Moderna expects $18.4bn in Covid-19 vaccine sales this year
Moderna is expected to post a profit for the first time since its inception in 2010. The US based pharmaceutical company is forecasting $18.4bn in sales from the vaccine deals it signed.
The revenue forecast is much higher than the $11.2bn analysts had predicted for 2021, as well as $15bn that Pfizer said it expected when it reported earnings this month.
As a result, Moderna said sales may rise even further due to its discussions with governments about more vaccine orders for 2021 and 2022.
Other reasons for the projected increase in sales are boosting capacity to combat new Covid variants, making the first batch of vaccine boosters for SA variant and testing vaccines which could be stored in refrigerators.
Moderna and Pfizer Inc are the only drugmakers whose vaccines have been cleared for emergency use against Covid-19 in the United States so far.
Currently, the US biotech has shipped 60m doses of the vaccine and has enough drug substance for 100m doses. Since then, the company’s shares have risen nearly 4 per cent to $150.4.
The Financial Times is reporting that Stéphane Bancel, Moderna’s chief executive, said 2021 would be an “inflection year” for the company.
“We previously believed that mRNA would lead to approved medicines, and we were limited in our ambitions by the need for regular capital raises and keeping several years of cash to manage financing risk,” the CEO said.
“We now know that mRNA vaccines can be highly efficacious and authorised for use, and we are a cash-flow generating commercial company,” he said.
Bancel also stressed that Moderna is increasing its manufacturing capacity, due to concerns of future variants and expects to produce 700m to 1bn doses in 2021.