Moderna Plunges on Numbers, Vaccine Effectiveness

Moderna (NASDAQ:MRNA) said its COVID-19 vaccine is 96% effective in kids ages 12 to 17, according to early data released with the company’s first-quarter earnings Thursday.

The young biotech company, which turned its first quarterly profit ever, also said it plans to submit data on its vaccine for adults to the Food and Drug Administration for full approval later this month.

Similar to adults, the shot in teens was also generally well tolerated with no serious safety concerns identified to date, the company said. The trial included more than 3,000 participants.

Moderna’s COVID-19 vaccine generated $1.7 billion in sales, according to the earnings report.

COVID vaccine makers’ shares tanked after the Biden administration said late Wednesday that it would back waiving patent protections for COVID vaccines, citing the global health crisis.

Moderna raised its 2021 sales forecast for its vaccine to $19.2 billion, up from its previous forecast of $18.4 billion. Earlier this week, rival Pfizer also raised its vaccine sale forecast, predicting full-year sales of $26 billion.

Research and development expenses were $401 million for the quarter, the company said, compared to $115 million for the same period a year ago.

“In the first quarter, the Moderna team delivered on its supply commitments to many governments and helped protect more than 100 million people,” Moderna CEO Stephane Bancel said in a press release.

“This accomplishment translated into our first profitable quarter in the company’s history, after 10 years of scientific innovation and several billion dollars invested to make our mRNA platform a reality.”

MRNA shares plummeted $13.65, or 8.4%, to $149.19.