Moderna Reports Surprise Third-Quarter Profit and Raises Full-Year Revenue Guidance
Moderna (MRNA) reported a surprise profit for the third quarter, earning $0.38 per share compared to an expected loss of over $1.00 per share. This marks the company's first profitable quarter in two years, driven by revenue that rose 29% year-over-year to $1.31 billion, significantly exceeding analyst expectations of $890 million. The company has raised its full-year revenue growth outlook to a range of 15% to 25%, up from previous estimates of up to 10%. To support this growth and improve its financial position, Moderna reduced its R&D spending by 27% and expects to end the year with between $8.1 billion and $8.3 billion in cash. Market enthusiasm is largely driven by positive Phase 3 trial results for intismeran autogene, a personalized cancer vaccine being developed in partnership with Merck (MRK). The combination therapy showed significant success in reducing melanoma recurrence or death risks, positioning the company's oncology pipeline as a primary driver of its recent stock performance.
Topics: earnings beat guidance raise profitability R&D spending revenue growth
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Part of the story Moderna Reports Surprise Third-Quarter Profit and Raises Full-Year Revenue Guidance (9 articles)