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Moderna Stock Jumps After Earnings Blowout on $4.2 Billion COVID Vaccine Sales

'We are pleased that our COVID-19 vaccine is showing durable efficacy of 93% through six months, but recognize that the Delta variant is a significant new threat so we must remain vigilant,' says CEO Stéphane Bancel.

Moderna  (MRNA) - Get Moderna, Inc. Report posted stronger-than-expected second quarter earnings Thursday while boosting its forecast for 2021 vaccine sales to around $20 billion. 

Moderna posted diluted GAAP earnings of $6.46 per share for the three months ending in June, up from a 31 cents per share loss for the same period last year and well ahead of the Street consensus forecast of $5.96 per share. Group revenues also topped analysts' estimates, coming in at $4.35 billion, thanks to around $4.2 billion in sales of its mRNA-1273 coronavirus vaccine.

Moderna said it sees full-year vaccine sales of around $20 billion based on signed contracts, a figure that is only $800 million higher than its previous forecast, thanks in part to capacity limits that have prevented taking some new orders. 

“I am proud of the progress our teams at Moderna have made in the past quarter in advancing our development pipeline while addressing a global pandemic and quickly establishing global manufacturing and commercial organizations,” said CEO Stéphane Bancel. “We now have mRNA candidates in clinical trials across five therapeutic areas including infectious diseases, cardiovascular, oncology, rare disease and autoimmune disorders."

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"We are pleased that our COVID-19 vaccine is showing durable efficacy of 93% through six months, but recognize that the Delta variant is a significant new threat so we must remain vigilant,” he added.  

Moderna shares were marked 4.4% higher in early Thursday trading following the earnings release to change hands at $438.66 each, a move that would extend the stock's year-to-date gain of around 295%.

In a separate statement, Moderna noted that studies indicate its coronavirus vaccine remains close to its original 94% efficacy rate some six months after the second dose, but added that booster shots might still be necessary for the winter flu season.

Late last month, Moderna shares were added to the S&P 500 -- replacing Alexion Pharmaceuticals ALXN in the world's most closely-tracked index -- just days after the vaccine maker formally asked the U.S. Food & Drug Administration for emergency approval to use allow its coronavirus vaccine to be administered to teenagers over the coming months.

Moderna, which filed a similar request with European health authorities in early July, said late-stage data from its TeenCOVE study "met its primary immunogenicity endpoint, successfully bridging immune responses to the adult vaccination' with a vaccination efficacy of 100% among the 2,500 participants. A 93% efficacy rate was also noted 14 days after the first of the vaccine's two dose regiment, Moderna said.