Moderna rakes in $4.9bn profit with COVID-19 vaccine

U.S. Biotech Company, Moderna, has continues to reap the rewards of its COVID-19 vaccine.

In the final quarter of 2021, the company had achieved net profits of $4.9 billion, it announced on Thursday.

In the last fiscal year, Moderna made a surplus of $12.2 billion, although the high research and development costs of the previous year had led to losses of $747 million.

However, all in all, the high demand for its vaccine led to revenues of $18.5 billion for 2021, up from $803 million the previous year.

Moderna’ signed advance purchase agreements for 2022 are valued at $19 billion, up from a predicted $18.5 billion in January.

The company holds additional signed options of approximately $3 billion.

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In comparison, rival company Pfizer expects revenues for its COVID vaccine of $32 billion for 2022.

The U.S-based pharmaceutical company developed its vaccine together with its German partner Biotech.

The Star