Moderna Inc (NASDAQ:MRNA) stock rose 1.62% (As on August 4, 11:40:36 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 22. The company maintained its full-year COVID-19 vaccine sales forecast of $21 billion as canceled orders from low- and middle-income nations through the COVAX program offset gains from new booster dose orders. The revenue increase in 2022 was primarily due to increased product sales from sales of the Company’s COVID-19 vaccine. Product sales for the second quarter of 2022 were $4.5 billion, increased by $334 million, or 8%, compared to the same period in 2021, primarily driven by a higher average selling price due to customer mix. Net income was $2.2 billion and $5.9 billion for the three and six months ended June 30, 2022, respectively, compared to $2.8 billion and $4.0 billion for the same periods in 2021. Cash, cash equivalents and investments as of June 30, 2022 and December 31, 2021 were $18.1 billion and $17.6 billion, respectively.

MRNA in the second quarter of FY 22 has reported the adjusted earnings per share of $5.24, beating the analysts’ estimates for the adjusted earnings per share of $4.55. The company had reported the adjusted revenue growth of $4.7 billion in the second quarter of FY 22, beating the analysts’ estimates for revenue of $4 billion.

In the quarter, North American sales were $1.6 billion. These sales were driven by 1273 booster deliveries to the United States as the company continues to fulfill the first U.S. government order, with the vast majority now delivered through the end of second quarter this year. In the quarter, the company also delivered primary series doses for the pediatric group five years and younger as the authorization for this group came through in this quarter. Sales to EMEA were $1.5 billion and sales to Asia Pacific were $1.1 billion.

For fiscal 2022, the company expects the capital investments for 2022 to be in the range of $0.6-$0.8 billion. The company has authorized an additional share repurchase program for $3 billion in August 2022 to return excess capital to shareholders. The previous program of $1 billion announced in August 2021 was fully utilized as of the end of January 2022 and the $3 billion repurchase program announced in February 2022 is continuing and currently has approximately $1 billion outstanding.