The Covid-19 vaccine maker
reported earnings that beat Wall Street expectations, sending shares up 3.2% in premarket trading.
The company reported sales for the second quarter of $4.7 billion, better than the $4.1 billion analyst consensus estimate, according to FactSet.
Diluted earnings were $5.24 a share, well above the analyst consensus estimate of $4.58.
Cost of sales was higher than expected, at $1.4 billion, compared to an analyst consensus estimate of $899 million.
(ticker: MRNA) didn’t change its full-year guidance, saying it currently has advanced purchase agreements in place worth $21 billion for deliveries in 2022. That figure didn’t change despite a $1.7 billion deal the company announced with the U.S. government on Friday.
The company said it had cash, cash equivalents, and investments worth $18.1 billion, up from $17.6 billion at the end of the year, and announced it would repurchase $3 billion in its own shares.
As of the close of trading on Tuesday, the stock was down 37% this year, while the
had fallen 14%.
On an earnings call scheduled for 8 a.m Eastern time., investors will be listening for updates on the company’s M&A plans, plus details on how it plans to hold market share against
(PFE) larger commercial operation. In its own earnings presentation last week,
said that as of late July, its shots accounted for 68% of the Covid-19 vaccine doses administered so far in developed markets, up from 59% in January.
is currently developing two vaccines for the fall, one for the U.S. market that mixes the original vaccine with a version that targets the BA.4/BA.5 subvariants of Omicron, and one for international markets that mixes the original vaccine with a version that targets the BA.1 subvariant.
Write to Josh Nathan-Kazis at email@example.com