Moderna Q3 2026: First Profit in Years on a $1.31B Revenue Beat

Moderna posted GAAP EPS of $0.38 in the third quarter of 2026, topping the consensus estimate of negative $1.28 and marking the company's sixth consecutive quarter of exceeding analyst EPS expectations. Net income came in at $162 million, compared to a net loss of $200 million in the same period a year earlier, marking the company's first profitable quarter in years.

Revenue of $1.31 billion came in ahead of expectations and grew 29% year over year. The bulk of that strength came from international COVID vaccine deliveries under long-term government partnerships with the United Kingdom, Canada, and Australia, with U.S. sales making up the smaller share of the total.

Management translated the momentum into raised guidance, lifting its full-year 2026 revenue growth outlook to a range of 15% to 25%, up from a prior target of up to 10%. R&D spending guidance was trimmed, reflecting the wind-down of late-stage infectious disease studies and ongoing cost efficiencies.

The pipeline added a meaningful catalyst on top of the financial results. The intismeran melanoma vaccine, developed alongside Merck, showed a 42% reduction in the risk of recurrence or death versus KEYTRUDA alone in the Phase 3 INTerpath-001 study, and the partners are now preparing for regulatory submission. Moderna also received FDA approval for mFLUSIVA, its influenza mRNA vaccine, making it the company's fifth approved product globally, though the U.S. commercial launch is limited this season because approval arrived after the annual contracting cycle.

Looking ahead, investors will have an Analyst Day on November 12, 2026 to gauge management's longer-term targets, while additional intismeran readouts and pivotal data from the propionic acidemia program are expected before year-end. Risks worth monitoring include increased leverage from convertible notes, a litigation settlement payment, and continued revenue concentration in COVID vaccines and government contracts.