Moderna raises full-year guidance and achieves first quarterly profit since 2024

Moderna has raised its full-year performance guidance and announced its first quarterly profit since 2024, mainly due to a significant rebound in COVID-19 vaccine sales compared to the same period last year. The company stated on Friday that it expects revenue this year to grow by 15% to 25%, higher than the previous forecast of 10%. Third-quarter profits also exceeded the average expectations compiled by Wall Street analysts, who had previously anticipated the company would post a loss. Best known for its COVID-19 vaccine, Moderna is seeking new sources of growth by shifting its business focus to cancer drug research and development. The company's mRNA skin cancer vaccine, co-developed with Merck, recently achieved success in a late-stage clinical trial, pushing its share price to its highest level in years. As of Thursday, the company's share price had risen over 700% so far this year. If approved, this drug would mark a significant breakthrough for Moderna's core technology. Moderna expects that the drug, named intismeran, could be approved in the United States next year.