Moderna's second-quarter revenue jumps fivefold on coronavirus vaccine development

Moderna reported Wednesday a fivefold increase in second-quarter revenue as the company pursues one of the nation's leading vaccine candidates to fight Covid-19.

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 narrowed its second-quarter loss to $116.7 million, or 31 cents a share, from $134.9 million, or 41 cents a share during the same quarter last year.

The Cambridge, Massachusetts-based company said it has begun talks with multiple countries to supply its potential coronavirus vaccine, called mRNA-1273, and has already received about $400 million in deposits as of July 31. Last week, the company started a phase three trial testing how safe and effective it is on 30,000 people with results expected as early as October. The company said it expects to complete enrollment for its phase three trial in September.

Shares of Moderna seesawed in premarket trading, rising by almost 2% before falling by about 1%. 

"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."

Moderna's experimental vaccine, which is being developed with the help of the National Institutes of Health, contains genetic material called messenger RNA, or mRNA, which scientists hope provokes the immune system to fight the virus.

Moderna received $483 million from the Biomedical Advanced Research and Development Authority in April to support its vaccine development. Last month, it received an additional $472 million from the U.S. government.

Executives are holding a call with investors at 8 a.m. ET. 

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