Moderna Turns To Profit In Q3; Backs FY24 Net Product Sales View; Stock Up

(RTTNews) - Drug maker Moderna, Inc. (MRNA) reported Thursday that its third-quarter net income was $13 million, compared to a net loss of $3.63 billion a year ago.

Earnings per share were $0.03, compared to loss per share of $9.53 last year.

Analysts on average expected a loss of $1.90 per share for the quarter, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total revenue for the third quarter grew to $1.86 billion from $1.83 billion last year. The Street was looking for revenues of $1.25 billion.

Net product sales reached $1.82 billion, reflecting a 4% year-over-year increase. Spikevax sales included $1.2 billion of U.S. sales and $0.6 billion of international sales.

The company said the growth was primarily driven by higher sales in the U.S. market, following the earlier launch of the updated COVID-19 vaccine.

Looking ahead, the company continues to expect fiscal 2024 net product sales of $3.0 to $3.5 billion from its respiratory franchise.

Stéphane Bancel, Chief Executive Officer of Moderna said, "Looking into the fourth quarter and preparing for 2025, we remain focused on driving sales growth, delivering 10 product approvals over the next three years, and continuing to reduce our cost structure."

In pre-market activity on the Nasdaq, Moderna shares were gaining around 6.1 percent to trade at $54.99.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.