What happened Shares of Moderna (NASDAQ: MRNA) rose on Wednesday after fellow drugmaker Pfizer (NYSE: PFE) reported strong sales of its COVID-19 vaccine and raised its full-year revenue forecast. As of 3:30 p.m. EDT, the biotechnology company's stock price was up more than 6%. So what Pfizer generated $7.8 billion in coronavirus-related revenue in the second quarter. The healthcare giant now expects to deliver 2.1 billion doses and earn $33.5 billion in COVID-19 vaccine revenue in 2021, up from its prior estimate of $26 billion. Investors bid up Moderna's shares following Pfizer's solid Q2 results. Image source: Getty Images. Pfizer also ramped up its profit projections. Management is now projecting full-year adjusted earnings per share of $3.95 to $4.05, up from $3.55 to $3.65, driven by a pre-tax profit margin for its COVID-19 vaccine in the "high-20s." Now what Pfizer's strong sales performance and financial outlook bode well for Moderna. Demand for safe and effective COVID-19 vaccines is rising as new coronavirus strains emerge and case counts mount around the world. Moderna's vaccine rivals that of Pfizer in both safety and efficacy, which means it's likely to also benefit from the same factors that are driving its competitor's sales and profits sharply higher. Investors can expect to receive updated revenue and earnings projections from Moderna when it reports its second-quarter financial results on Aug. 5. 10 stocks we like better than Moderna Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Moderna Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool recommends Moderna Inc. The Motley Fool has a disclosure policy.Source