Moderna shares rise 5.3% after raised 2026 revenue forecast

Moderna (MRNA) raised its 2026 revenue growth forecast to 15% to 25%, up from up to 10%, after third-quarter revenue rose 29% to $1.31 billion.

Shares rose 5.3% at 3:59 p.m. ET, from a $241.46 close.

Here's how the company did:

• Revenue: $1.31 billion vs. $1.02 billion a year earlier, against the $902.75 million consensus estimate
• Diluted EPS: 38 cents vs. a loss of 51 cents a year earlier, against a loss of $1.28 per share expected
• Net income: $162 million vs. a net loss of $200 million a year earlier

Revenue grew on higher COVID vaccine sales in international markets, supported by deliveries under long-term strategic government partnerships. Net product sales were $1.27 billion.

Revenue had fallen in each of the last three quarters, from $1.02 billion in the third quarter of 2025 to $145.0 million in the second quarter of 2026.

2026 guidance

It continues to expect about half of 2026 revenue from the United States and half from international markets.

Research and development expenses are now expected at about $2.7 billion, down from about $2.9 billion. Selling, general and administrative expenses are still expected at about $1.0 billion.

Cost of sales is expected at about $1.7 billion, including the $0.9 billion non-recurring litigation settlement charge.

Year-end 2026 cash and investments are now expected at $8.1 billion to $8.3 billion, up from $4.7 billion to $5.2 billion. The increase reflects improved operational execution and proceeds from its convertible notes financing. The outlook excludes further drawdowns from about $0.9 billion remaining under its credit facility.

Chief Executive Officer Stéphane Bancel said: "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."

Segment results

U.S. revenue was $780 million and international revenue was $533 million, with international sales driven by strategic government partnerships in the United Kingdom, Canada and Australia.

In September, the company signed a five-year agreement with a local manufacturer in Mexico for COVID-19 vaccines.

In August, the FDA approved mFLUSIVA for adults aged 50 to 64 and granted accelerated approval for adults 65 and older. It is the company's fifth approved product globally.

Costs and cash

Cost of sales was $318 million, up 54% from a year earlier, driven by higher product sales volume and other manufacturing-related costs. Research and development expenses fell 27% to $583 million, reflecting lower clinical development costs after certain late-stage infectious disease studies wound down. Selling, general and administrative expenses rose 5% to $282 million.

Cash, cash equivalents and investments were $8.0 billion at Sept. 30, up from $6.9 billion at June 30. The increase reflected $2.6 billion in net proceeds from convertible notes and related capped call transactions, partly offset by a $950 million payment connected to the litigation settlement announced in the first quarter.

On Oct. 28, Moderna and GSK agreed to settle all disputes between the parties pending in the U.S. and Europe. The agreement grants patent cross-licenses in infectious disease and requires no payments for those licenses.

The company will hold its Analyst Day on Nov. 12.