Business and Economy

COVID-19 Jab Maker Moderna Posts 13-Fold Revenue Increase Thanks to Vaccine

The Grind!

The Grind:
Major COVID-19 vaccine maker Moderna posted a more than 13-fold increase in total revenue in 2020, compared to 2019, the company revealed in an earnings report on Thursday.

“Total revenue was $803 million for the year ended December 31, 2020 compared to $60 million for the year ended December 31, 2019,” the report said, adding that much of the change is linked to the company’s coronavirus vaccine, mRNA-1273.

The Details:
“The increases in [the fourth quarter of 2020 and the full year] were driven by increases in grant revenue and product sales,” the report continued. The rise in grant revenue came primarily from an award by the federal Biomedical Advanced Research and Development Authority (BARDA), it said.

The U.S. government has pledged over $500 million to aid the development of mRNA-1273 and claims a stake in the intellectual property, Axios reported last year. Moderna “retains worldwide rights to develop and commercialize” the jab, Thursday’s report noted. Read more…

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