Moderna posts surprise profit as Covid vaccine sales impress, cost cuts take hold [MSNBC.com]
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Source: MSNBC.com
ModernaCovid vaccineThe 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.Shares of Moderna rose almost 9% in premarket trading Thursday.Moderna isslashing expenses$1.1 billion in savings by 2027,Before year end, the company plans to file for approval of its experimental "next-generation" Covid vaccine and combination shot targeting Covid and the flu. Moderna this year also expects to apply for expanded approval of its RSV vaccine, targeting high-risk adults ages 18 to 59.Moderna said Thursday its newest Covid vaccine saw benefits afterwinning approval in the U.S. three weeks"I think the earlier launch and a steeper ramp drove a much higher sales number" for the Covid vaccine, Moderna CEO Stéphane Bancel said in an interview. During the first week of the vaccine's launch, the company shipped twice as many products globally than it di
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