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COVID-19 vaccine leads to Moderna's first profitable quarter

COVID-19 vaccine leads to Moderna's first profitable quarter
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Moderna reported its first-ever profit on Thursday, driven in large part by its COVID-19 vaccine.

The Cambridge, Mass.-based company reported a net income of $1.2 billion in the first three months of 2021, compared with a net loss of $124 million in the same period last year.

“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,” Moderna CEO Stéphane Bancel said in a statement.

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Moderna added that it expected to deliver around 200 million to 250 million doses of its coronavirus vaccine in the second quarter and had already signed purchase agreements totaling $19.2 billion in anticipated sales.

The earnings announcement comes two days after fellow vaccine manufacturer Pfizer said its vaccine generated $3.5 billion in revenue in the first quarter.

Unlike its competitors, Pfizer did not use federal funds to make its vaccine, a decision that caused concerns among some Democratic lawmakers who fear the company could raise its prices after the initial pandemic period.