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Moderna Reports Surprise Q3 Profit with $1.86B Revenue, $1.8B COVID-19 Vaccine Sales
Nov 7, 2024, 11:42 AM
Moderna Inc. reported its third-quarter 2024 financial results, revealing a surprise profit driven by cost-cutting measures and higher-than-expected sales of its COVID-19 vaccine. The company posted revenues of $1.86 billion, surpassing the estimated $1.25 billion. COVID-19 vaccine revenue alone accounted for $1.8 billion, beating the $1.2 billion estimate. Moderna's GAAP net income was $13 million, a significant turnaround from a net loss of $3.6 billion year-over-year. The company also reported cash and cash equivalents of $1.64 billion, below the estimated $2.93 billion. Despite low revenue from its new respiratory syncytial virus (RSV) shot, Moderna reiterated its full-year 2024 product sales forecast of $3.0 to $3.5 billion. Spikevax sales for the quarter were $1.8 billion, and the company reported total cash and cash equivalents of $9.2 billion.
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