On Thursday, Moderna Inc ( MRNA ) stock is trading higher after the company reported better-than-expected third-quarter sales.

Moderna ( MRNA ) reported third-quarter revenue of $1.83 billion, compared with $1.83 billion a year earlier, beating the consensus of $1.25 billion.

The company attributed the growth to higher sales in the U.S. market following the earlier launch of the updated COVID-19 vaccine.

With FDA approval granted three weeks earlier than in the previous year, the company was able to meet demand more effectively.

Also Read: Struggling COVID-19 Vaccines From AstraZeneca, BioNTech/Pfizer, Moderna Cut Incidence Of Arterial Thromboses That Cause Heart Attacks, Strokes, British Study Shows

Moderna ( MRNA ) reported $1.8 billion in Spikevax sales in the third quarter of 2024, which includes $1.2 billion in U.S. sales and $0.6 billion in international sales.

Earnings per share was $0.03, compared to a loss per share of $(9.53) for the third quarter of 2023, compared to a consensus loss of $(1.90).

"During the third quarter, we focused on execution with the launch of our updated COVID-19 and RSV vaccines in markets across the globe. I am pleased with the cost efficiency we achieved in the quarter, tracking ahead of where we planned to be at this time," said Stéphane Bancel, Chief Executive Officer of Moderna ( MRNA ). "Looking into the fourth quarter and preparing for 2025, we remain focused on driving sales growth, delivering 10 product approvals over the next three years, and continuing to reduce our cost structure."

The company reported $10 million in mRESVIA (RSV vaccine) sales in the third quarter of 2024. Sales were lower than anticipated, resulting from the approval and recommendation of mRESVIA later in the contracting season when many customers had completed their orders.

Guidance: Moderna ( MRNA ) has reiterated its 2024 expected net product sales of $3.0 billion-$3.5 billion from its respiratory franchise.

The company expects the cost of sales to be 40-45% of product sales for the year (previously 40-50%), with R&D expenses anticipated to be $4.6 billion—$4.7 billion (previously $4.8 billion).

Moderna ( MRNA ) intends to file in 2024 for approval of its next-generation COVID-19 vaccine (mRNA-1283) and RSV vaccine (mRNA-1345) for high-risk adults aged 18-59 years.

Price Action: MRNA stock is up 7.04% at $55.46 during the premarket session at last check Thursday.

Read Next:

Hershey's Q3 Earnings Sour As Sales Dip And Outlook Darkens; CEO Pledges Aggressive Turnaround Amid High Cocoa Costs