Moderna’s revenue jumps over 400% in the fiscal second quarter

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is an active follower of world affairs, technology, an avid reader, and loves to play table tennis in… read more.
on Aug 5, 2020
  • Moderna’s revenue jumps over 400% in the fiscal second quarter.
  • The U.S. biotech company contracts quarterly loss to £88.80 million.
  • The drugmaker recently started late-stage trial of COVID-19 vaccine.

Moderna Inc. (NASDAQ: MRNA) published its quarterly financial results on Wednesday that came in significantly stronger than what the experts had forecast. It is one of the leading U.S. based companies that is currently working on developing an effective vaccine to cure COVID-19. Moderna’s CEO Stephane Bancel said in May that he could not be happier with the vaccine data.

Shares of the company opened about 1.5% down on Wednesday and tanked another 4% in the next hour. At £57.07 per share, Moderna is currently 300% up year to date in the stock market. The company registered a record high of £72.17 per share in mid-July. Learn more about how can you start trading in the stock market.

Moderna contracts quarterly loss to £88.80 million

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Moderna posted £50.53 million in revenue in the fiscal second quarter that was reported over 400% higher than £9.97 million that it recorded in the same quarter last year. The company also boasted to have contracted its quarterly loss to £88.80 million in Q2 that translates to 23.59 pence a share. In the comparable quarter of last year, Moderna’s loss was noted at £102.65 million or 31.20 pence a share.

According to Refinitiv, analysts had anticipated the company to print a much lower £20.85 million in revenue in the recent quarter. Moderna’s peer, Regeneron Pharmaceuticals, also published its quarterly earnings report on Wednesday.

Moderna also highlighted on Wednesday that it will be supplying its potential COVID-19 vaccine that it is calling mRNA-1273, to multiple countries. The Cambridge-based company is currently in talks with several countries and have secured deposits of £304 million as of 31st July.

Moderna started late-stage trial of COVID-19 vaccine

The American biotechnology company recently announced to have started the late-stage trial (phase 3) to evaluate the safety and effectiveness of its experimental vaccine. Results of the study that will include about 30 thousand people, it added, are likely to available in October.

Moderna is collaborating with the National Institutes of Health to develop the COVID-19 vaccine. It has so far received £367.53 million in funding from U.S. BARDA (Biomedical Advanced Research and Development Authority) and an additional £359.16 million from the government of the United States.

Moderna performed fairly upbeat in the stock market last year with an annual gain of roughly 30%. At the time of writing, the drugmaker is valued at £22.19 billion.

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