Moderna Stock Rises on Surprise Q3 Profit

Moderna (MRNA) reported better third-quarter results than expected Thursday morning, as the vaccine maker reported a surprise profit for the period amid its efforts to cut costs.

Moderna reported $1.86 billion in revenue for the quarter following the launch of its updated COVID vaccine earlier this year, better than the $1.25 billion consensus of analyst estimates compiled by Visible Alpha.

The company recorded net income of $13 million, compared to a $3.6 billion loss the same time last year and the $701.39 million net loss analysts had expected.

“During the third quarter, we focused on execution with the launch of our updated COVID-19 and RSV vaccines in markets across the globe,” Moderna CEO Stéphane Bancel said. “I am pleased with the cost efficiency we achieved in the quarter, tracking ahead of where we planned to be at this time.”

In September, the company said it was launching a plan to cut its research and development (R&D) budget by $1.1 billion over the next three years as it focuses on getting 10 products like cancer treatments and vaccines for several respiratory illnesses approved by the Food and Drug Administration (FDA).

Moderna shares were up as much as 1.6% to $52.60 Thursday morning, but are still down nearly 50% since the start of the year.