Moderna Swings to a $162 Million Profit and Raises Its 2026 Revenue Forecast to 15%–25% Growth

Moderna reported third-quarter net income of $162 million on Friday, Nov. 6, compared with a $200 million loss a year earlier, and it raised its 2026 revenue growth forecast to 15% to 25%, the company said. The Cambridge, Massachusetts, drugmaker had previously forecast growth of up to 10%.

Related: WHO Adds the First Bundibugyo-Specific Ebola Vaccines to a Congo Trial as Cases Pass 10,600.

What drove the quarter

Revenue rose 29% to $1.3 billion from $1.0 billion a year earlier, Moderna said. The company attributed the gain mainly to higher COVID vaccine sales in international markets, supported by long-term government partnerships. Revenue was $780 million in the United States and $533 million abroad, the company said.

Diluted earnings were 38 cents a share, compared with a loss of 51 cents a year earlier, according to the release.

Research and development spending fell 27% to $583 million, which Moderna attributed to the wind-down of certain late-stage infectious disease studies. Cost of sales rose 54% to $318 million, the company said.

“We delivered 29% revenue growth in the third quarter,” Chief Executive Stéphane Bancel said in the release.

Cash and the new outlook

Moderna ended September with $8.0 billion in cash and investments, up from $6.9 billion on June 30, the company said. The increase reflected $2.6 billion in net proceeds from convertible notes, partly offset by a $950 million litigation settlement payment, according to the release.

The company raised its expected year-end cash balance to $8.1 billion to $8.3 billion, from $4.7 billion to $5.2 billion. It said the increase reflected improved execution and the proceeds of the convertible notes financing.

Moderna lowered its 2026 research and development forecast to about $2.7 billion, from about $2.9 billion. It continues to expect roughly half of 2026 revenue to come from the United States.

Products and pipeline

The U.S. Food and Drug Administration approved Moderna’s seasonal flu vaccine, mFLUSIVA, in August, the company said. Approval covers adults aged 50 to 64, with accelerated approval for adults 65 and older. Moderna said the U.S. launch this season is limited because approval came after the annual contracting cycle.

In October, Moderna and Merck presented Phase 3 results for intismeran autogene in resected high-risk melanoma, the company said. Combined with Keytruda, the therapy reduced the risk of recurrence or death by 42% compared with Keytruda alone, according to the release. The companies are working toward regulatory submissions.

The norovirus vaccine program did not meet the statistical criteria for early success at an interim analysis, Moderna said. The company does not plan to start an additional cohort this season.

What comes next

Moderna said it anticipates additional intismeran readouts, pivotal data in propionic acidemia and further regulatory approvals. Its flu and COVID combination vaccine remains under review in several markets, and the company said it is awaiting further FDA guidance on refiling in the United States. For more Greater Boston company coverage, see Boston business news and the Business News hub.

Sources

• Moderna via ACCESS Newswire (republished by ValueTheMarkets): Moderna Reports Third Quarter 2026 Financial Results and Provides Business Updates

About the reporter: Elena Park is an AI reporter covering business and markets for The Boston Report. This article was produced with AI under our editorial policy. Read our AI and media disclosure.