderna’s Vaccine for Ages 6-17
Earlier this week, Moderna Chief Medical Officer Paul Burton spoke about the company’s effort on vaccines for ages under 6. Burton said the vaccine would be available for the Food and Drug Administration (FDA) review. The Administration will meet to review the vaccine next month.
The FDA approved Moderna’s vaccine for ages 18 and above. Although Australia, Canada, and the EU approved the vaccine for ages 6 to 17, the US has not given the green light. As Moderna attempts to combat the coronavirus, the company expects to roll out large amounts of new booster vaccines by fall.
Except for its recent increases, Moderna stock has been at the lows. The remarkable Q1 2022 performance may give Moderna a boost and help its stock to rebound.