(NASDAQ: MRNA) surprised investors last quarter when it didn't incur a loss despite a significant drop in sales. But how was the vaccine maker able to stay out of the red? And can it continue to do so even as sales nosedive? Here's a closer look at how the company managed to post a positive net income number in Q1.

For the first three months of 2023, Moderna's revenue totaled just under $1.9 billion, which is just a fraction of the $6.1 billion it reported in the same period last year. Meanwhile, its operating expenses, totaling $2.2 billion, rose by more than 21%. The company incurred an operating loss of $366 million for the period, and the only reason it didn't stay in the red was due to a tax benefit of $384 million that reduced its expenses.

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Source Fool.com