Moderna Reports Third Quarter Earnings

Investing.com – Moderna (NASDAQ:MRNA) has reported a surprise net income in the third quarter and announced changes to its leadership team, as the drugmaker contends with declining sales of its COVID-19 vaccine following a pandemic-era peak in demand.

In the three months ending September 30, total revenue increased by 1.7% compared to the previous year, reaching $1.86 billion—exceeding Bloomberg consensus estimates of $1.25 billion. Moderna also reported a net profit of $13 million, or $0.03 per share, a significant recovery from a loss of $3.6 billion a year ago and above expectations for a loss of $753 million, according to LSEG data cited by Reuters.

Shares in Moderna surged in premarket US trading on Thursday.

Recently, Moderna has faced challenges with declining sales due to a post-pandemic drop in demand for its COVID-19 vaccine. In September, the company postponed its break-even target by two years and provided a sales forecast for 2025 that underperformed its outlook for the current year.

Sales are projected to be between $2.5 billion and $3.5 billion in 2025, below its 2024 guidance of $3 billion to $3.5 billion at the midpoint. On Thursday, Moderna reiterated its projection for this year and announced plans to file its combination flu and COVID-19 vaccine with the US Food and Drug Administration by the end of December.

Additionally, Moderna announced leadership changes: Chief Executive Officer Stephane Bancel has stepped down as head of the Chief Commercial Officer role. Stephen Hoge, previously Moderna's President, will oversee the company's sales operations as well as medical and research affairs. Jacqueline Miller has been appointed as Chief Medical Officer.

Bancel will retain his position as CEO, confirming an earlier report from Bloomberg News.