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Shares of Moderna dropped on Wednesday even after the biotech company reported higher-than-expected revenue and profits in the first quarter, with results boosted by soaring coronavirus vaccine sales which more than tripled from a year ago.


Moderna’s stock fell roughly 1.5% to around $144 per share on Wednesday despite the vaccine-maker reporting first quarter earnings that beat Wall Street expectations, as revenue and profits surged from a year ago.

Shares initially jumped by as much as 5% in pre-market trading following the strong earnings results, before giving up gains later in the morning.

Moderna’s quarterly revenue came in at more than $6 billion—compared to the $4.6 billion expected by Wall Street analysts, while net income of nearly $3.7 billion more than tripled from the first quarter of 2021.

The company reported $5.9 billion in coronavirus vaccine sales during the first quarter, a more than threefold increase from the $1.7 billion in sales a year ago.

Moderna predicts $21 billion in total vaccine sales for 2022, with a boost in the second half of the year thanks to increased vaccination campaigns in the fall season, management said.

The company expects to receive regulatory approval for a redesigned vaccine that targets the omicron variant by this summer and its coronavirus vaccines for children will be reviewed by the Food and Drug Administration in June.