Surprise third quarter profit as Moderna affirms guidance
Moderna (Nasdaq: MRNA) has reported third-quarter 2024 revenues of $1.9 billion, marking a slight increase from the $1.8 billion posted in the same period in 2023.
The USA-based biotech achieved a net income of $13 million for the quarter, compared to a significant loss of $3.6 billion in Q3 2023, translating to earnings per share of $0.03. The company attributed its return to profitability primarily to increased sales of its COVID-19 vaccine, Spikevax (mRNA COVID-19 vaccine), and continued focus on cost efficiencies.
The third-quarter results benefitted from an early launch of the updated Spikevax in the USA, where the company reported $1.2 billion in sales. Moderna’s global market share of its COVID-19 vaccine reached 40% this season.
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