Moderna Adds 6% On Better-than-expected Quarterly Results

(RTTNews) - Shares of Moderna, Inc. (MRNA) are up more than 6 percent in pre-market on Thursday after reporting better-than-expected fourth-quarter results.

Although the company's profit as well as revenue were significantly lower than last year, primarily impacted by decline in Covid-19 product sales, they beat the consensus estimates.

Net income was $217 million or $0.55 per share for the fourth quarter, compared with $1.465 billion or $3.61 per share in the same quarter a year ago. On average, 17 analysts polled by Thomson-Reuters were expecting for a loss of $0.97 per share for the quarter.

Total revenue for the fourth quarter was $2.811 billion, a decrease from $5.084 billion in the same period last year, primarily due to a reduction in sales of the company's COVID-19 vaccine. The consensus estimate was for $2.49 billion.

Looking ahead, Moderna has reiterated its full-year product sales outlook of about $4 billion.

Moderna shares are up more than 6 percent in pre-market. The stock had closed at $87.59, up 0.69 percent on Wednesday. It has traded in the range of $62.55 - $163.24 in the last 1 year.