Moderna Inc. shares rose after the company posted a narrower third-quarter loss than Wall Street expected, a sign that its cost-cutting measures are helping offset the decline of its COVID business.

The company posted a net loss of 51 cents a share, against Wall Street’s expectation for a loss of $2.21.

Moderna has aggressively reduced costs through measures including staff cuts and lower spending on research and manufacturing to offset slowing vaccine sales. The company still has a goal of breaking even by 2028, Moderna Chief Financial Officer Jamey Mock said in an interview.

Moderna reported third-quarter sales of $1 billion, almost entirely from its COVID vaccine. While that was a 45% decline from a year ago, it also topped analysts’ expectations.

Moderna shares rose 7.2% at 8:03 a.

See Full Page