Moderna Inc. boosted its full-year guidance and posted its first quarterly profit since 2024 as Covid vaccine sales rebounded strongly from a year ago.
Revenue will grow between 15% and 25% this year, the company said Friday, up from a previous forecast of 10% growth. Profit in the third quarter topped the average view of Wall Street analysts who expected a loss in estimates compiled by Bloomberg.
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Moderna, best known for its Covid vaccine, is trying to open a new source of growth by refocusing on cancer drug development. A successful late-stage trial of an mRNA-based skin cancer vaccine with Merck & Co. recently propelled the company's share price to a multiyear high, gaining more than 700% this year through Thursday.
Moderna's shares rose 7.1% in premarket trading on Friday.
The cancer drug, called intismeran, would be a milestone advance for the technology underlying Moderna's business. The company anticipates that it could be approved for use in the US next year.
Moderna's third-quarter revenue grew 29% from a year ago, driven by higher Covid vaccine sales in countries like the UK, Canada and Australia. Chief Financial Officer Jamey Mock said that respiratory vaccination rates in the US have “stabilized.”
Moderna's flu vaccine mFlusiva was approved in the US in August. The drug created tension with regulators, who initially declined to review the application. The eventual approval came too late to sign sales contracts for the 2026-2027 flu season, and Mock said sales in the quarter were “immaterial.” The shot was approved for use in Canada this week.
Investors are betting that Moderna's future is in treating cancer and potentially other diseases with mRNA-based therapies. Chief Executive Officer Stephane Bancel believes that intismeran will work in a variety of tumor types. The drug rallies a patient's own immune cells to fight cancer. In combination with Merck's blockbuster drug Keytruda, intismeran meaningfully reduced the likelihood that melanoma would return or spread compared to patients on Keytruda alone.
Investors and analysts are waiting to see whether Bancel's theory holds. Moderna anticipates having new data on intismeran's effect on renal and bladder cancer next year.
Moderna reported lower research and development expenses compared to a year ago. The company wrapped up costly late-stage trials in infectious diseases, some that enrolled tens of thousands of patients. It's splitting the costs and profits of the intismeran trials evenly with Merck.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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