Moderna says Covid vaccine 96% effective in 12-to-17 year olds

US government support of a waiver of patent protections for Covid-19 vaccines at the World Trade Organization could weigh on Moderna’s shares.

Moderna Inc. said studies of its Covid vaccine in teenagers showed that it was 96% effective and raised its product sales projections for the year as it reported its first-ever profitable quarter.

The company raised its product sales projection for 2021 to $19.2 billion from $18.4 billion. (REUTERS)

• Total revenue for the quarter was $1.94 billion, Moderna said, versus the average expectation of $2.22 billion. Moderna reported earnings of $2.84 a share; analysts had expected adjusted earnings of $2.34 a share.
• The company raised its product sales projection for 2021 to $19.2 billion from $18.4 billion.

Key Insights

• Initial results from the company’s study of its Covid-19 vaccine in 12-to-17 year old adolescents showed that the vaccine was 96% effective with no serious safety problems, the company said.
• Moderna is racing to bolster production capacity to help inoculate the world from Covid-19 and keep viral variants at bay. It recently announced investments in U.S. plants and overseas contractors that will raise supply of its Covid vaccine to as many as 3 billion doses next year. The final count depends on the mix of primary two-dose vaccine and booster shots that use less vaccine material.
• On Wednesday, Moderna released results of preliminary human trials showing that two types of booster shots helped bolster immune responses against variants that surfaced in South Africa and Brazil.
• U.S. government support of a waiver of patent protections for Covid-19 vaccines at the World Trade Organization could weigh on Moderna’s shares.

Market Performance

• Moderna fell 6.7% in trading before U.S. markets opened. The shares have gained 56% since the year began through Wednesday’s close.