Moderna Inc.’s Covid-19 vaccine lifted the biotech company to its first-ever quarterly profit, a milestone in the rise of a company that burst into the spotlight last year as it rapidly developed a shot against the coronavirus.
The vaccine brought Moderna revenue of $1.73 billion in the first quarter, reflecting three full months of its use in the U.S. and the increase of international sales, the company said Thursday. Moderna, based in Cambridge, Mass., recognized 102 million doses as revenue in the quarter and said it expects to deliver 200 million to 250 million doses in the April-to-June period.
Vaccine sales were by far the largest contributor to Moderna’s total revenue, which rose to $1.94 billion, from $8 million a year earlier. The company logged a profit of $2.84 a share, compared with a loss of 35 cents a share in 2020’s first quarter.
Wall Street analysts had been forecasting a profit of $2.20 a share and sales of $2.06 billion, according to FactSet.
Moderna’s work on Covid-19 vaccines has transformed the company in the space of a year. As of the end of March, its workforce had grown to about 1,500 people, from about 830 people a year earlier. Quarterly research-and-development expenses more than tripled to $401 million, from $115 million a year earlier, as clinical development and new hiring related to the vaccine raised costs.