Today, the biotech company posted a surprise profit for its third quarter – performing well above Wall Street estimates. In pre-market trading, Moderna’s shares are up 9%.
In its earnings report today, Moderna posted a net income of $13 million, or 3 cents per share. One year ago, in comparison, Moderna reported a net loss of $3.63 billion, or 9.53 cents per share.
“During the third quarter, we focused on execution with the launch of our updated COVID-19 and RSV vaccines in markets across the globe. I am pleased with the cost efficiency we achieved in the quarter, tracking ahead of where we planned to be at this time,” said Stéphane Bancel, CEO of Moderna. “Looking into the fourth quarter and preparing for 2025, we remain focused on driving sales growth, delivering 10 product approvals over the next three years, and continuing to reduce our cost structure.”
Recently Moderna has been on a cost-cutting spree, to combat the decline in its Covid business. This move has had a major impact on the Q3 profit. The company has projected a goal of $1.1 billion in savings by 2027. Bancel said, “This was a big cost reduction quarter, and we’re going to continue to do that.”
According to a statement released today, Moderna plans to file for approval of its experimental “next-generation” Covid vaccine and combination shot targeting Covid and the flu. The company will also apply for approval of its RSV vaccine, targeting high-risk adults ages 18 to 59. The filings will happen before the close of 2024.
By CEO NA Editorial Staff
