Moderna Inc. stock MRNA, -9.96% jumped 1.8% in premarket trading on Thursday after the biotech beat estimates for its first-quarter earnings. Profit and revenue both fell, however, due to a decline in demand for COVID vaccinations. The biotech reported a net income of $79m, or 19c per share, for the first quarter. This is down from $8.58 or $3.657b in the previous period. The revenue fell from $5.925 to $1.828 billion. FactSet’s consensus predicted a $1.75 loss per share and $1.178 billion in revenue. Stephane Bancel, CEO of the company, said that “we had a very strong first quarter with $1.9 billion revenue. This clearly indicates that we are well on our way to delivering on the $5 billion signed Advance Purchase Agreements (APAs) for 202.” We are also encouraged by the progress made in the U.S. with new COVID-19 contracts for this fall, including pharmacy chains, hospital systems, and many U.S. Government agencies. The company is holding discussions in Japan and in the EU. Moderna expects six major launches of respiratory vaccines, including COVID and flu. They also anticipate sales between $8 billion and $15 billion annually by 2027. The stock is down 28% year-to-date, while S&P 500 SPX, -1.80% is up 6.5%.