Nov 6, 2026, 6:47 AM ETHealthcare

Moderna — Third Quarter 2026 Earnings Summary

MRNAMODERNA INC

Financial Performance

Total revenue for Q3 2026 increased 29% year-over-year to $1.3 billion, compared to $1.0 billion in Q3 2025.
U.S. revenue was $780 million and international revenue was $533 million for the quarter.
GAAP net income was $162 million for Q3 2026, a $362 million improvement compared to a net loss of $200 million in Q3 2025.
GAAP diluted earnings per share (EPS) were $0.38 for Q3 2026, compared to a loss of $0.51 per share in Q3 2025.
Cost of sales for Q3 2026 was $318 million, a 54% increase from the prior year period, including $65 million in third-party royalties.
Research and development (R&D) expenses for Q3 2026 were $583 million, a 27% decrease year-over-year.
Selling, general, and administrative (SG&A) expenses for Q3 2026 were $282 million, a 5% increase year-over-year.
Cash, cash equivalents, and investments stood at $8.0 billion as of September 30, 2026, up from $6.9 billion as of June 30, 2026.
Convertible notes outstanding were $2.958 billion as of September 30, 2026, compared to zero in the prior year.
Deferred revenue increased to $407 million total ($268 million current, $139 million non-current) as of September 30, 2026, from $252 million total in December 2025.

Full-year 2026 revenue growth is now expected to be 15%–25%, an increase from the previous outlook of up to 10%.
The company expects approximately half of 2026 revenue to originate from the U.S. and half from international markets.
2026 Cost of Sales is expected to be approximately $1.7 billion, including a $0.9 billion non-recurring litigation settlement charge.
2026 R&D expenses are expected to be approximately $2.7 billion, a reduction from the previous estimate of $2.9 billion.
2026 SG&A expenses are expected to be approximately $1.0 billion, unchanged from the previous forecast.
2026 Capital expenditures are expected to be approximately $0.2 billion, improved from a previous range of $0.2 billion to $0.3 billion.
Year-end 2026 cash and investments are now expected to be $8.1 billion to $8.3 billion, up from a previous outlook of $4.7 billion to $5.2 billion.
The company anticipates additional intismeran readouts, pivotal data in propionic acidemia, and further regulatory approvals in the future.

Revenue growth was primarily driven by higher COVID vaccine sales in international markets supported by long-term strategic government partnerships.
mFLUSIVA (seasonal influenza vaccine) received U.S. FDA approval for adults aged 50–64 and accelerated approval for adults 65+, marking the company's fifth globally approved product.
mFLUSIVA received approval in Canada; a limited U.S. launch is planned for the 2026–2027 influenza season.
mCOFLU (flu/COVID combination vaccine) received regulatory approval in Canada and is under review in Japan, the UK, and Australia.
Intismeran autogene (mRNA-4157) presented positive Phase 3 results in resected high-risk melanoma, reducing the risk of recurrence or death by 42% compared to KEYTRUDA alone.
Moderna and Merck are preparing for regulatory submissions and a potential commercial launch of intismeran.
The Norovirus vaccine (mRNA-1403) Phase 3 interim analysis did not meet statistical criteria for early success; no additional cohort will be initiated this season.
Propionic acidemia (mRNA-3927) registrational study reached target enrollment with pivotal data expected in 2026.
A five-year agreement was signed in September with a local manufacturer in Mexico for COVID-19 vaccines.

The company executed international strategic partnerships with the United Kingdom, Canada, and Australia.
Moderna continues to maintain a global valuation allowance against most deferred tax assets, resulting in negligible income tax provisions.
The company is advancing a diversified pipeline across infectious diseases, oncology, and rare diseases.

The Norovirus vaccine program (mRNA-1403) did not meet Phase 3 interim success criteria, requiring engagement with health authorities to determine the path forward.
The company faces pending regulatory reviews for mCOFLU in the United States and other markets.
Methylmalonic Acidemia (mRNA-3705) pivotal study initiation is deferred pending the propionic acidemia readout.
Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including regulatory approval timelines and clinical trial outcomes.

CEO Stéphane Bancel stated the company delivered 29% revenue growth alongside the approval of mFLUSIVA and positive Phase 3 data for intismeran.
Management highlighted a strategy of increasing revenue growth outlook while reducing costs and strengthening the balance sheet.
The tone reflects confidence in building a more diversified company through pipeline advancement and regulatory approvals.

In September, Moderna completed a convertible senior notes offering totaling $3.0 billion in principal, raising approximately $2.6 billion in net proceeds after capped call transactions.
A litigation settlement with GSK was announced on October 28, 2026, involving patent cross-licenses in the field of infectious disease with no payment obligations.
Juan Andres was appointed Chief Operating Officer effective October 5, 2026, overseeing operational strategy and global manufacturing.
Jerh Collins, Ph.D., retired as Chief Technical Operations and Quality Officer in September after four years with the company.
Moderna was named to Fortune's 2026 Change the World list and recognized as a top employer in Science and Science Careers' 2026 Top Employers Survey for the twelfth consecutive year.
The company will host an Analyst Day on November 12, 2026.