Moderna, Inc. (NASDAQ: MRNA) shares rose nearly 4% in early trading Thursday after the company reported a narrower-than-expected quarterly loss, signaling that its aggressive cost-cutting campaign is helping offset steep declines in Covid vaccine revenue.

The biotech firm posted a third-quarter net loss of $0.51 per share, sharply beating Wall Street’s forecast for a $2.21 loss. Revenue came in at $1 billion, down 45% year-over-year but still above analyst estimates. Nearly all sales stemmed from its Covid-19 vaccine business. Moderna has been scaling back expenses across research, manufacturing, and headcount as vaccine demand wanes. The company said it remains on track to break even by 2028, with Chief Financial Officer Jamey Mock emphasizing that “continued operational discipline” and a $700 million reduction in annual expense guidance would stabilize near-term cash flow.

The company now projects 2025 revenue of $1.6 billion to $2 billion, tightening its previous forecast range. While the reduced outlook reflects slower global vaccine uptake, analysts at Bloomberg Intelligence said the deeper cost cuts “put worries about near-term cash burn to rest.”Moderna’s Covid vaccine revenue fell amid regulatory changes that limited eligibility for boosters under new guidelines from the U.S. Department of Health and Human Services and Centers for Disease Control and Prevention. CFO Mock said “general confusion” among consumers about eligibility contributed to lower demand this fall.

The company’s other products continue to face headwinds. Its mResvia respiratory syncytial virus (RSV) vaccine generated just $2 million in sales, while its cytomegalovirus (CMV) vaccine candidate failed to meet key trial goals. Moderna said it plans to file for regulatory approval of its flu vaccine in the U.S., Europe, Australia, and Canada by January 2026, and remains in discussions with regulators regarding a combination Covid-flu shot.

Looking forward, Moderna hopes to diversify its portfolio beyond infectious disease. The company’s most advanced experimental cancer vaccine, developed in partnership with Merck & Co., is in late-stage testing for melanoma, with results expected in 2026. Despite losing more than 42% of its market value year-to-date, Moderna shares climbed 2.59% to $24.17 as of the time of this writing. 

About Moderna, Inc.

Moderna, Inc. (NASDAQ: MRNA) is a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines. Founded in 2010 and headquartered in Cambridge, Massachusetts, Moderna has developed and commercialized mRNA-based medicines to address infectious diseases, immuno-oncology, and rare conditions. Its Covid-19 vaccine, Spikevax, was among the first to receive global regulatory authorization. Moderna continues to advance a broad clinical pipeline spanning respiratory viruses, latent infections, and cancer immunotherapies.

At the time of publishing, Stocks.News holds positions in Moderna and Merck & Co. as mentioned in the article.