Moderna Inc (MRNA), a biotech company, released reports for the second quarter of 2021. The company’s revenue soared to $4.35 billion, from $67 million in the same period last year and the Refinitiv consensus is forecasting $4.2 billion. In the previous quarter, revenue was $1.73 billion.
MRNA stock increased its net income 2.3 times since the first quarter, to $2.78 billion or $6.46 per share. A year earlier, biotechnology had lost $117 million. Experts expected earnings to hit $5.96 per share.
Together with the publication of the reporting, the company announced a buyback of shares for $1 billion. Along with the release of the report, the company announced a $1 billion share buyback.
In a press release, Moderna Inc (MRNA) also said it has completed a review of the latest trial of its coronavirus vaccine. Data showed that its efficacy remained virtually unchanged, reaching 93%, with “stable” efficacy for six months after the second dose. The initial yield was 94%.
In total, this year Moderna signed contracts to supply its vaccine for $20 billion. In May, contracts worth $19.2 billion were registered. In addition, a supply agreement for 2022 – US $12 billion – has already been signed, and it is expected that this amount could increase further. 8 billion dollars
Despite the good news, the company’s shares fell 6.9% pre-market on Aug. 5 to $390. When the market opened, the decline reached 3.5%, but then the momentum changed and prices showed an increase of 5.95%.
Alfa-Capital Management Company portfolio manager Mark Donikyan believes the drop in prices is a correction after a significant rise in prices in recent weeks and months. “Everything that is positive is already reflected in the price,” said the expert. – Moderna Inc (MRNA) shares have risen 20 times since the start of 2020 and, in the past month, by more than 88%. Against the backdrop of such momentum, “we see a correction in equities, even on a good track record, as an expected event. “
Over the past three months, the company’s shares have risen 141.4% (at the end of trading on Aug. 4), to $419.5 per share. This growth has generated good news. In June, a vaccine developed by the company was known to be effective against a new, more infectious strain of COVID-19 Delta.
The company renewed its vaccine contract with the Pentagon and won a bid to deliver 20 million doses of the COVID-19 vaccine to Argentina. On July 21, Moderna entered the S&P 500 index, replacing pharmaceutical company Alexion Pharmaceuticals, which was acquired by Britain’s AstraZeneca. That same month, the EU approved the modern COVID-19 vaccine for adolescents.