Moderna (MRNA ) earnings Q1 2024 [Video]

Moderna on Thursday posted a narrower-than-expected loss for the first quarter as the company’s cost-cutting efforts took hold and sales of its Covid vaccine, its only commercially available product, topped estimates. 

The results come as Moderna inches closer to putting another product on the market, which it badly needs as demand for Covid shots plunges worldwide. The biotech company expects U.S. approval for its vaccine against respiratory syncytial virus on May 12. If cleared, that shot is expected to launch in the third quarter.

Shares of Moderna closed more than 12% higher on Thursday following the results.

Here’s what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Loss per share: $3.07 vs. loss of $3.58 expected
• Revenue: $167 million vs. $97.5 million expected

“On the [operating expenses] side of a company, we’ve made great progress,” Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC’s …