Moderna raised its 2026 revenue growth forecast to 15% to 25%, up from its previous outlook of up to 10%, after third-quarter revenue rose 29% to $1.3 billion. The vaccine maker also returned to a quarterly profit, reporting net income of $162 million on November 6, 2026.
Moderna Q3 2026 at a glance:
- Revenue: $1.313 billion, up 29% from $1.016 billion
- Net income: $162 million, compared with a $200 million loss a year earlier
- Diluted earnings per share: $0.38
- Cash and investments: $8.0 billion at September 30
- 2026 revenue growth outlook: 15% to 25%, raised from up to 10%
What Moderna Reported
According to Moderna's third-quarter 2026 results release, revenue rose to $1.313 billion: $780 million from the US and $533 million internationally. The company said the increase came mainly from higher COVID vaccine sales in international markets.
Costs moved in different directions. Cost of sales rose 54% to $318 million. Research and development spending fell 27% to $583 million as Moderna continued to cut costs. Selling, general and administrative expenses rose 5% to $282 million.
"We delivered 29% revenue growth in the third quarter," chief executive Stéphane Bancel said in the release. Moderna shares rose nearly 10% before the market opened on November 6, according to CNBC.
Moderna's Updated 2026 Guidance
| Item | New outlook | Previous outlook |
|---|---|---|
| Revenue growth | 15% to 25% | Up to 10% |
| Cost of sales | About $1.7 billion, including a $0.9 billion one-time litigation settlement charge | Not restated in the release |
| Research and development | About $2.7 billion | About $2.9 billion |
| Selling, general and administrative | About $1.0 billion | Unchanged |
| Year-end cash and investments | About $8.1 billion to $8.3 billion | $4.7 billion to $5.2 billion |
Pipeline Updates
- Flu vaccine approved: the US Food and Drug Administration approved mFLUSIVA in August for adults aged 50 to 64, with accelerated approval for adults 65 and older. It is Moderna's fifth approved product.
- Melanoma treatment: with Merck, Moderna reported positive late-stage (Phase 3) results for intismeran autogene. Combined with Merck's KEYTRUDA, it cut the risk of cancer returning or death by 42% compared with KEYTRUDA alone. Regulatory filings are under way.
- Norovirus setback: an interim analysis of its Phase 3 norovirus vaccine trial did not meet the criteria for early success. Moderna will consult regulators on next steps.
- Rare disease: a registrational study in propionic acidemia, a rare inherited metabolic disorder, is fully enrolled.
Why It Matters
Moderna's revenue fell sharply after the pandemic, and investors have watched closely for signs that newer vaccines and cancer treatments can replace COVID sales. A higher revenue forecast, lower research spending and a larger cash balance give the company more room as it awaits regulatory decisions on its melanoma treatment. Its next update is an analyst day on November 12, 2026.
Healthcare companies were among the movers in a week dominated by the AI sell-off. See our global markets report for the wider backdrop.
Moderna Q3 2026 FAQs
What was Moderna's revenue in Q3 2026?
$1.313 billion, up 29% from $1.016 billion a year earlier.
What is Moderna's 2026 guidance?
Revenue growth of 15% to 25%, raised from up to 10%, with about $2.7 billion in R&D spending.
When is Moderna's analyst day?
November 12, 2026.
Checked against Moderna's November 6, 2026 results release on November 9, 2026. This article is for information only and is not investment or medical advice.