Moderna swings to a profit and raises its 2026 revenue outlook as newer vaccines gain traction
Moderna reported third-quarter revenue of $1.31 billion, up 29%, and net income of $162 million, compared with a $200 million loss a year earlier. International COVID vaccine sales under long-term government partnerships and the full-year impact of its next-generation COVID vaccine drove growth, while lower costs helped the profit. The company raised its 2026 revenue growth outlook to 15% to 25% from up to 10%. Its flu shot, mFLUSIVA, was approved in the U.S. and will have a limited U.S. launch in 2026.
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Key takeaways
Third-quarter revenue rose 29% to $1.31 billion, with $780 million in the U.S. and $533 million internationally.
Net income was $162 million, or 38 cents per share, versus a $200 million loss a year earlier.
Moderna now expects 2026 revenue growth of 15% to 25%, up from up to 10%.
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Moderna swung to a profit in the third quarter and raised its 2026 revenue outlook as newer vaccines gain traction. Revenue rose 29% to $1.31 billion, and the company reported net income of $162 million, or 38 cents per share, compared with a net loss of $200 million a year earlier, CNBC reported. Analysts surveyed by LSEG had expected revenue of $885.1 million and a loss per share.
Moderna now expects 2026 revenue growth of 15% to 25%, up from its previous guidance of up to 10%.
International demand and new products
Revenue was $780 million in the U.S. and $533 million in international markets. Growth came from higher COVID vaccine sales internationally, helped by deliveries under long-term government partnerships, according to CNBC. Yahoo Finance described the same driver as deliveries under long-term government supply agreements.
The new product and the diversification of geography is what has led to such a strong Q3. — Stéphane Bancel, CEO, Moderna
Bancel told CNBC the company is seeing the full-year impact of its next-generation mRNA COVID vaccine, which won U.S. approval in May 2025 and had only a small launch last year because vaccine contracts are typically set in the first quarter. Moderna's stand-alone flu shot, mFLUSIVA, was approved in the U.S. and is its fifth approved product worldwide. CNBC reported it will have a limited U.S. launch in 2026.
Lower costs and a stronger balance sheet
Cost work also drove the profit. Moderna lowered its expected 2026 research and development spending to about $2.7 billion from about $2.9 billion, and raised its expected year-end cash to between $8.1 billion and $8.3 billion, Yahoo Finance reported.
It's the sales that are stronger and the costs that are also lower. — Stéphane Bancel, CEO, Moderna, on CNBC's Squawk Box
Momentum in the cancer vaccine program
Moderna and Merck recently presented late-stage data on their experimental personalized cancer vaccine, intismeran, in combination with Keytruda in certain melanoma patients. Bancel said doctors were impressed with the data, and many said they hope to use it in day-to-day practice, according to CNBC.
Building on this progress, we have raised our full-year revenue growth expectations to 15% to 25%, while continuing to reduce expenses and strengthen our financial position. — Stéphane Bancel, CEO, Moderna
What healthcare buyers and partners can watch
For health systems, pharmacies and government buyers, the signals to watch are how the flu shot's limited 2026 launch performs, how much of next season's COVID demand comes through long-term government agreements, and the regulatory path for intismeran.
Sources
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