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.

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 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.

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.

Moderna said its newest Covid vaccine saw benefits after winning approval in the U.S. three weeks earlier than the last iteration of the shot did in 2023.