TLDR
- Moderna posted Q3 revenue of $1.31 billion, well above the $890 million analysts expected.
- It earned $162 million, flipping a $200 million loss from a year ago.
- The 2026 revenue growth outlook rose to 15% to 25%, up from 10%.
- R&D spending fell 27%, and the year-end cash forecast jumped to $8.1 billion to $8.3 billion.
- The stock closed Thursday at $241.46, down 6.55%, and is still up nearly 719% this year.
Moderna (MRNA) stock closed Thursday at $241.46, down 6.55%, before its third-quarter report landed Friday. Even after that drop, the stock is up nearly 719% this year.
Premarket trading was choppy. Investing.com reported an early 10% jump on the results, but the rally faded.
The numbers were hard to argue with. Revenue hit $1.31 billion, well above the $890 million analysts expected.
Moderna also swung to a profit. It earned $162 million, compared with a loss of $200 million a year earlier.
Earnings came to 38 cents per share. Wall Street had expected a loss of about $1.10 per share.
Revenue rose 29% from $1.01 billion a year ago. Higher Covid vaccine sales outside the U.S. drove the gain.
Where the Money Came From
The U.S. brought in $780 million. International markets added $533 million.
Moderna pointed to deals with the governments of the United Kingdom, Canada and Australia. It also signed a five-year agreement with a local manufacturer in Mexico.
The company expects the Mexico deal to support recurring revenue. It also sees room for market expansion.
Moderna now expects full-year revenue growth of 15% to 25%. The old target was growth of up to 10%.
Costs Fall, Cash Climbs
Research and development spending fell 27% to $583 million. Moderna said several late-stage studies wrapped up.
It trimmed its 2026 R&D forecast to about $2.7 billion from $2.9 billion. That is $200 million less than before.
The year-end cash forecast now sits at $8.1 billion to $8.3 billion. The prior range was $4.7 billion to $5.2 billion.
CEO Stéphane Bancel said the company is “continuing to reduce costs and strengthen our balance sheet.” Not a bad line for a quarter built on Covid shots.
The flu business is moving too. The FDA cleared the mRNA flu shot mFlusiva in August for adults 50 and older, a first of its kind.
Moderna did not break out mFlusiva sales. It plans a limited U.S. launch this flu season because approval came after the annual contracting cycle.
Canada cleared the flu shot on Thursday, along with a combined flu and Covid vaccine. That adds another market for the new products.
The cancer vaccine intismeran, built with Merck, is still in focus. The partners are working toward regulatory submissions and preparing for a potential launch.
A data leak earlier sent the stock down 18% in one session. Bancel told Barron’s the company was “a bit surprised” by the reaction.
He said Moderna believes intismeran will work “everywhere Keytruda works.” The Phase 3 data covered melanoma patients at high risk of recurrence.
In premarket trading Friday, Moderna stock was quoted near $240.22, about 0.5% below Thursday’s close.
