Shares of Moderna (NASDAQ:MRNA) were jumping 3.9% higher as of 10:47 a.m. EST on Thursday after rising as much as 11.2% earlier in the day. The gain came after the biotech announced its fourth-quarter results before the market open.
With the biotech stock moving higher, you'd expect that Moderna delivered great results on both its top and bottom lines. You'd be right -- but only in part.
Moderna reported Q4 revenue of $571 million, a stark contrast to the $14 million in revenue generated in the prior-year period and well above the average analyst estimate of $279.4 million. The total included nearly $200 million in sales of COVID-19 vaccine mRNA-1273, which received Emergency Use Authorization (EUA) in the U.S. and Canada in December.
However, Moderna posted a net loss of $272.5 million, or $0.69 per share. This was a lot worse than the net loss of $123.3 million, or $0.37 per share, recorded in the fourth quarter of 2019. It also missed the Wall Street consensus estimate of a net loss of $0.35 per share.
Investors didn't mind these mixed results, though, for one simple reason: Moderna should make more money this year than many anticipated from its COVID-19 vaccine. The company increased the lower end of its manufacturing range for 2021 to 700 million doses from 600 million doses. It hopes to supply as many as 1 billion doses of mRNA-1273 this year.
The future continues to look bright for Moderna. Because of soaring demand, the company is boosting its production capacity of mRNA-1273 for 2022 to 1.4 billion doses. Moderna should almost certainly continue to report tremendous revenue growth throughout this year and beyond.