From CNBC:

Shares of Moderna surged 13% after posting an unexpected profit due to deferred revenue and cost cuts, despite lower Covid vaccine sales. The company reported a fourth-quarter EPS of 55 cents, beating analyst expectations of a 97-cent loss, with revenue at $2.81 billion versus $2.50 billion projected. Full-year Covid vaccine sales totaled $6.7 billion, exceeding $18 billion in total 2022 revenue.

Moderna reported net income of $217 million, or 55 cents per share, for the fourth quarter, a significant drop from the previous year’s $1.47 billion in net income. Fourth-quarter sales were $2.81 billion, with a 43% decrease in Covid shot revenue driven by lower volumes partially offset by higher prices. The company recorded $600 million in deferred revenue from work with Gavi.

Despite a decline in Covid vaccine sales, Moderna’s full-year revenue reached $18 billion in 2022, with a market share increase to 48% from 37% in 2022. The company expects sales to drop further in 2024, reiterating a $4.7 billion sales forecast for the year. Moderna plans to reduce expenses, including cutting R&D costs to $4.5 billion for 2024 from $4.8 billion in 2023.



Read more at CNBC: Moderna (MRNA) earnings Q4 2023