The latest raft of pharma Q2 earning reports have arrived, with Moderna and Gilead Sciences enjoying gains and Regeneron stumbling.
Moderna recorded total revenue of $4.7 billion, up from $4.4 billion in Q2 2021 due to the increased sales of the company’s COVID-19 vaccine. For the first half of 2022, Moderna’s net income reached nearly $6 billion, marking an increase of almost $2 billion year-over-year.
The company’s earning per share was $5.24, down from $6.46 this time last year. Notably, Moderna nearly doubled its head count, employing 3,400 workers at the end of Q2.
Looking beyond its COVID-19 vaccine, Moderna said it has four infectious disease vaccines in Phase 3 trials and expects to start a Phase 1 trial for its combination COVID, flu and RSV vaccine later this year.
“Today’s earnings represent a strong second quarter performance, with $10.8 billion in revenue for the first half of the year,” Moderna CEO Stéphane Bancel said in a statement. “We continue to have advance purchase agreements for expected delivery in 2022 of around $21 billion of sales. Given our strong financial position and commercial momentum, we are announcing today that the Board of Directors has approved a new share repurchase program for $3 billion.”
Gilead released its Q2 earnings report Tuesday evening, which was highlighted by revenues inching up 1% to $6.3 billion.
Gilead benefited from the increase in sales for its HIV and oncology products. Biktarvy sales rose 28% year-over-year, while oncology sales jumped 71%. The company generated an operating cash flow of $1.8 billion during the quarter.
Gilead also made a $300 million collaboration upfront payment to Dragonfly Therapeutics for its 5T4-targeting natural killer cell investigational immunotherapy program, DF7001.
“This was a very strong quarter for Gilead, with solid commercial and clinical execution,” said Gilead CEO Daniel O’Day in a statement. “Excluding Veklury, product sales grew 7% year-over-year. There was continued strong demand for our HIV portfolio with further share growth for Biktarvy, and oncology revenues reached an all-time high, driven by cell therapy and Trodelvy.”
Gilead released its earnings report shortly after announcing that VP, assistant controller Sandra Patterson will become SVP, corporate controller and principal accounting officer effective next March. Additionally, the company recently named Deborah Telman EVP of corporate affairs and general counsel.
Regeneron struggled during the year’s second quarter, reporting revenue of $2.86 billion, a 44% year-over-year decrease. The company’s net income dropped by 73%. The year-over-year declines were largely due to the lack of REGEN-COV sales, the company’s COVID-19 monoclonal antibody cocktail.
Revenue for key products did increase during the quarter, with Eylea up 14% and Libtayo up 17%. Parluent, however, fell 26%.
One highlight during the quarter was the completion of the purchase of Checkmate Pharmaceuticals for $250 million.
“The second quarter of 2022 was distinguished by record net product sales of Eylea, Dupixent and Libtayo, as well as multiple regulatory achievements for Dupixent, including U.S. approvals for atopic dermatitis among very young patients and for eosinophilic esophagitis in adults and adolescents, as well as European approval for pediatric asthma,” Regeneron CEO Dr. Leonard Schleifer said in a statement.
This story has been updated to more completely characterize Regeneron’s Q2 performance.