Moderna Inc. MRNA, +8.42% reported Thursday that it swung to a second-quarter profit that was well above expectations, as better-than-forecast product sales were boosted by sales of 199 million doses of the biotechnology company’s COVID-19 vaccine. The stock slipped 0.4% in premarket trading, after soaring 20.9% the past two days to close at a record $419.05 on Wednesday. Net income for the quarter to June 30 was $2.78 billion, or $6.46 a share, after a loss of $117 million, or 31 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $4.96. Revenue rose to $4.35 billion from just $67 million, to beat the FactSet consensus of $4.21 billion, as product sales grew to $4.20 billion from zero to top forecasts of $4.16 billion. The company said Advance Purchase Agreements (APA) for anticipated product sales was $20 billion, up from $19.2 billion announced in May, and said it has signed APAs for product sales of $12 billion and options of $8 billion from 2022. Dose capacity for its COVID-19 vaccine is expected to be between 800 million and 1 billion doses in 2021, and is expected to rise to between 2 billion to 3 billion doses in 2022. The stock has rocketed 301.1% year to date through Wednesday, while the S&P 500 SPX, -0.46% has advanced 17.2%.
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