Moderna Posts $162 Million Quarterly Profit And Lifts 2026 Revenue Growth Outlook To 15% To 25%
The mRNA vaccine maker also raised its year-end cash forecast to $8.1 billion to $8.3 billion and trimmed its research budget.
Moderna, which develops mRNA-based vaccines and medicines, earned $162 million in the third quarter, or $0.38 a diluted share, against a $200 million loss a year earlier, the company said Friday. It raised its 2026 revenue growth forecast to 15% to 25%, from an earlier outlook of up to 10%.
Overseas COVID sales drive the quarter
Revenue rose 29% to $1.3 billion from $1.0 billion in the third quarter of 2025, which the company attributed mainly to higher COVID vaccine sales in international markets under long-term government partnerships. The U.S. contributed $780 million and international markets $533 million. Moderna still expects about half of 2026 revenue to come from each.
The company cited partnerships with the United Kingdom, Canada and Australia, and a five-year agreement signed in September with a local manufacturer in Mexico for COVID-19 vaccines. Cost of sales rose 54% to $318 million on higher volume.
Moderna sells Spikevax and mNEXSPIKE, its COVID vaccines, and mRESVIA, its RSV vaccine. Its 10-K put 2025 revenue at $1.9 billion, largely from the COVID shots.
Research cuts and a cash cushion
Research spending fell 27% to $583 million in the quarter, which the company tied to the wind-down of certain late-stage infectious disease studies and wider cost efficiencies. For the full year, Moderna now expects about $2.7 billion, down from about $2.9 billion.
It now forecasts year-end cash and investments of about $8.1 billion to $8.3 billion, up from $4.7 billion to $5.2 billion, citing improved operational execution and its convertible notes financing. Cash and investments stood at $8.0 billion on September 30, against $6.9 billion on June 30.
In September Moderna completed a convertible notes offering of about $3.0 billion, netting about $2.6 billion after capped calls and fees, to support oncology investment and address future debt obligations. The quarter's cash was reduced by the $950 million litigation settlement payment. On October 28 it settled all remaining disputes with GSK through patent cross-licenses, with no payments owed.
Pipeline and the November 12 analyst day
Moderna and Merck reported that their melanoma therapy intismeran, combined with Keytruda, cut the risk of recurrence or death by 42% in a Phase 3 study, compared with Keytruda alone. The FDA also approved mFLUSIVA, a flu vaccine, in August, the company's fifth approved product globally.
CEO Stéphane Bancel said the company anticipates "additional intismeran readouts, pivotal data in propionic acidemia and further regulatory approvals." Moderna holds an analyst day on November 12.
Moderna's analyst day on November 12 is its next scheduled chance to detail the pipeline milestones Bancel previewed.
Sources
- 8-K Filing — Moderna, Inc. (MRNA) — SEC EDGAR
- Exhibit exhibit9912026q3pressrelea.htm — Moderna, Inc. 8-K exhibit — SEC EDGAR
