Another one... (DJ Khaled). On Wednesday, Pfizer delivered the first Covid-19 vaccine profit. Yesterday, Moderna delivered its first profit — period.

• $1.7B: Moderna's Covid vax sales from January to March — a major glow up from last year, when it made just $8M in total revenue.
• $1.2B: Moderna's big-shot profit. Pfizer did double Moderna's vax sales, but its vax profit is estimated at just $900M.

Terrible earnings timing... On Wednesday, the Biden admin announced it supports a WTO proposal to temporarily waive companies' intellectual property protections for Covid-19 vaccines, to help end the pandemic. The US was originally opposed, saying IP protection provides a key incentive for innovation. If the proposal passes, others could develop shots using public patents (without getting sued). Vax-makers' recipes would be open to all.

• The reasoning: New Covid cases are hitting global records. But as of mid-April, 87% of vax doses distributed went to wealthy countries. The WTO thinks sharing IP would allow poorer nations to develop vaccines.
• The investor response: Moderna shares have plunged 10% since Wednesday, and Pfizer shares dropped 5%. J&J, which isn't taking vax profits, barely budged.
• The company response: Pfizer's CEO said patent-sharing would discourage companies from developing products for the next pandemic. The two who decided to profit from the vaccine (Pfizer and Moderna) were the fastest to get FDA-authorized. Moderna said the proposal won't affect it because it's already not enforcing Covid patents during the pandemic.

Call an XL... for the big stacks. Uber's bookings reached an all-time high of $19.5B last quarter, up 24% from last year. But don't call it a ride-hailing company — it's a food delivery company now.

• Uber's "core" rides biz saw bookings plunge 38% last quarter.
• Uber's food delivery bookings more than doubled from a year earlier.
• Wild stat: Uber Eats now accounts for more than 60% of Uber's biz.

Pizza > People... If you thought your ride to Girls' Night got pricier, that's because it did. Uber and Lyft are dealing with driver shortages. Prices are rising as riders return, while some drivers still prefer delivering pizza over (potentially contagious) people. Now, both are offering drivers incentives to return as demand picks up.

• Uber is already prepping for the decline of the delivery life. Last week, it rolled out new features to further merge Eats with rides in-app.
• Uber + Udon: You can now pick up Uber Eats meals en route to your Uber destination (#inception). Or get Eats delivered by your home ETA.

• Work: Millions of Americans are unemployed, but companies in industries like construction and restaurants still can't find enough people to hire.
• Divan: Millennial furniture icon Wayfair saw its customers soar 57% from last year. The stock jumped 6% yesterday.
• Cluck: Wild demand for spicy sandwiches and hot wings has caused a chicken shortage — now restaurants are paying record prices for poultry.
• E-Paid: PayPal's quarterly net profit more than 10X'd from 2020. Sales grew 31%, while your wallet hasn't felt paper cash in a year.
• Unmasked: Former FDA Chief Scott Gottlieb said the CDC can consider lifting indoor Covid mask mandates now.

• Earnings expected from Tripadvisor, Adidas, BMW, and IAC
• Monthly Employment Report drops

Authors of this Snacks own shares of: Moderna and Uber

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