Moderna’s Earnings Are Wednesday. Here’s What to Expect.

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As the U.S. prepares for a broad Covid-19 booster campaign this fall, investors are watching

Moderna
’s
earnings on Wednesday to gauge how the company will hold up in an increasingly competitive market.

The Covid-19 vaccine maker (ticker: MRNA) is scheduled to report its earnings before the market opens. The company is holding an investor call at 8 a.m. Eastern.

As of the close of trading on Tuesday, the stock was down 37% this year, while the S&P 500 had fallen 14%. Analysts expect Moderna (ticker: MRNA) to report sales of $4.1 billion for the quarter, and earnings of $4.58 per share, according to FactSet.

In May, Moderna said it had advance purchase agreements in place for 2022 worth $21 billion; a $1.7 billion deal the company announced with the U.S. government on Friday could increase that number, though some of those sales could spill over into 2023. Analysts currently expect Moderna to clock $22.2 billion in sales this year, according to FactSet.

Investors will be listening for updates on the company’s M&A plans, plus details on how it plans to hold market share against

Pfizer
’s
(PFE) larger commercial operation. In its own earnings presentation last week,

Pfizer

said that as of late July, its shots accounted for 68% of the Covid-19 vaccine doses administered so far in developed markets, up from 59% in January.

Moderna is currently developing two vaccines for the fall, one for the U.S. market that mixes the original vaccine with a version that targets the BA.4/BA.5 subvariants of Omicron, and one for international markets that mixes the original vaccine with a version that targets the BA.1 subvariant.

Write to Josh Nathan-Kazis at [email protected]