Moderna Tops Revenue Estimates at $1.3 Billion as Net Income Turns Positive

Moderna (Nasdaq: MRNA) reported third-quarter revenue of $1.3 billion, above the $890.2 million average analyst estimate, and GAAP diluted earnings per share of $0.38, against the consensus estimate of a loss of $1.25 per share, in an 8-K filed Friday. The consensus figure is on an adjusted basis, and the release does not report adjusted EPS, so the comparison uses GAAP results.

Total revenue rose 29% from $1.0 billion a year earlier, driven by higher COVID vaccine sales in international markets. U.S. revenue was $780 million and international revenue was $533 million. Net income was $162 million, compared with a net loss of $200 million in the third quarter of 2025.

Revenue and costs

Cost of sales was $318 million, up 54% from a year earlier, which the company attributed to higher product sales volume and other manufacturing-related costs. Research and development expenses fell 27% to $583 million, reflecting the wind-down of certain late-stage infectious disease studies. Selling, general and administrative expenses rose 5% to $282 million.

Guidance and cash

For full-year 2026, Moderna now expects revenue growth of 15% to 25%, above its previous outlook of up to 10%. The average analyst estimate for full-year revenue is $2.10 billion. Applied to 2025 revenue of $1.94 billion, the company's growth range implies about $2.23 billion to $2.43 billion. The company expects 2026 research and development expenses of about $2.7 billion, down from about $2.9 billion previously.

Cash, cash equivalents and investments totaled $8.0 billion at Sept. 30, up from $6.9 billion at June 30. The increase reflected $2.6 billion in net proceeds from convertible notes, partly offset by a $950 million litigation settlement payment. The company expects year-end 2026 cash and investments of $8.1 billion to $8.3 billion.

Pipeline

In August, the U.S. Food and Drug Administration approved mFLUSIVA, Moderna's seasonal influenza vaccine, marking its fifth approved product globally. In October, Moderna and Merck reported positive Phase 3 results for intismeran in resected high-risk melanoma. Moderna also said it reached an agreement with GSK on Oct. 28, 2026 to settle disputes in the U.S. and Europe, with no payments required.

As of Nov. 5, 2026, Moderna's last close was $241.46, giving the company a market value of about $96.40 billion before the filing. The company will hold its Analyst Day on Nov. 12, 2026.