Sales of Moderna’s coronavirus vaccine fell in the first quarter of the year and some costs rose, but Wall Street expected it, and the pharmaceutical company beat expectations.
Moderna announced on Thursday that its profits from the Spikefax vaccine fell to $1.83 billion in the quarter from about $6 billion a year ago.
Rival Pfizer also recorded a sharp decline in sales of its coronavirus vaccine Commernati earlier this week. Vaccine companies are turning their attention to commercial sales this year after selling huge contracts to governments, according to the Associated Press.
Vaccine sales are expected to decline in the second quarter of the year as governments run out of their stocks.
Moderna added on Thursday that it continues to supply more vaccines through $5 billion advance purchase agreements for 2023.
He also said he is making progress with pharmacies, hospitals and government agencies on fall vaccine contracts.
The Spikefax vaccine is Moderna’s main profitmaker, but the company is also developing other vaccines, including a flu vaccine and a vaccine against a respiratory disease known as human respiratory syncytial virus.
Moderna’s R&D spending doubled in the first quarter to $1.1 billion as the drug maker spends funds on clinical trials of potential vaccines.
Overall, Moderna’s first-quarter revenue fell to $79 million from $3.7 billion.
