Moderna (MRNA) Q3 2026 Earnings
How Did MRNA Stock React to Q3 2026 Earnings?
Did MRNA Beat Earnings? Q3 2026 Results
Yes. Moderna reported Q3 2026 earnings of $0.38 a share on Nov 6, 2026, beating the $-1.28 consensus estimate by 129.6%. Revenue was $1.3B against a $891.3M estimate.
Moderna delivered a decisive earnings beat in the third quarter of 2026, posting GAAP EPS of $0.38 against a consensus estimate of negative $1.28, a positive swing of 129.62% that extended the company's streak of beating analyst EPS estimates to six consecutive quarters. Revenue of $1.31 billion topped the $891.31 million consensus by 47.31% and grew 29.2% year over year, driven primarily by stronger international COVID vaccine sales under long-term government partnerships with the United Kingdom, Canada, and Australia. The company also swung to net income of $162 million, compared to a net loss of $200 million in the year-ago period. Management wasted no time raising the full-year revenue growth outlook to 15% to 25%, up from a prior target of up to 10%, while trimming R&D guidance to roughly $2.70 billion from $2.90 billion. Pipeline momentum added to the constructive tone, with the intismeran melanoma study alongside Merck showing a 42% reduction in recurrence or death versus KEYTRUDA alone, a result the partners are now preparing for regulatory submission.
- Higher COVID vaccine sales in international markets, supported by long-term strategic government partnership deliveries
- Launch of updated COVID vaccines and an expanded respiratory vaccine portfolio
- R&D expenses down 27% on completion and wind-down of late-stage infectious disease studies and cost efficiencies
- Cost of sales up 54% on higher product volume and manufacturing-related costs
“We delivered 29% revenue growth in the third quarter, alongside the U.S. approval of mFLUSIVA, our fifth approved product globally, and positive Phase 3 results for intismeran in melanoma.”
Moderna CEO, on the earnings call
What Is Moderna's Outlook?
Moderna now expects 2026 total revenue growth of 15% to 25%, up from its prior outlook of up to 10% growth. It still expects roughly half of revenue from the U.S. and half from international markets. Other 2026 guidance: - **Cost of sales:** about $1.7 billion, including a $0.9 billion non-recurring litigation settlement charge. - **R&D:** about $2.7 billion, reduced from about $2.9 billion. - **SG&A:** about $1.0 billion, unchanged. - **Income tax expense:** negligible. - **Capital expenditures:** about $0.2 billion, improved from $0.2–$0.3 billion. - **Year-end cash and investments:** $8.1–$8.3 billion, up from $4.7–$5.2 billion. This excludes about $0.9 billion still available under the credit facility. Upcoming catalysts include additional intismeran readouts, pivotal propionic acidemia data expected in 2026, further regulatory approvals, and an Analyst Day on November 12, 2026.
MRNA YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.3B | $1.0B | +29.2% |
| Operating Income | $130.0M | $52.0M | +150.0% |
| Net Income | $162.0M | $57.7M | +181.0% |
MRNA Revenue by Segment
MRNA Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.