Moderna (MRNA  ) has been one of the best-performing stocks on multiple timeframes - since the market bottom in March 2020, over the past year, and over the past month. Initially, its stock rallied along with nearly all companies working on a coronavirus vaccine then the rally accelerated on the company's positive and effective results. Recently, it's been rallying as the Delta variant makes it clear that more vaccinations will be required and that a booster shot may be necessary as well.

The company's second-quarter results came in line with analysts' expectations, but it did validate the company's stock price rally. Going forward, the company has a cash cow in terms of its coronavirus vaccines, and it has the potential to develop other mRNA-derived treatments for other diseases.

Inside the Numbers

In Q2, Moderna reported earnings per share of $6.46 and revenue of $4.4 billion. Both were consistent with analysts' expectations. In last year's Q2, Moderna lost money and had revenue of just $64 million.

The company said that next year it expects to produce between 2 billion and 3 billion COVID-19 vaccines, while it expects to produce just under 1 billion this year. The company believes that full U.S. Food and Drug Administration approval, expected sometime in the next month, could unleash another surge in demand. Additionally, the Moderna and Pfizer (PFE  ) vaccines have proven to be more effective in providing protection against the Delta variant.

The company also announced new supply agreements with several countries. It plans to deliver an additional 35 million doses to Taiwan and 20 million doses to Argentina and a partnership with Takeda Pharmaceuticals and the Japanese government for another 50 million doses. The company also expressed support for a booster shot to defend against the more-transmissible variants like the Delta variant.

The company also announced a share buyback program for $1 billion for up to 2 years. Given uncertainties around the coronavirus, the company didn't issue any firm guidance.

Inside the Numbers

During the initial phases of the coronavirus, nearly every pharmaceutical and biotech company working on a vaccine or treatment candidate saw a massive rally. Even then, it was clear that only a handful would succeed. Clearly, Moderna is the big winner.

Moderna is due to make billions from its breakthrough. Equally important, it was a validation of its approach to vaccine development. Going forward, the stock is likely to outperform but investors should be patient and wait for a low-risk entry.