(Reuters) –\u00a0Moderna\u00a0(NASDAQ:MRNA) Inc on Thursday reported stronger-than-expected sales of $1.9 billion for its COVID-19 vaccine in the first quarter, driven by a surge of revenue deferred from 2022, but left its 2023 sales expectations unchanged.<\/p>\n\n\n\n
The vaccine maker posted a profit of 19 cents per share, compared with analyst expectations for a loss of $1.77 per share, in part because sales were higher than expected. <\/p>\n\n\n\n
Moderna said it continued to expect COVID vaccine sales of $5 billion for the year based on advance purchase agreements. It added it was having discussions about new contracts with customers in Europe, Japan, and in the U.S.<\/p>\n\n\n\n
The $1.9 billion of sales for its COVID vaccine Spikevax represents most of the $2 billion expected in the first half of the year for advanced purchase agreements and double the average analyst estimates of $998 million, according to Refinitiv IBES data.<\/p>\n\n\n\n
Moderna expects an additional $3 billion in deferred vaccine revenue in the second half of 2023.<\/p>\n\n\n\n
“This gives us a lot of confidence that we continue to be on track to hit the minimum $5 billion we have in previously signed advanced purchase agreements,” Moderna Chief Commercial Officer Arpa Garay told Reuters.<\/p>\n\n\n\n
Moderna continues to expect the U.S. annual COVID-19 market to be 100 million doses, she added.<\/p>\n\n\n\n
The results came two days after the company’s rival\u00a0Pfizer\u00a0(NYSE:PFE) reported better-than-expected COVID vaccine sales for the first quarter and maintained its expectations for full-year sales.<\/p>\n\n\n\n
Moderna had generated around $36 billion in sales over the last two years from its COVID vaccine, its only commercial product and one of the most widely used shots for the virus.<\/p>\n\n\n\n
Demand for the vaccine has since fallen globally, and the company in February effectively forecast a possible net loss for 2023, calling it a transition year before it starts sales of its potential new vaccines for respiratory syncytial virus (RSV) and flu.<\/p>\n\n\n\n
All of its vaccines are based on the same mRNA platform as its COVID product.<\/p>\n\n\n\n
The company said on Thursday it was preparing for potential commercial launches of its RSV and flu vaccines in 2024. Longer term, it has also teamed up with Merck & Co Inc on a cancer vaccine that works in concert with Merck’s immunotherapy Keytruda.<\/p>\n\n\n\n
Moderna reported diluted earnings per share of $0.19 in the first quarter of 2023, compared to $8.58 for the first quarter of the previous year. Analysts had expected the company to post a loss of $1.77 per share.<\/p>\n\n\n\n
The U.S. Food and Drug Administration is expected to shift to an annual COVID booster campaign with an updated strain, similar to the way Americans get their flu shots.<\/p>\n