Moderna's shares dropped on Wednesday even after the company reported higher-than- expected revenue and profits in the first quarter, with results boosted by soaring coronaviruses vaccine sales which more than tripled from a year ago.

Moderna Announces Final Stage Of Covid-19 Vaccine Trial

The vaccine-maker's earnings results were strong.

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Despite the vaccine-maker reporting first quarter earnings that beat Wall Street expectations, Moderna's stock fell 1.5% to around $144 per share on Wednesday.

After the strong earnings results, shares jumped as much as 5% in pre-market trading, before giving up their gains later in the morning.

The company's revenue came in at more than $6 billion, compared to the $4.6 billion expected by Wall Street analysts.

The company reported a threefold increase in sales of coronaviruses in the first quarter of this year.

Moderna predicts $21 billion in total vaccine sales for 2022, with a boost in the second half of the year due to increased vaccination campaigns in the fall season.

The Food and Drug Administration is expected to review the coronaviruses vaccines for children in June, and the company expects to get regulatory approval for a new vaccine that targets the omicron variant by this summer.

Stephane Bancel told CNBC on Wednesday that the virus is mutating to become more and more infectious.

Moderna shares are down roughly 38% so far this year, amid a wider market sell-off that has been driven by large declines in technology and healthcare stocks.

What To Watch For:

Moderna's cash pile grew to $19.3 billion by the end of the first quarter, an increase from $18.6 billion at the end of December. During Moderna's earnings call, Bancel said that the company will not be shy to invest in new opportunities.

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Forbes calculated how much Stephane Bancel is worth. He has held the top job at the company since 2011.

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