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Moderna Inc. (MRNA) reported its Q2 financial results before the opening bell on Wall Street on Wednesday.
The American biotechnology company posted results that beat expectations, sending the stock higher at the open.
The company reported revenue of $4.749 billion for the quarter vs. $4.097 billion expected.
Earnings per share reported at $5.24 per share vs. $4.58 per share estimate.
“Today’s earnings represent a strong second quarter performance, with $10.8 billion in revenue for the first half of the year. We continue to have advance purchase agreements for expected delivery in 2022 of around $21 billion of sales. Given our strong financial position and commercial momentum, we are announcing today that the Board of Directors has approved a new share repurchase program for $3 billion,” Stéphane Bancel, CEO of the company said in a press release.
“Despite the slowing economy and challenges in the biotech industry, Moderna is in a unique position: a platform to drive scale and speed in research of new medicines, a strong balance sheet with $18 billion of cash and an agile, mission-driven team of over 3,400 people and growing. We will continue to invest and grow as we have never been as optimistic about Moderna’s future. Right now, we have four infectious disease vaccines in Phase 3 trials, and later this year, we expect important data from proof-of-concept studies in rare diseases and immuno-oncology. Our teams are actively working to prepare these new product launches to help patients and drive growth. This is an exciting time for Moderna as we continue to see significant scientific and business momentum,” Bancel concluded.
Moderna Inc. (MRNA) chart
The stock was up by around 14% on Wednesday at $187.11 a share.
Here is how the stock has performed in the past year:
Moderna price targets
Moderna is the 180th largest company in the world with a market cap of $74.57 billion.
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Sources: Moderna Inc., TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap
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