Moderna Has Potential to Reach $12 Billion in Revenue by 2028, Oppenheimer Says
02:33 PM EDT, 05/07/2021 (MT Newswires) -- Moderna's (MRNA) Q1 revenue, which missed the Street consensus, was not surprising amid the production constraints highlighted by the company, Oppenheimer said in a research note to investors.
Total revenue for the quarter rose year over year to $1.94 billion from $8 million a year earlier, compared with consensus of $2.06 billion. The company generated $1.7 billion from the sale of 102 million doses of its COVID-19 vaccine.
The brokerage projects Moderna to post revenue of $2.8 billion in Q2 from its COVID-19 vaccine and expects it to hit more than $12 billion in total revenue by 2028 if it launches its first products in the next one to four years, provided it continues to focus on advancing its pipeline and expanding its COVID-19 vaccine strategies.
Oppenheimer has an outperform rating on the stock and a $206 price target.
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