Moderna posted mixed fourth-quarter results today with a larger-than-expected loss but beat the consensus forecast for revenue. The company boosted its outlook for the rest of the year, citing strong demand and maturing commercialization capabilities.
The Cambridge, Mass.-based vaccine developer reported revenue of $570.7 million for the three months ended Dec. 31, 2020. That figure was well ahead of the consensus estimate of $326.58 million. Revenue in the same period of 2019 was $14 million.
The company reported a loss of $272.5 million in its fourth quarter. That equated to a loss per share of –$0.69. Analysts had expected a loss of –$0.25. The company had a loss of $0.34 per share a year ago.
“2020 was a historic year for Moderna,” said the company’s CEO, Stéphane Bancel, in an earnings call. Beginning the year as “an early-stage development company,” the company had become a late-stage drug developer by the end of July. “And by December, we had positive results from our Phase III COVE study of our COVID-19 vaccine showing efficacy around 94%,” Bancel added.
Although best-known as a COVID-19 vaccine developer, the company has a pipeline of therapies for cancer, cardiovascular disease, and autoimmune disease. “We are not a COVID-19 vaccine company,” Bancel stressed.
Moderna anticipates $18.4 billion in sales in 2021. Analysts had estimated $11 billion.
Investors responded by sending MRNA shares up 2.5% to $148.48.