Moderna Inc.’s Covid-19 vaccine lifted the biotech company to its first-ever quarterly profit, a milestone in the rise of a company that burst into the spotlight last year as it rapidly developed a shot against the coronavirus.
The vaccine brought Moderna revenue of $1.73 billion in the first quarter, reflecting three full months of its use in the U.S. and initial international sales, the company said Thursday.
Moderna also boosted its full-year forecast of Covid-19 vaccine sales to $19.2 billion, based on advance purchase agreements, from $18.4 billion it previously predicted.
The forecast points to a booming market for Covid-19 vaccines, as Pfizer Inc. this week said the Covid-19 vaccine it makes with BioNTech SE could generate $26 billion in sales this year.
Yet the prospect of a temporary loss of vaccine patents clouded the bright performance and outlook.