Official press releases from Moderna or major news outlets

Moderna's Q3 Profit Surges with $1.86B Revenue Beating Estimates; Stock Up Nearly 10%

Nov 7, 2024, 12:44 PM

Moderna Inc. reported a surprise profit of $13 million in the third quarter of 2024, a significant turnaround from a net loss of $3.6 billion in the same period last year. The profit was driven by higher-than-expected sales of its COVID-19 vaccine and cost-cutting measures. Revenue for the quarter reached $1.86 billion, surpassing analysts' estimates of $1.25 billion. COVID-19 vaccine sales totaled $1.8 billion, exceeding expectations of $1.2 billion, while revenue from its new respiratory syncytial virus (RSV) vaccine was $10 million. The company reported cash and cash equivalents of $9.2 billion. Moderna reaffirmed its full-year 2024 product sales guidance of $3 billion to $3.5 billion but guided fourth-quarter revenue to be between $0.8 billion and $1.3 billion, below analysts' estimates of $1.55 billion. The company narrowed its cost of sales guidance to 40% to 45% of product sales. Moderna noted that earlier approvals drove earlier shipments, contributing to the third-quarter results. Despite the strong quarter, analysts questioned whether the sales spike would last. Following the earnings report, Moderna's stock surged nearly 10%.