Vaccine maker Moderna Inc said it recorded $1.7 billion in sales of its Covid-19 vaccine in the first quarter of 2021.
This also marks the first time the pharma company established in 2010 reported a profit on generally accepted accounting principles (GAAP). This includes the explicit costs of doing business, like operating expenses, depreciation, interest and taxes.
However, despite reporting adjusted earnings of $2.84 per share and $1.9 billion in total sales for its first quarter, Moderna's stock crashed on Thursday. The stock plunge happened because the earnings fell short of analysts' expectations. However, Moderna's stock is up 55 percent for the year as against 10.9 percent gain in the S&P 500.
Moderna's $1.2 billion earnings compared with a loss of $124 million in the first quarter a year ago. The first quarter of 2021 was the first quarter in which pharma company made product revenue during the first three months of the year.
The company also said it spent as much as $401 million for research and development expenses in the first quarter, as against $115 million in the same period a year ago.
The Covid-19 vaccine leader also raised its 2021 vaccine sales forecast to $19.2 billion, a marginal increase from the previous forecast of $18.4 billion.
"In the first quarter, the Moderna team delivered on its supply commitments to many governments and helped protect more than 100 million people .... This accomplishment translated into our first profitable quarter in the company's history, after 10 years of scientific innovation and several billion dollars invested to make our mRNA platform a reality," Moderna CEO Stephane Bancel said.