Moderna, Inc. (Nasdaq: MRNA), a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines, today reported financial results and provided business updates for the first quarter 2021 and highlighted pipeline progress.

Total revenue was $1.9 billion for the three months ended March 31, 2021 compared to $8 million for the same period in 2020.

Total revenue increased in the first quarter of 2021, resulting from a full quarter of commercial sales of the Company’s COVID-19 vaccine in the U.S. and an initial ramp up of international sales.

A total of 102 million doses were recognized as revenue and product sales were $1.7 billion from sales of the Company’s COVID-19 vaccine. The increase in grant revenue of $190 million was primarily driven by an increase in revenue from BARDA related to the Company’s COVID-19 vaccine development.

Net income was $1.2 billion compared to a net loss of $(124) million for the same period in 2020. The Company has already signed Advance Purchase Agreements for scheduled delivery in 2021, for a total of $19.2 billion in anticipated product sales, including sales already recorded in the three months ended March 31, 2021.

The Company nearly doubled the size of its workforce as of March 31, 2021, Moderna had approximately 1,500 employees, compared to approximately 830 employees as of March 31, 2020.

“In the first quarter, the Moderna team delivered on its supply commitments to many governments and helped protect more than 100 million people. This accomplishment translated into our first profitable quarter in the company’s history, after 10 years of scientific innovation and several billion dollars invested to make our mRNA platform a reality,” said Stéphane Bancel, Chief Executive Officer of Moderna.

“Based on these first quarter accomplishments and our current manufacturing scale-up trajectory, we were pleased to again increase our base plan for 2021 to 800 million doses. The Moderna team and our manufacturing partners are working hard to get as close to 1 billion doses in 2021 as we can.

The feedback from governments around the world requesting high-efficacy mRNA vaccines and variant boosters is overwhelming. We are now actively engaged in discussions and agreements for 2022 with all of the governments we are currently supplying for 2021.

On top of that, new partnerships, like COVAX, for up to 466 million doses in 2022 and discussions with new governments in Asia, Middle East, Africa and Latin America, make us believe that our total advance purchase agreements for 2022 should be higher than those in 2021.”