June 27, 2022

A nurse draws a vaccine for Moderna Coronavirus Disease (COVID-19) on March 5, 2021 at the East Valley Community Health Center in La Puente, California.

Lucy Nicholson | Reuters

The Covid-19 vaccine is 96% effective in children ages 12-17, according to early data released with the company’s first quarter results Thursday.

The fledgling biotech, which posted its first quarterly profit, also plans to submit data on its adult vaccine for full approval to the FDA later this month.

Similar to adults, the shot was generally well tolerated in teenagers with no serious safety concerns identified, the company said.

According to Refinitiv’s average estimates, Moderna has fared compared to Wall Street expectations as follows:

  • EPS: $ 2.84 per share versus $ 2.39 per share expected
  • Revenue: $ 1.94 billion versus $ 2.03 billion expected

Moderna’s Covid-19 vaccine had sales of $ 1.7 billion, according to earnings reports.

The company increased its 2021 sales forecast for its vaccine from previously $ 18.4 billion to $ 19.2 billion. Earlier this week, rival Pfizer also raised its vaccine sales forecast, forecasting total annual sales of $ 26 billion.

“In the first quarter, the Moderna team met its delivery commitments to many governments and helped protect more than 100 million people,” said Stephane Bancel, CEO of Moderna, in a press release. “This achievement led to our first profitable quarter in the company’s history after 10 years of scientific innovation and billions of dollars invested to make our mRNA platform a reality.”

Founded in 2020, Moderna was the second company after Pfizer to receive US approval for its Covid vaccine. A contract for 300 million doses was signed with the US government, which is enough to vaccinate 150 million Americans, since the vaccine requires two doses four weeks apart.

On Wednesday, the company announced that a booster shot of its vaccine triggered a promising immune response against variants B.1.351 and P.1, first identified in South Africa and Brazil. The data are preliminary and have not yet been reviewed by experts.

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