Moderna posts surprise profit as Covid vaccine sales impress, cost cuts take hold [CNBC]
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Moderna said Thursday its newest Covid vaccine saw benefits after winning approval in the U.S. three weeks earlier than the last iteration of the shot did in 2023. It is the first quarter that includes sales of Moderna's vaccine against respiratory syncytial virus, its second-ever commercially available product. Moderna on Thursday posted a surprise profit for the third quarter, smashing Wall Street estimates, as its cost-cutting efforts took hold and sales of its Covid vaccine came in higher than expected. The biotech company posted a net income of $13 million, or 3 cents per share, for the third quarter. That compares with a net loss of $3.63 billion, or $9.53 cents per share, reported for the year-ago period. Moderna is slashing expenses , with a recently announced goal of achieving $1.1 billion in savings by 2027, as it tries to recover from the rapid decline of its Covid business. It is the first quarter that includes sales of Moderna's vaccine against respiratory syncyt
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