Moderna's first-quarter profit triples on vaccine sales

Moderna earned $3.7B in the first quarter

Moderna said Wednesday that revenue from its COVID-19 vaccine sales helped the company to triple its net income in a better-than-expected first quarter. 

Revenue from its coronavirus preventive shots climbed to $5.92 billion, up from $1.73 billion in last year's first quarter when vaccines were debuting. 

Moderna's net income for the first quarter was $3.7 billion, compared with $1.2 billion for the same period a year ago. 

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On a per-share basis, the Cambridge, Massachusetts-based company said it had a profit of $8.58.

Moderna vaccine

This June 14, 2021, file photo shows a Moderna COVID-19 vaccine vial that is being administered for flight attendants of Japan Airlines ar Haneda Airport in Tokyo.  (AP Photo/Eugene Hoshiko / AP Newsroom)

"The Moderna team delivered a strong Q1 performance and I am thankful for the progress our team continues to make as we advance our pipeline of mRNA medicines. Moderna's CEO Stéphane Bancel said in a statement

Data from the Centers for Disease Control and Prevention (CDC) shows more than 217 million doses of Moderna's Spikevax vaccine have been administered in the U.S. 

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While sales of its vaccine jumped compared with last year, they declined by $1 billion from the fourth quarter of 2021. 

Research costs and expenses also rose. 

Bancel noted that Moderna has several vaccines in late-stage clinical studies, including its "omicron-containing bivalent COVID booster, seasonal flu, RSV and CMV vaccine candidates."

"Beginning in the fall of 2022, our robust Phase 3 pipeline could lead to three respiratory commercial launches over the next two to three years," he added. "We also look forward to advancing our therapeutic programs and sharing proof-of-concept readouts on our rare genetic disease programs for propionic acidemia and methylmalonic acidemia and on our personalized cancer vaccine program this year."

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Moderna currently is seeking authorization for its shots to be used in adolescents and children.

The Associated Press contributed to this report.