Based on reporting by Fedir Kryshtovskyi (UA.NEWS).
Biotechnology company Moderna raised its full-year 2026 revenue growth forecast on Friday, Nov. 6, 2026, after delivering third-quarter financial results that surpassed Wall Street expectations and marked a return to profitability. Driven by strong international COVID-19 vaccine sales and commercial momentum in its broader product pipeline, the company lifted its annual sales targets and reported strong performance across strategic government contracts.
Key numbers from Moderna's Q3 results
Moderna's quarterly financial performance was boosted by both international deliveries and disciplined cost control across its operations.
Total revenue: Rose 29% year over year to $1.31 billion, topping analyst projections of $885.1 million compiled by LSEG.
Net income: Totaled $162 million, turning around from a net loss of $200 million recorded in the same period last year.
Diluted earnings per share: Reached $0.38 per share, significantly better than the loss of $1.25 per share expected by Wall Street analysts.
Geographic distribution: U.S. revenue generated $780 million, while international sales accounted for $533 million, bolstered by government partnerships in the United Kingdom, Canada, and Australia.
R&D spending: Research and development costs fell 27% year over year to $583 million as late-stage infectious disease trials concluded.
Balance sheet strength: Cash and investments reached $8.0 billion at the end of September, supported by $2.6 billion in net proceeds from a convertible bond issuance that offset $950 million in litigation settlement payments.
Understanding corporate financial metrics can help clarify long-term business performance; readers looking for broader context on financial filings can review our guide to reading an earnings report.
Upgraded forecast and pipeline updates
Following the third-quarter beat, Moderna management raised its full-year 2026 revenue growth guidance to a range of 15% to 25%, up substantially from its previous estimate of up to 10%. Chief Executive Officer Stéphane Bancel highlighted international expansion and new product progress as key drivers of the momentum.
The company also achieved notable progress across its regulatory and clinical pipeline:
Influenza vaccine approval: The U.S. FDA authorized mFLUSIVA, Moderna's standalone mRNA flu vaccine, in August. However, its commercial impact in the U.S. will remain limited this season because approval occurred after major annual purchasing cycles.
Dual authorization in Canada: Health Canada authorized both mFLUSIVA and mCOFLU, a combination flu and COVID-19 vaccine, for adults aged 50 and older.
Oncology pipeline success: Moderna and partner Merck reported positive Phase 3 data for intismeran, a personalized melanoma vaccine candidate. Combined with Keytruda, the treatment reduced the risk of disease recurrence or death by 42% compared to Keytruda alone.
Much like when pharmaceutical peer Pfizer raised its full-year outlook behind new product lines, Moderna is focused on diversifying beyond its core COVID-19 offerings.
What the news means in practice
For investors, consumers, and industry participants, Moderna's updated outlook carries clear operational implications:
For market participants: The turn to profitability and lowered R&D expenses demonstrate operational discipline, though investors will closely follow debt levels from recent bond issuances and ongoing litigation costs.
For long-term investors: Revenue reliance is shifting gradually from domestic COVID-19 sales toward international government contracts and multi-disease combination vaccines.
For consumers and healthcare providers: Expanding approvals for mRNA flu vaccines and combination shots offer additional seasonal protection choices in markets where regulatory bodies have granted authorization.
What to watch next
Investors will turn their attention to several near-term events to gauge whether Moderna can sustain its post-pandemic recovery:
Analyst Day: Management is scheduled to outline long-term targets and commercial priorities at an Analyst Day on November 12, 2026.
Regulatory filings: Moderna and Merck are preparing regulatory submissions for their intismeran melanoma therapy following successful Phase 3 trial data.
Pipeline readouts: Additional clinical updates are expected before the end of the year, including pivotal data from the company's propionic acidemia program.
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