Moderna’s stock soars 8% after beating revenue, earnings expectations for the quarter

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Shares of Moderna Inc. mRNA,
+3.14%
rallied 8.7% in premarket trading on Wednesday after the company smashed Wall Street’s earnings and revenue expectations for the quarter. Moderna had net income of $3.6 billion, or $8.58 per share, in the first quarter of 2022, which is three times more than the $1.2 billion, or $2.84, in the same quarter of last year. The Fact consensus was $5.37. Revenue came in at $6.0 billion for the quarter, up from $1.9 billion in the first quarter of 2021. The FactSet consensus was $4.2 billion. The vast majority of Moderna’s revenue came from sales of its COVID-19 vaccine, which were $5.9 billion for the quarter, up from $1.7 billion in the same quarter a year ago. The company announced several updates to its business, including that it expects to have data from a Phase 2/3 clinical trial for a bivalent candidate that combines an omicron-specific vaccine with its original shot in June. Moderna’s stock has tumbled 42.3% this year, while the broader S&P 500 SPX,
+0.48%
is down 12.9%.

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Credit: www.marketwatch.com /

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