Moderna (NASDAQ:MRNA) stock is on the rise Wednesday following the release of the vaccine company’s earnings report for the first quarter of 2022.
The good news for MRNA stock starts off with its diluted earnings per share of $8.58. That’s an incredible beat compared to Wall Street’s estimate of $5.21 per share. It’s also a massive increase over the $2.84 per share reported during the same time last year.
Another highlight from the earnings report is MRNA’s revenue of $6.07 billion. Yet again, that smashes analysts’ revenue estimate of $4.62 billion for the period. It’s also a strong jump over the $1.9 billion reported during the same period of the year prior.
Stéphane Bancel, CEO of Moderna, said the following in the earnings report boosting MRNA stock higher today.
“In the second quarter, we expect to have four programs in late-stage Phase 3 studies including our Omicron-containing bivalent COVID booster, seasonal u, RSV and CMV vaccine candidates. Beginning in the fall of 2022, our robust Phase 3 pipeline could lead to three respiratory commercial launches over the next two to three years.”
Covering the rest of the year, Moderna notes its Advanced Purchase Agreements (APAs) is set at $21 billion. It expects the Covid-19 market to offer increased sales in the second half of the year compared to the first.
MRNA stock is fluctuating today with shares slipping slightly as of Wednesday morning. However, it’s worth noting that the stock started off the day heading higher.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.