Moderna swings to Q3 profit, raises outlook on strong COVID vaccine demand
MRNA•Moderna reported Q3 revenue of $1.3 billion, up 29% year over year, and net income of $162 million. It raised its 2026 revenue growth outlook to 15%-25%, from up to 10%.
1. Quarterly results
Moderna’s Q3 revenue grew 29% year over year to $1.3 billion, primarily driven by higher international COVID vaccine sales. Net income was $162 million, and EPS of $0.38 beat the analyst consensus estimate of a $1.25 loss.
2. Raised outlook
The company raised its 2026 revenue growth outlook to 15%-25%, from up to 10%. Moderna expects 2026 cost of sales of about $1.7 billion, including a $0.9 billion litigation charge, and year-end cash and investments of $8.1 billion-$8.3 billion, up from its prior $4.7 billion-$5.2 billion estimate.
3. Costs and portfolio
Research and development expenses fell 27% year over year, mainly due to lower clinical development costs after late-stage studies were completed or wound down, along with continued cost efficiencies. Moderna said it launched updated COVID vaccines and expanded its respiratory vaccine portfolio, including new approvals for mFLUSIVA and mCOFLU.
