Moderna posts $162 million profit, lifts 2026 revenue outlook

Moderna reported third-quarter 2026 revenue of $1.313 billion on November 6, 2026, up 29% from $1.016 billion. U.S. revenue reached $780 million and international markets contributed $533 million, reflecting stronger overseas COVID-19 vaccine demand and revenue from long-term government partnerships.

Net income reached $162 million, a $362 million improvement from a $200 million loss. Operating income was $130 million versus a $260 million operating loss, while diluted earnings per share reached $0.38 rather than a loss of $0.51.

CEO Stéphane Bancel said: “We delivered 29% revenue growth in the third quarter, alongside the U.S. approval of mFLUSIVA, our fifth approved product globally, and positive Phase 3 results for intismeran in melanoma.”

Profitability and cost control

Moderna attributed the improvement to higher product sales and lower research and development spending. Cost of sales rose 54% to $318 million, including $65 million in third-party royalties, on higher sales volumes and manufacturing-related expenses.

R&D expenses fell 27% to $583 million from $801 million. Moderna said the reduction primarily reflected lower clinical development spending after selected late-stage infectious-disease studies ended and wound down, alongside broader cost efficiencies.

Selling, general and administrative expenses rose 5% to $282 million. Nine-month revenue reached approximately $1.85 billion versus $1.27 billion, while the net loss narrowed to approximately $1.96 billion from approximately $2 billion. The quarter restored profit, but Moderna remained unprofitable year to date.

The raised outlook

Moderna raised expected full-year revenue growth to 15%-25%, above its previous forecast of up to 10%. It cited stronger international vaccine sales, continued cost reductions and progress in oncology and rare-disease development, while expecting roughly half of revenue from the U.S. and half internationally.

Its updated 2026 expense and investment outlook includes:

• R&D expenses of approximately $2.7 billion, down from a $2.9 billion forecast.
• Selling, general and administrative expenses of approximately $1 billion.
• Cost of sales of approximately $1.7 billion, including a previously announced $900 million nonrecurring litigation settlement charge.
• Capital expenditures of approximately $200 million, compared with a previous $200 million-$300 million range.

International partnerships remain central to the revenue plan. Moderna continues to work through government agreements in the United Kingdom, Canada and Australia. In September, it signed a five-year agreement with a local manufacturer in Mexico for COVID-19 vaccines, supporting international expansion and recurring revenue.

Balance-sheet capacity

Cash, cash equivalents and investments reached approximately $8 billion on September 30, 2026, up from $6.9 billion at June-end. The increase mainly reflected approximately $2.6 billion in net proceeds from a September convertible senior notes financing, partly offset by a $950 million litigation settlement payment and operating cash use.

Moderna issued approximately $3 billion of convertible senior notes, supporting additional financial flexibility, investment in oncology development and future debt obligations. It now expects year-end cash and investments of approximately $8.1 billion-$8.3 billion, versus $4.7 billion-$5.2 billion previously. The revised outlook excludes potential additional borrowings from approximately $900 million remaining available under its credit facility.

Commercial vaccine execution

In August, the U.S. Food and Drug Administration approved Moderna's mFLUSIVA seasonal influenza vaccine for adults ages 50 through 64 and granted accelerated approval for adults ages 65 and older. The approval made mFLUSIVA Moderna's fifth approved product globally.

Moderna is conducting a limited U.S. launch for the 2026-2027 influenza season because approval came after the annual contracting cycle. The company also received approval for mFLUSIVA in Canada.

Its combined influenza and COVID-19 vaccine, mCOFLU, received Canadian approval after European Union approval under the name mCOMBRIAX. The combination remains under regulatory review in Japan, the United Kingdom and Australia, and Moderna awaits additional FDA guidance regarding a potential U.S. refiling.

Pipeline and organizational changes

Moderna's investigational norovirus vaccine, mRNA-1403, missed statistical criteria for early success in a Phase 3 interim analysis. The company does not plan to initiate another study cohort during the current season and will consult health authorities regarding the program's future development.

In October, Moderna and Merck presented positive Phase 3 INTerpath-001 results for intismeran autogene plus KEYTRUDA in resected high-risk melanoma. The combination reduced recurrence or death risk by 42% versus KEYTRUDA alone in the intention-to-treat population and reduced distant metastasis or death risk by 38%.

A prespecified sensitivity analysis found a 58% reduction in recurrence or death risk after six months, following completion of the intismeran immunization regimen. The companies are preparing potential regulatory submissions and a commercial launch, subject to receiving necessary approvals.

Moderna also is studying mRNA-4359, an investigational cancer antigen therapy, in metastatic melanoma and non-small cell lung cancer. It is evaluating mRNA-4203 in a Phase 1 study with Immatics.

The registrational study for investigational mRNA-3927 in propionic acidemia reached target enrollment, with pivotal results expected in 2026. Moderna deferred deciding on a pivotal mRNA-3705 study in methylmalonic acidemia until the propionic acidemia results become available.

Juan Andres was appointed Chief Operating Officer effective October 5, 2026, with responsibility for operational strategy and execution, including global manufacturing. Jerh Collins, Chief Technical Operations and Quality Officer, retired after four years with Moderna. In October, Moderna and GSK reached an agreement resolving patent disputes pending in the United States and Europe. The settlement includes cross-licenses for infectious-disease technologies, with no additional payments required under those licenses.

What does this change for investors?

Moderna enters the final quarter focused on commercial execution, pipeline development and financial discipline. Bancel said: “Building on this momentum, we increased our full-year revenue growth outlook to 15%-25%, while continuing to reduce costs and strengthen our balance sheet.”

Bancel added: “Looking ahead, we anticipate additional intismeran readouts, pivotal data in propionic acidemia and further regulatory approvals as we advance our pipeline and build a more diversified company.” For investors, the practical change is a higher revenue bar and a larger cash cushion.

The coming checkpoints are delivery of the raised outlook, management of the limited mFLUSIVA launch, melanoma and rare-disease milestones, and year-end financial discipline. Moderna says its longer-term performance still depends on vaccine demand, regulatory decisions and clinical-trial outcomes.