Moderna Inc.
Q2 2022 Earnings Call
Aug 03, 2022, 8:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning. My name is Kevin and I'll be your operator today. Welcome to Moderna's second quarter 2022 earnings call. [Operator instructions].
Please be advised that this call is being recorded. At this time, I'd like to turn the call over to Lavina Talukdar, head of investor relations at Moderna. Please proceed.
Lavina Talukdar -- Head of Investor Relations
Thank you, Kevin. Good morning, everyone, and thank you for joining us on today's call to discuss Moderna's second quarter 2022 financial results and business update. You can access the press release issued this morning as well as the slides that we'll be reviewing by going to the investors section of our website. On today's call are Stéphane Bancel, our chief executive officer; David Meline, our chief financial officer; Stephen Hoge, our president; Paul Burton, our chief medical officer; and Arpa Garay, our chief commercial officer.
Before we begin, please note that this conference call will include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please see Slide 2 of the accompanying presentation and our SEC filings for important risk factors that could cause our actual performance and results to differ materially from those expressed or implied in these forward-looking statements. With that, I will turn the call over to Stephane.
Stéphane Bancel -- Chief Executive Officer
Thank you, Lavina. Good morning or good afternoon, everyone. Welcome to our Q2 2022 conference call. Today, I will start with a quick business review before Paul walks you through some new real-world evidence data on Spikevax.
And then Stephen will review our clinical programs. I will probably take you through commercial dynamics and David will present financials. I will then come back to close, share some thoughts about where we're heading. In the quarter, we continued strong financial performance.
We reported revenue of $4.7 billion and net income of $2.2 billion. We were pleased with the Q2 sales. The decrease in net income is driven by higher cost of sales in the quarter, mostly driven by our COVAX contract, David will call that in the financials; a strong increase in R&D investments to fund our future, including the four phase 3 programs; and the higher tax rate than Q2 2021. Through our share repurchase program, we reduced our share count by 9 million shares in Q2.