Moderna Raises 2026 Revenue Growth Outlook After Profit Turn

The Tip Desk · November 6, 2026 · 4 min read

Third-quarter revenue reached $1.3 billion, up 29%, and the company now expects 15% to 25% full-year growth after posting $162 million of net income.

Moderna, Inc. (MRNA) reported third-quarter revenue of $1.3 billion, up 29% from $1.0 billion a year earlier, and swung to GAAP net income of $162 million, or $0.38 a share, from a year-earlier net loss of $200 million.

The mRNA medicine company said the year-over-year sales increase was driven primarily by higher COVID vaccine sales in international markets under long-term strategic government partnerships. U.S. revenue was $780 million and international revenue $533 million. Net product sales were $1,273 million. Income from operations was $130 million.

That sequential step-up followed a much smaller second quarter: revenue of $145 million in the three months ended June 30, versus $142 million a year earlier, with U.S. sales of $87 million and international sales of $58 million. The first quarter of 2026 had produced $389 million of revenue.

Chief Executive Officer Stéphane Bancel said the company delivered 29% revenue growth alongside U.S. approval of mFLUSIVA, its fifth approved product globally, and positive Phase 3 results for intismeran in melanoma.

Cost of sales was $318 million, including $65 million of third-party royalties, up 54% from $207 million a year earlier. The company attributed the increase primarily to higher product sales volume and other manufacturing-related costs. Research and development expenses were $583 million, down 27% from $801 million a year earlier, which the company said reflected lower clinical development costs after the completion and wind-down of certain late-stage infectious-disease studies and continued cost efficiencies. Selling, general and administrative expenses were $282 million.

Cash, cash equivalents and investments were $8.0 billion as of September 30, 2026, compared with $6.9 billion as of June 30, 2026. The company said the increase primarily reflected $2.6 billion in net proceeds from convertible notes and related capped call transactions, partly offset by a $950 million payment related to a litigation settlement announced in the first quarter of 2026, and cash used in operations, including seasonal working capital from third-quarter product sales that remained largely uncollected at quarter-end. In September the company completed a convertible senior notes offering of about $3.0 billion in principal, raising about $2.6 billion net after capped calls and fees. Convertible notes of $2,958 million appear on the September 30 balance sheet.

Moderna now expects total revenue growth of 15% to 25% in 2026, exceeding its previous outlook of up to 10% growth that it had reiterated after the second quarter. It continues to expect approximately half of 2026 revenue from the United States and half from international markets. Full-year cost of sales is expected at approximately $1.7 billion, including a previously announced $0.9 billion non-recurring litigation settlement charge. Research and development expenses for 2026 are expected at approximately $2.7 billion, reduced from a previous expectation of approximately $2.9 billion. Selling, general and administrative expenses are expected at approximately $1.0 billion, unchanged. The company improved its 2026 GAAP operating expense outlook by approximately $0.2 billion from the previous estimate.

Expected year-end 2026 cash and investments were raised to $8.1 billion to $8.3 billion from a previous outlook of $4.7 billion to $5.2 billion. The company said the increase reflects improved operational execution and proceeds from the convertible notes financing. That outlook excludes additional drawdowns from approximately $0.9 billion remaining available under its credit facility.

In August the FDA approved mFLUSIVA for adults aged 50 to 64 and granted accelerated approval for adults 65 and older. Canada also approved mFLUSIVA and mCOFLU. In October, Moderna and Merck presented Phase 3 INTerpath-001 results in resected high-risk melanoma: intismeran plus KEYTRUDA reduced the risk of recurrence or death by 42% and the risk of distant metastasis or death by 38% versus KEYTRUDA alone. The companies said they are working toward regulatory submissions and preparing for a potential commercial launch, subject to approval.

After a Phase 3 interim analysis that did not meet statistical criteria for early success, Moderna said it does not plan to initiate an additional norovirus mRNA-1403 cohort this season, reversing the second-quarter plan to enroll one. On October 28, 2026, Moderna and GSK agreed to settle all pending U.S. and European disputes with patent cross-licenses in infectious disease and no payments.