(Reuters) -Moderna on Thursday reported quarterly revenue that beat Wall Street estimates but came in dramatically lower than the previous year when demand for COVID-19 vaccines was higher. Sales of Moderna’s COVID-19 shot Spikevax, its only marketed product, dropped 91% from the previous year to $167 million for the quarter but surpassed analysts’ expectations of $97.5 million. The Cambridge, Massachusetts-based company reaffirmed that it expects to receive approval from regulators for its resp
(Reuters) -Moderna on Thursday reported a surprise fourth-quarter profit, helped by cost cutting and some deferred payments, and the vaccine maker set out a commercial roadmap for its experimental respiratory syncytial virus (RSV) shot. Moderna posted a profit of $217 million, or 55 cents a share, for the quarter. Moderna Chief Financial Officer James Mock in an interview said the company beat its own forecast because of unexpected deferred revenue of $600 million and cost savings of around $300 million created by the company's effort to adjust its manufacturing output last year.
Finances at the vaccine manufacturer Moderna began to fall almost as quickly as they had risen, as most Americans resisted getting yet another COVID booster shot. The pharmaceutical company, whose pioneering mRNA vaccine had turned it from small startup to biotech giant worth more than $100 billion in just a few years, reported a third-quarter loss last year of $3.6 billion, as most Americans refused to get another COVID booster shot.