:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2151784638-8bbd332dd5e14dc7bb50eb7cedc5e928.jpg "A red Moderna sign is seen inside a white building.")
Adam Glanzman / Bloomberg / Getty Fetishes
Key Takeaways
- Moderna shares rose Thursday morning after reporting better results than expected for the third ninety days.
- The vaccine maker reported a surprise profit and higher revenue than expected.
- CEO Stéphane Bancel said the suite is ahead of schedule on its plan to cut R&D costs by $1.1 billion over the next three years.
Moderna (MRNA) tell of better third-quarter results than expected Thursday morning, as the vaccine maker reported a surprise profit for the interval 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, mastery 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 privation the same time last year and the $701.39 million net loss analysts had expected.
“During the third quarter, we focused on slaying with the launch of our updated COVID-19 and RSV vaccines in markets across the globe,” Moderna CEO Stéphane Bancel said. “I am walking on air with the cost efficiency we achieved in the quarter, tracking ahead of where we planned to be at this time.”
In September, the players 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 spotlights on getting 10 products like cancer treatments and vaccines for several respiratory illnesses approved by the Food and Opiate 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.