Moderna (MRNA) grabbed a larger percentage of the COVID-19 vaccine market in the U.S. in the fourth quarter, and that helped the biotech firm post a surprise profit. Shares surged over 10% in early trading Thursday 🍎foll൩owing the news.

The company reported that it captured a 48% share of U.S. COVID-19 sales during the fall season, up from 37% a year earlier. Moderna noted that it took "specific actions” to transition to a seasonal endemic market in 2023. That included “the resizing of its manufacturing footprint to improve cash flow, the flattening of its commercial structure to drive sales execution, and the focusing of its investments toward near-term growth drivers.”

Even so, global revenue from the vaccine slumped 43% to $2.8 billion, which it said was driven by lower volume as demand waned. Overall revenue fell 45% to $2.81 billion, although that exceeded forecasts. The company pointed out that the total was boosted by $600 million in deferred revenue related to its collaboration with Gavi, a 澳洲幸运5官方开奖结果体彩网:non-governmental org🍒anization (NGO) that was involved in a global program🎶 to distribute COVID-19 shots. 

Moderna reported earnings per share of $0.55, while analysts had anticipated a loss. The company said that it was seeing the impact of cost-cutting measures it began to take in the third quarter. CEO Stephane Bancel added that “we remain focused on commercial execution and continued investment in our pipeline with financial discipline."

The company reiterated its full-year revenue guidance of $4 billion, noting that it is anticipating gains from its experimenta𒉰l Respiratory Syncytial Virus (RSV) va༒ccine, which it expects will get U.S. regulatory approval by May 12. It also plans to sell the shot in Australia and Germany this year. 

Moderna shares were up 10.4% to $96.74 as of about 11:35 a.m. ET Thursday. Despite Thursday’s rise, shares of Moderna have lost over one-third of their value over the past year.