Moderna Inc. (NASDAQ:MRNA) shares surged 10% after the biotechnology company reported stronger-than-expected third-quarter 2026 earnings and revenue, raised its full-year sales growth forecast and increased its projected year-end cash balance.
The company posted adjusted earnings of $0.38 per share, substantially exceeding analysts’ expectations for a loss of $1.09 per share. Revenue increased 29% year over year to $1.31 billion, compared with $1.01 billion in the corresponding quarter of 2025, surpassing the consensus estimate of $892.41 million.
The stronger performance was primarily driven by increased international COVID-19 vaccine sales, supported by deliveries under long-term government supply agreements.
International Vaccine Sales Drive Revenue Growth
Moderna generated $780 million in revenue from the United States during the quarter, while international markets contributed $533 million.
The company benefited from higher COVID-19 vaccine deliveries outside the US, helping offset broader challenges in the vaccine market.
Moderna reported net income of $162 million, compared with a net loss of $200 million in the third quarter of 2025.
Research and development expenses declined 27% to $583 million, reflecting reduced clinical development spending following the completion of several late-stage studies.
The combination of higher revenue and lower research costs contributed to the company’s improved quarterly profitability.
Moderna Raises 2026 Revenue Growth Forecast
Following the earnings beat, Moderna increased its full-year 2026 revenue growth guidance to between 15% and 25%, compared with its previous forecast of growth of up to 10%.
The company also raised its expected year-end cash balance to between $8.1 billion and $8.3 billion, significantly above its earlier projection of $4.7 billion to $5.2 billion.
Additionally, Moderna lowered its anticipated research and development expenditure for 2026 to approximately $2.7 billion, down from its previous estimate of $2.9 billion.
Chief Executive Officer Stéphane Bancel highlighted the company’s financial performance and recent product developments.
“We achieved 29% revenue growth in the third quarter, alongside US regulatory approval for mFLUSIVA, our fifth approved product worldwide, and positive Phase 3 melanoma results for intismeran,” Bancel said.
“Building on this progress, we have raised our full-year revenue growth expectations to 15% to 25%, while continuing to reduce expenses and strengthen our financial position.”
FDA Approval and Melanoma Trial Results Support Pipeline Progress
Beyond its financial results, Moderna reported developments across its vaccine and oncology programmes.
The company received approval from the US Food and Drug Administration for mFLUSIVA, its seasonal influenza vaccine, marking its fifth approved product globally.
Moderna also announced positive Phase 3 clinical trial results for intismeran, its investigational melanoma treatment.
These developments represent progress in the company’s efforts to diversify its product portfolio beyond COVID-19 vaccines.
The reduction in research and development spending reflects a focus on controlling costs while advancing selected programmes through regulatory and commercial development.
Investors Respond to Stronger Financial Outlook
Moderna’s 10% share price increase reflected a positive market reaction to its substantial earnings beat, higher revenue growth guidance and improved cash outlook.
The company returned to quarterly profitability, supported by international vaccine sales and lower research expenses.
Its upgraded revenue forecast and stronger projected year-end liquidity provide additional financial flexibility as Moderna continues developing and commercialising products across its pipeline.
Investors will monitor international vaccine demand, progress with mFLUSIVA and intismeran, and the company’s ability to maintain cost reductions while expanding its product portfolio.