Moderna, Inc. (NASDAQ:MRNA) reported third-quarter 2026 revenue of $1.3 billion, net income of $162 million and diluted earnings per share of $0.38. The company also raised its 2026 revenue growth and year-end cash expectations while reporting progress across its vaccine and oncology pipeline.
#Revenue and earnings improve
Revenue rose 29% from $1.0 billion in the same quarter of 2025. Moderna reported $780 million in revenue from the United States and $533 million from international markets. The company attributed the increase primarily to stronger international COVID vaccine sales and deliveries under long-term government partnerships.
Net income was $162 million, compared with a net loss of $(200) million in the third quarter of 2025. Diluted earnings per share were $0.38, versus a loss per share of $(0.51) in the prior-year period. The company’s headline financial release also described GAAP net income as $0.2 billion.
Cost of sales reached $318 million, including $65 million of third-party royalties, an increase of 54% from the same period in 2025. Research and development expenses fell 27% to $583 million, which Moderna linked to lower clinical development costs following the completion and wind-down of certain late-stage infectious disease studies, as well as cost efficiencies. Selling, general and administrative expenses increased 5% to $282 million.
#2026 financial expectations revised
Moderna now expects total revenue growth of 15% to 25% in 2026, compared with its previous outlook of up to 10% growth. The company continues to expect approximately half of its 2026 revenue to come from the United States and half from international markets.
Moderna expects 2026 cost of sales of approximately $1.7 billion, including the previously announced $0.9 billion non-recurring litigation settlement charge. It expects research and development expenses of approximately $2.7 billion, selling, general and administrative expenses of approximately $1.0 billion, negligible income tax expense and capital expenditures of approximately $0.2 billion.
The company also expects year-end 2026 cash and investments of approximately $8.1 billion to $8.3 billion, compared with its previous outlook of $4.7 billion to $5.2 billion. Moderna said this outlook excludes additional drawdowns from the approximately $0.9 billion remaining available under its credit facility.
#Cash position and financing
Cash, cash equivalents and investments stood at $8.0 billion as of September 30, 2026, compared with $6.9 billion as of June 30, 2026. The change primarily reflected $2.6 billion in net proceeds from convertible notes and related capped call transactions. It was partly offset by the $950 million payment related to the litigation settlement announced in the first quarter of 2026 and cash used in operations, including the seasonal working capital impact of third-quarter product sales, most of which remained uncollected at quarter-end.
In September, Moderna completed a convertible senior notes offering with approximately $3.0 billion in principal amount. After capped calls and associated fees, the company said it raised approximately $2.6 billion in net proceeds. Moderna said the financing provides financial flexibility for investment in oncology and future debt obligations.
Moderna and GSK entered into an agreement on October 28, 2026, to settle disputes pending in the United States and Europe. The agreement provides for patent cross-licenses in infectious disease, and the companies are not obligated to make payments of any kind in connection with those licences.
#Vaccine portfolio updates
The U.S. Food and Drug Administration approved Moderna’s mFLUSIVA seasonal influenza vaccine for adults aged 50-64 years and granted accelerated approval for adults aged 65 years and older. Moderna said the product is its fifth approved product globally. Because approval came after the annual contracting cycle, the company is conducting a limited U.S. launch for the 2026-2027 influenza season. The vaccine has also been approved in Canada.
Moderna received Canadian approval for mCOFLU, its flu and COVID combination vaccine, following approval under the mCOMBRIAX brand in the European Union. The product remains under regulatory review in Japan, the United Kingdom and Australia. Moderna is awaiting further guidance from the FDA on refiling in the United States.
The company said an interim Phase 3 analysis of its norovirus vaccine candidate mRNA-1403 did not meet the statistical criteria for early success. Moderna does not plan to start an additional cohort this season and intends to engage with health authorities to determine the programme’s path forward.
#Oncology and rare disease programmes
Moderna and Merck reported Phase 3 results from the INTerpath-001 study in resected high-risk melanoma. In the intention-to-treat population, intismeran autogene combined with KEYTRUDA reduced the risk of recurrence or death by 42% (HR=0.58) and the risk of distant metastasis or death by 38% (HR=0.62), compared with KEYTRUDA alone.
In a pre-specified sensitivity analysis, the combination reduced the risk of recurrence or death by 58% (piecewise HR=0.42 [95% CI, 0.30-0.58]) compared with KEYTRUDA alone after six months, following the intismeran immunization regimen. Moderna and Merck are working toward regulatory submissions and preparing for a potential commercial launch, subject to regulatory approval.
Moderna continues a Phase 2 trial of mRNA-4359 in melanoma and first-line non-small cell lung cancer. An abstract on mRNA-2808 has been accepted for oral presentation at the American Society of Hematology meeting on December 12th in New Orleans. Moderna and Immatics continue dosing in a Phase 1 study of mRNA-4203 with anzu-cel.
The registrational study for propionic acidemia candidate mRNA-3927 has reached its target enrollment, with pivotal data expected in 2026, according to Moderna. The company has deferred a decision on a pivotal study for methylmalonic acidemia candidate mRNA-3705 until the propionic acidemia study readout.
#Corporate developments
Juan Andres became Moderna’s Chief Operating Officer on October 5, 2026. He is responsible for operational strategy and execution, including the global manufacturing organisation. Jerh Collins, Ph.D., retired as Chief Technical Operations and Quality Officer after four years with the company.
Moderna listed its Analyst Day for November 12, 2026. The company also said it would hold a conference call and webcast at 8:00 a.m. ET on November 6, 2026.
#Key Takeaways
- Third-quarter revenue increased 29% to $1.3 billion, while net income was $162 million and diluted earnings per share were $0.38.
- Moderna now expects 2026 revenue growth of 15% to 25% and year-end cash and investments of approximately $8.1 billion to $8.3 billion.
- mFLUSIVA received U.S. approval for adults aged 50-64 years and accelerated approval for adults aged 65 years and older.
- Intismeran autogene produced reported Phase 3 melanoma results in combination with KEYTRUDA, with further regulatory submissions subject to approval.
- The mRNA-1403 norovirus programme did not meet the statistical criteria for early success in its Phase 3 interim analysis.
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