Moderna on Thursday posted a surprise profit for the third quarter, smashing Wall Street estimates, as its cost-cutting efforts took hold and sales of its Covid vaccine came in higher than expected.

Gross profit for the three months ended July 31, 2024 amounted to $3,926,064 or 20.9% of net sales, as compared to $2,448,763 or 15.5% of net sales, for the three months ended July 31, 2023.

Moderna is developing a stand-alone flu shot, a personalized cancer vaccine with Merck and shots for latent viruses, among other products. Cost of sales for the third quarter was $514 million ...