Moderna second-quarter revenue jumps fivefold on coronavirus vaccine development

Moderna reported Wednesday a fivefold increase in second-quarter revenue related to its work on a potential coronavirus vaccine. 

Revenue jumped to $66.4 million during the quarter, more than five times the $13.1 million it took in during the same period last year and higher than the $27.4 million projected by analysts surveyed by Refinitiv.

The company said it has received about $400 million in deposits as of July 31 for the potential supply of its coronavirus vaccine, which began a late-stage trial testing last week.

“The second quarter marked a new growth phase for Moderna as we started to build our commercial team, a historic moment for those of us who have worked at the company for many years since it was a breakthrough research enterprise,” Moderna CEO Stephane Bancel said in a statement. “As we pivot to a commercial-stage company, we recognize the need for responsible pricing in the face of the pandemic.”

This is a developing story. Please check back for updates.