The bulging bubble from Covid-19 vaccines production has lifted Moderna to the largest profitable quarter ever recorded in its 10 years history.
The US biotechnology company leading messenger RNA technology posted $1.9 billion in total revenue for 2021 first quarter compared to $8 million for the same period in 2020, according to a statement released Thursday.
The revenue leap came on the heels of a full quarter of commercial sales of Covid-19 vaccine in the U.S. and an initial ramp up of international sales.
A total of 102 million doses were recognized as revenue as product sales hit $1.7 billion for the three months ended in March.
There was also an increase in grant revenue of $190 million mainly driven by revenue rise from BARDA related to the Company’s COVID-19 vaccine development.
“In the first quarter, the Moderna team delivered on its supply commitments to many governments and helped protect more than 100 million people. 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,” said Stéphane Bancel, chief executive officer of Moderna.
