CNBC, here:
Moderna on Thursday blew past estimates for first-quarter earnings and revenue, posting a surprise quarterly profit, despite lower demand for Covid vaccines, its only marketable product.
The biotech company generated first-quarter sales of $1.9 billion, driven by Covid shot revenue deferred from 2022. That’s down more than 30% from the $6.1 billion it recorded in the same period a year ago amid a resurgence of Covid cases.
Moderna posted net income of $79 million, or 19 cents per share, for the quarter. That’s compared with $3.66 billion in net income, or $8.58 per share, reported during the same quarter last year.
Seeking Alpha got it right, noting the inventory write-downs of "excess and obsolete COVID-19 products" nobody wants:
I'll just put this here for the record in the event CNBC later corrects their reporting without saying so:
