Moderna shares surge after vaccine maker posts unexpected third-quarter profit

November 07, 2024 11:55 PM AEDT | By Investing

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Moderna shares surge after vaccine maker posts unexpected third-quarter profit

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Investing.com - Moderna (NASDAQ:MRNA) has reported a surprise net income in the third quarter and announced changes at its leadership team, as the drugmaker looks to address issues stemming from fading sales of its COVID-19 vaccine since a pandemic-era boom in demand.

In the three months ended on Sept. 30, total revenue rose by 1.7% versus the year-ago period to $1.86 billion, ahead of Bloomberg consensus estimates of $1.25 billion. Moderna also unveiled net profit of $13 million, or $0.03 a share, compared to 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.

Moderna has grappled in recent months with flagging sales fueled by a post-pandemic downturn in demand for its COVID-19 jab. In September, the company delayed its break-even goal by two years and unveiled a 2025 sales forecast that was below its outlook for the current year.

Sales are tipped 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 said it intends to file its combination flu and COVID-19 vaccine with the US Food and Drug Administration before the end of December.

Moderna also announced that Chief Executive Officer Stephane Bancel has stepped down as head of the group's Chief Commercial Officer. Stephen Hoge, most recently Moderna's President, is set to take charge of the company's sales operations and its medical and research affairs. Jacqueline Miller was tapped to become Chief Medical (TASE:PMCN) Officer of the group.

Bancel, meanwhile, will remain in his role as CEO. The executive-level shake-up confirmed an earlier report from Bloomberg News.

This article first appeared in Investing.com

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