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Moderna posts profit for first time

The COVID-19 vaccine delivered a financial shot in the arm for Moderna helping the biotech company post its first quarterly profit ever.

Moderna also raised its 2021 sales forecast for the COVID-19 shots by 4.3% to over $19 billion. That reflects demand from countries rolling out vaccines in a bid to return to normalcy.

Moderna also said an initial study of its vaccine in adolescents aged 12-17 showed an efficacy rate of 96%. On Wednesday, it said early trials showed its booster shot increases immunity against variants found in Brazil and South Africa.

But shares of Moderna dropped along with other vaccine makers in early trading Thursday on the heels of U.S. President Joe Biden’s decision to back a waiver of intellectual property rights for COVID-19 vaccines.