Moderna (NASDAQ:MRNA) earned $162 million in the third quarter, a sharp turn from a $200 million loss a year earlier. Moderna stock rose about 8% in regular trading Friday morning. The profit is real, but it landed in Moderna's peak vaccine season, and lower research spending did more of the work than higher sales. The third quarter is when fall COVID shots ship, so it is Moderna's strongest season. Sales grew on international vaccine deliveries under long-term government deals. But research costs fell as late-stage infectious disease trials wound down, and that saving did more for profit than the extra sales. Over the first nine months, Moderna still lost about $2 billion. The year-end cash forecast jumped, but most of that comes from about $2.6 billion in convertible notes sold in September, not from the business. Convertible debt can turn into shares later, though Moderna bought capped calls to limit that dilution.
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