With Feds Help, Moderna Forecasts Record Revenue of $19.2B
By Michelle Edwards -July 10, 2021
iStock / Getty ImagesThe federal government, by way of the National Institute of Health (NIH), and more specifically through the National Institute of Allergy and Infectious Diseases (NIAID)— under the direction of Dr. Anthony Fauci—has been massively funding the development of the Moderna mRNA COVID-19 vaccine with U.S. taxpayer money since the process to develop vaccines for the pandemic got underway. Additionally, scientists from the NIH are involved in some of the associated patents for the mRNA vaccine. As early as 2013, the Defense Advanced Research Projects Agency (DARPA) gave up to $25 million to Moderna to help develop its mRNA technology.
In 2018—amid an otherwise turbulent market and operating at over a quarter-million dollar annual loss—Moderna, based in Cambridge, MA, pulled off one of the biggest IPOs of the year. At the time, the less than ten-year-old firm suddenly had a $7.5 billion valuation—all on approximately $200 million in revenues with roughly $475 million in operating expenses. Fast forward to Q1 of 2021, the biotech company generated $1.73 billion in COVID-19 vaccine-related revenue and achieved profitability for the first time. Their annual forecast hits a staggering $19.2 billion thanks to the convergence of the pandemic and government subsidy. Moderna CEO Stéphane Bancel recently commented:
“Twelve months ago in Q1 2020, Moderna had never run a phase 3 clinical study, never got a product authorized by a regulator, and never made 100 million doses in a single quarter. I am very proud of what the Moderna team has achieved.”
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https://uncoverdc.com/2021/07/10/with-feds-help-moderna-forecasts-record-revenue-of-19-2b/
