Moderna posts surprise profit as Covid vaccine sales impress, cost cuts take hold

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. The biotech company posted a net income of $13 million, or 3 cents per share, for the third quarter. That compares with a net loss of$3.63 billion, or $9.53 cents per share, reported for the year-ago period.Moderna is slashing expenses, with a recently announced goal of achieving$1.1 billion in savings by 2027 ...