Moderna Inc. continues to push its cost-savings work as Covid-19 vaccination rates decline.

The Cambridge drugmaker announced third-quarter revenue of $1 billion on Thursday — a 45% decrease from the same time in 2024. Moderna (Nasdaq: MRNA) said the drop off was mainly due to lower Covid-19 vaccine sales. The company is selling its first-generation vaccine Spikevax and its more recently approved second-generation vaccine mNexspike .

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