Moderna CEO Sat on a 490 Billion Won Money Throne During the COVID Period

Stefan Bancel, CEO of Moderna. / Photo by AP Yonhap News

[Asia Economy Reporter Na Ye-eun] It has been reported that Moderna CEO St?phane Bancel earned $408 million (approximately 490 billion KRW) by selling stocks during the COVID-19 pandemic.

On the 17th (local time), US CNBC reported, "Since January 2020, when the COVID-19 pandemic began, CEO Bancel sold about 2.8 million shares worth $408 million (approximately 490 billion KRW)."

CEO Bancel sold an average of about 19,000 shares per week, both directly owned and indirectly held Moderna stocks, for an average of $3.6 million (approximately 4.363 billion KRW).

CNBC estimated that as of the closing price on the 16th, CEO Bancel's assets exceed $5.3 billion (approximately 6.42 trillion KRW).

This sale was pre-planned under the U.S. Securities and Exchange Commission (SEC) '10b5-1' rule. The 10b5-1 rule was introduced to prevent insider trading, allowing insiders to trade at predetermined times and prohibiting changes to the plan even if they possess material non-public information.

Moderna, which was listed on Nasdaq in December 2018, was a relatively unknown company, but in December 2020, the U.S. Food and Drug Administration (FDA) granted emergency use authorization for the Moderna vaccine. Since then, Moderna recorded sales of $17.7 billion (approximately 21.463 trillion KRW) from the COVID-19 vaccine last year, with an operating profit of $12.2 billion (approximately 14.7937 trillion KRW). This year, vaccine sales are expected to reach $19 billion (approximately 23.0394 trillion KRW).

According to the U.S. Centers for Disease Control and Prevention (CDC), the Moderna vaccine is the second most administered vaccine in the U.S. after Pfizer, with over 209 million doses given.

At the same time, Moderna's stock price surged sharply during the pandemic. Since the initial announcement on January 23, 2020, that it received funding from the Coalition for Epidemic Preparedness Innovations (CEPI) to develop a coronavirus vaccine, the stock price rose by 614%. It reached a peak of $497.49 in August last year but is trading in the $160 range as of the 17th.

According to CNBC, other Moderna executives also cashed in on stock options last year. Moderna President Stephen Hoge liquidated $165.9 million (approximately 200 billion KRW) from stock options alone, and Chief Technology Officer (CTO) Juan Andres cashed out $194.3 million (approximately 240 billion KRW).

This content was produced with the assistance of AI translation services.