Moderna’s stock rises 3% after beating earnings expectations in the second quarter

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Shares of Moderna Inc. MRNA, -0.43% gained 3.8% in premarket trading on Wednesday after the company beat earnings and revenue expectations in the second quarter of the year. Moderna had net income of $2.2 billion, or $5.24 per share, in the second quarter of the year, down from $2.8 billion, or $6.46 per share, in the same quarter a year ago. The FactSet consensus was $4.58. Revenue came in at $4.7 billion for the quarter, up from $4.3 billion in the second quarter of last year. The FactSet consensus was $4.1 billion. The company said it expects to deliver $21 billion worth of COVID-19 vaccines and boosters this year. Separately, the biotechnology company set a new $3 billion stock repurchase program, which represents about 4.7% of the company’s market capitalization of $63.96 billion as of Tuesday’s closing prices. Moderna’s stock is down 36.7% so far this year, while the broader S&P 500 SPX, -0.67% has declined 14.1%.

This article was originally published by Marketwatch.com. Read the original article here.

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