Moderna announced Thursday that its COVID-19 vaccine is 93 percent effective six months after the second dose, the Associated Press reported.
The announcement came after Pfizer announced its COVID-19 vaccine remained 97 percent effective in preventing severe disease and had become a top seller. Nearly half the company's revenue was brought in through the selling of its vaccines, $7.84 billion from direct sales and revenue split with its partner, Germany's BioNTech.
Moderna will also be testing out its potential booster shot for the coronavirus vaccine. Pfizer announced July 28 it was testing its own booster shot and that it was shown to raise antibody levels against the more contagious Delta variant 11 times higher in older people and five times higher in younger people than the first two doses.
For more reporting from the Associated Press, see below.
"We are quite convinced that a booster will be needed," CEO Albert Bourla said in an interview, adding that a third dose of the original vaccine could be sufficient. Still, Pfizer in August will start testing in volunteers a booster targeting the Delta variant, because "there's so much at stake, you can't take risks."
Pfizer has delivered more than 1 billion doses of the vaccine globally and expects to make 3 billion doses this year, with many more going to low- and middle-income countries from now through year's end, Bourla said. Most doses of all the COVID-19 vaccines produced in Europe and the U.S. so far have gone to wealthy countries.
Moderna's COVID-19 vaccine brought in more than $4 billion in second-quarter sales, helping to push the vaccine developer into a profit.
The COVID-19 vaccine is Moderna's only commercially approved product. It also is developing several vaccines that aim to guard against the flu, Zika and HIV among other viruses. Those are all in early stages of clinical testing, according to its website.
Overall, Moderna earned $2.78 billion in the second quarter, compared to a loss of $117,000 last year, before its vaccine received emergency use authorization in the U.S. and other countries to fight the global pandemic.
The company brought in $4.35 billion in total revenue, thanks to the vaccine and some grants. Earnings per share totaled $6.46.
The results topped Wall Street expectations. Analysts surveyed by Zacks Investment Research expected, on average, earnings of $6.01 per share on $4.29 billion in revenue.
Moderna's COVID-19 vaccine has received emergency authorization for use in more than 50 countries.
Cambridge, Massachusetts–based Moderna Inc. also said on Thursday that it completed enrollment in an early-stage study of its next-generation COVID-19 vaccine, which could be easier to store and distribute. The company also said it will explore a combination vaccine that aims to offer protection against the flu, COVID-19 and other viruses.
Company shares fell 4 percent to $402 in premarket trading on Thursday. The stock price has quadrupled since the end of 2020.
Pfizer shares rose $1.46, or 3.5 percent, to $43.56, near a 52-week high.
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