Moderna tops 1Q forecasts; vaccine sales plunge as expected

Sales of Moderna’s COVID-19 vaccine plunged in the first quarter and some expenses soared, but Wall Street expected this and the drugmaker topped expectations. 

Moderna said Thursday that revenue from its Spikevax vaccine tumbled to $1.83 billion in the quarter from nearly $6 billion a year ago. 

Rival Pfizer also reported a steep sales drop for its COVID-19 shot, Comirnaty, earlier this week. The vaccine makers are shifting to commercial sales this year after selling to the government through huge contracts. 

Vaccine sales are expected to sink further in the second quarter, as governments use up their inventory of shots.