Moderna (NYSE: MRNA) had two big announcements today in its quarterly earnings report, according to Bloomberg News. The first is that it has signed agreements worth $18.4 billion in 2021 to sell its Covid-19 vaccine in the United States and elsewhere. The company is in negotiations for more vaccine deals, so its 2021 revenues are likely to be in line with or better than expectations.

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The financial markets had been expecting disappointing earnings because of the costs involved with vaccine development, production and distribution. And they were disappointing, coming in at a loss of $0.69 per share compared to analyst expectations for a loss of $0.25 per share. Revenue was much stronger than expected, however, at $570.7 million compared to estimates of $326.6 million.

Moderna is making the transition from focusing on biotech research to becoming a full-fledged niche pharmaceutical company, so the market responded positively despite the larger than expected loss.

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In addition to the earnings, Moderna announced that Tal Zaks, the company’s chief medical office, would be resigning in the fall. Zaks developed the RNA technology that led to the effective Covid vaccine. In the meantime, Moderna is looking to hire a new medical officer who has experience with large-scale, global product commercialization as the company continues its growth.

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This article originally appeared on GOBankingRates.com: Moderna Signs $18.4 Billion in Vaccine Sales