Moderna has reported a total revenue of $5bn in the third quarter (Q3) of the fiscal year (FY) 2021, a growth from $157m in the prior-year quarter.

The company attributed the rise in total revenue this year to the commercial sales of its Covid-19 vaccine (Spikevax) as well as grant revenue to a smaller extent.

A booster dose of the vaccine is authorised for emergency use by the US Food and Drug Administration (FDA) and is approved by the European Medicines Agency as well as Swissmedic.

For the quarter which ended on 30 September 2021, product sales totalled $4.8bn, resulting from the sales of 208 million doses of the Covid-19 vaccine.

The company’s grant revenue during the period declined to $140m from $145m in the third quarter last year.

Net income in Q3 FY2021 stood at $3.3bn compared to a net loss of $233m in the prior-year period.

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Moderna CEO Stéphane Bancel said: “It is promising to see the real-world evidence showing that the Moderna Covid-19 vaccine shows sustainably high, durable efficacy.

“Looking ahead, we are focused on advancing the many other programmes in our pipeline. We recently dosed the first participants in the Phase III study of our CMV vaccine.”

The company expects to realise product sales between $15 and $18bn for FY2021.

Furthermore, Moderna plans to supply 700-800 million 100µg doses of its Covid-19 vaccine this fiscal year.

The company entered advance purchase agreements worth nearly $17bn with delivery planned for next year and expects it to be a key revenue driver in 2022.

Moderna estimates that the commercial booster vaccine market sales might reach $2bn if booster shots receive Biologics License Application (BLA) or supplementary BLA (sBLA) before the fall.

In August, Moderna reported that the total revenue stood at $4.4bn in the second quarter (Q2) of FY 2021.