Moderna's third-quarter sales got a massive boost from pre-orders of its Covid-19 vaccine candidate, currently in phase 3 trials, even as it posted a net loss for the period.
The Cambridge, Mass.-based company posted a net loss of $233.6 million, or 59 cents a share, vs. a loss of $123.2 million, or 37 cents a share, in the comparable year-earlier period. Analysts polled by FactSet had been expecting a loss of 38 cents a share.
Sales, however, totaled $157.9 million, up from just $17 million a year ago and well above analysts' forecasts of $80.6 million.
“We are actively preparing for the launch of (Covid-19 vaccine candidate) mRNA-1273 and we have signed a number of supply agreements with governments around the world," Moderna CEO Stephane Bancel said in a statement.
Moderna earlier this year emerged as one of the front-runners in the race to create a viable coronavirus vaccine as its Food and Drug Administration fast-track-approved trials showed positive results in combatting preventing Covid-19.
For the fourth quarter, Moderna said it now expects positive net cash provided by operating activities and used for purchases of property and equipment to be between $0.1 billion and $0.3 billion, driven by customer deposits of approximately $1.2 billion received year-to-date as of September 30.
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