Moderna recorded $6.1 billion in revenue and a GAAP net income of $3.7 billion during Q1, while Dupixent produced global net sales of $1.81 billion for Regeneron.
Product sales of Moderna’s COVID-19 vaccine totaled $5.9 billion, marking a $4.2 billion year-over-year increase, according to the earnings report released Wednesday morning. Moderna’s earnings per share (EPS) was $8.58, up from $2.84 in Q1 2021.
Moderna released its earnings one week after filing for an emergency use authorization with the Food and Drug Administration for its COVID-19 vaccine for use in children under six years of age.
Looking ahead, Moderna has advanced purchase agreements for product sales totaling $21 billion. It said that it believes COVID market dynamics will result in sales “slightly larger” in the second half of the year compared to the first half.
Beyond the financials, Moderna is also adding two new members to its C-suite: Jorge Gomez as CFO and Arpa Garay as chief commercial officer.
“In the second quarter, we expect to have four programs in late-stage Phase 3 studies including our Omicron-containing bivalent COVID booster, seasonal flu, RSV and CMV vaccine candidates. Beginning in the fall of 2022, our robust Phase 3 pipeline could lead to three respiratory commercial launches over the next two to three years,” said Stéphane Bancel, CEO of Moderna, in a statement. “We also look forward to advancing our therapeutic programs and sharing proof-of-concept readouts on our rare genetic disease programs for propionic acidemia and methylmalonic acidemia, and on our personalized cancer vaccine program this year.”
Meanwhile, Regeneron reported total revenues of $2.9 billion, up 17% year-over-year. The company saw sales of Dupixent grow 43% year-over-year, benefited from Eylea net sales increasing 13% in the U.S., and saw Libtayo increase 14% as well.
However, Regeneron’s net income fell 13% to $974 million and its EPS declined 15% to $8.61. Total net product sales in the U.S. slipped by 5% while research and development expenses grew by 14%.
Additionally, Regeneron’s monoclonal antibody treatment for COVID-19 is under a three-month extended evaluation by the FDA. The company stated in its earnings report that it is having ongoing discussions with the agency on pre-exposure prophylactic use for Regen-Cov and has submitted additional data from its completed prophylaxis trial for review.
“Our strong first-quarter performance was marked by top-and bottom-line growth, accompanied by R&D progress and continued investment in our pipeline,” said Regeneron CEO Leonard Schleifer, M.D., Ph.D., in a statement. “We continued to see substantial U.S. sales growth for EYLEA and Dupixent worldwide. We are well-positioned to reach even more patients with type 2 inflammatory disease through FDA priority review designations for Dupixent in children with atopic dermatitis and in adults and adolescents with eosinophilic esophagitis.”