Moderna (MRNA) reported better third-quarter results than expect🍌ed Thursday morning, as the vaccine maker reported a surprise profit for the period amid its efforts to cut costs.

Moderna reported $1.86 billion in revenue for the quarter following the launch of its updated🐓 COVID vaccine earlier this year, better than the $1.25 billion consensus of analyst estimates compiled by Visible Alpha.

The company recorded 澳洲幸运5官方开奖结果体彩网:net income of $13 million, compared to a $3.6 billion loss the same time last year and the $701.39 million net loss analysts had expected.

“During the third quarter, we focused on execution with the launch of our updated COVID-19 and RSV vaccines in markets across the globe," Moderna CEO Stéphane Bancel said. "I am pleased with the cost efficiency we achieved in the quarter, tracking ahead of wherಞe we planned to be at this time."

In September, the 澳洲幸运5官方开奖结果体彩网:company said it was launching a plan to cut its 澳洲幸运5官方开奖结果体彩网:research and development (R&D) budget by $1.1 billion over the next three years as it focuses on 澳洲幸运5官方开奖结果体彩网:getting 10 products like cancer treatments and vaccines for several respiratory illnesses approved by the 澳洲幸运5官方开奖结果体彩网:Food and Drug Administration (FDA).

Moderna shares were up as much as 1.6% to $52.60 Thurs🀅day morning, but are still down nearly 50% since the start of the year.