Moderna (NASDAQ:MRNA) announced second-quarter results that surpassed expectations, even though its revenue experienced a significant decline due to decreased demand for its COVID-19 vaccine after the peak of the pandemic.

Q2 total revenue for the U.S. biotech company amounted to $344 million, representing a substantial 93% drop compared to the $4.75 billion recorded during the same period last year. Despite this decline, the reported revenue still exceeded the Street estimate of $321.8 million.

As a result of the positive earnings report, Moderna’s shares saw an increase of more than 2% intra-day today.

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