Moderna reported a surprise third-quarter profit on Thursday, driven by cost cutting and higher-than-expected sales of its COVID-19 vaccine, even with low revenue from its new respiratory syncytial virus shot.

Moderna posted a surprising third-quarter profit, driven by cost-cutting and higher-than-expected Covid vaccine sales. Moderna’s earnings per share and revenue surpassed Wall Street expectations, with earnings reaching a surprising profit and revenue exceeding projected figures.

Moderna shares jumped after the biotechnology company reported higher-than-expected sales of its Covid-19 vaccine and backed its full-year sales forecast. Covid vaccine sales totaled $1.8 billion for the third quarter.

While Moderna’s Spikevax beat Wall Street estimates in the third quarter, William Blair analyst Myles Minter in a Thursday note to investors said sales of the company’s respiratory syncytial virus vaccine mRESVIA was significantly lower than expected.

Days after Pfizer and BioNTech reported surprisingly strong sales of their updated COVID-19 vaccines, Moderna has done the same. | Days after Pfizer and BioNTech reported surprisingly strong sales of their updated COVID-19 vaccines,

Moderna reported a surprising third-quarter profit on Thursday, driven by cost reductions and stronger-than-expected sales of its COVID-19 vaccine.

In August, the Food and Drug Administration authorized updated vaccines against COVID-19. Here's what to know about the three vaccines available in the U.S.