Moderna Posts Surprise Quarterly Profit, Faces Slumping Covid Vaccine Sales

Moderna surprised with a profitable quarter, despite reduced Covid vaccine sales. Quarterly revenue was $2.81 billion, exceeding the expected $2.50 billion. The company also reported a net income of $217 million, with a 43% decrease in Covid shot sales. Deferred revenue from Gavi and lower costs also contributed to the positive results. CEO Stephane Bancel emphasized the company's potential beyond Covid, highlighting a reduction in expenses and future product launches.

Financial Performance

Moderna's quarterly revenue reached $2.81 billion, surpassing the expected $2.50 billion, resulting in a profitable quarter despite reduced Covid vaccine sales. The company reported a net income of $217 million, with a significant drop in Covid shot sales, attributed to various contributing factors.