Moderna Reports Third Quarter 2026 Financial Results and Provides Business Updates

Moderna expects year-end cash and investments of approximately $8.1 billion to $8.3 billion, reflecting operations and convertible financing.

Rhea-AI Summary

Moderna (NASDAQ:MRNA) reported third-quarter 2026 revenue growth of 29%, returning to profitability and raising its full-year revenue growth outlook. Revenue reached $1.313 billion, with net income of $162 million versus a $200 million loss a year earlier. Diluted earnings were $0.38 per share versus a $0.51 loss. Moderna now expects 2026 revenue growth of 15%-25%, previously up to 10%, and reduced its research and development spending forecast to approximately $2.7 billion.

Cash and investments reached $8.0 billion after convertible financing generated approximately $2.6 billion net. U.S. and Canadian approvals expanded its vaccine portfolio. Phase 3 intismeran plus KEYTRUDA reduced melanoma recurrence or death risk by 42% versus KEYTRUDA alone. The norovirus trial missed early-success criteria, and Moderna does not plan another cohort this season.

24 points · 2 major

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0 major · 13 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue growth outlook increased to 15%-25%, from up to 10%.
• Major pointPhase 3 intismeran plus KEYTRUDA reduced recurrence or death risk 42% versus KEYTRUDA alone in high-risk melanoma.
• Moderate pointThird-quarter revenue rose 29% to $1.313 billion, driven primarily by international COVID vaccine sales.
• Moderate pointThird-quarter net income reached $162 million, versus a $200 million loss in 2025.
• Moderate pointQuarterly research and development expenses fell 27% to $583 million, reflecting lower clinical costs and efficiencies.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 research and development spending forecast fell to approximately $2.7 billion, from approximately $2.9 billion.
• Moderate pointCash and investments reached $8.0 billion at September 30, versus $6.9 billion at June 30.
• Moderate pointConvertible financing raised approximately $2.6 billion net, after capped calls and associated fees. 2.7% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Year-end cash and investments forecast increased to approximately $8.1 billion-$8.3 billion, previously $4.7 billion-$5.2 billion.
• Moderate pointmFLUSIVA received U.S. approval for ages 50-64 and accelerated approval for ages 65 and older.

14 minor points

• Minor pointDiluted quarterly earnings reached $0.38 per share, versus a $0.51 loss a year earlier.
• Minor pointQuarterly operating income reached $130 million, versus a $260 million operating loss a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 capital spending is expected at approximately $0.2 billion, previously $0.2 billion to $0.3 billion.
• Minor pointFive-year Mexico COVID vaccine agreement signed with a local manufacturer in September.
• Minor pointmFLUSIVA also received Canadian approval, expanding the vaccine's approved markets.
• Minor pointmCOFLU received Canadian approval for the flu/COVID combination vaccine, following European Union approval as mCOMBRIAX.
• Minor pointIntismeran plus KEYTRUDA reduced distant metastasis or death risk 38% versus KEYTRUDA alone.
• Minor pointRecurrence or death risk fell 58% after six months in a prespecified intismeran sensitivity analysis.
• Minor point. Forward-looking: it has not happened yet and may not happen.Moderna and Merck are working toward intismeran regulatory submissions and preparing for a potential launch.
• Minor point. Forward-looking: it has not happened yet and may not happen.Propionic acidemia study reached target enrollment; Moderna expects pivotal data in 2026.
• Minor pointmRNA-4359 Phase 2 testing continues in melanoma and non-small cell lung cancer.
• Minor pointmRNA-4203 Phase 1 dosing continues with Immatics, evaluating combination treatment with anzu-cel.
• Minor pointNine-month revenue reached $1.847 billion, versus $1.266 billion in 2025.
• Minor pointNine-month net loss narrowed to $1.963 billion, versus $1.996 billion; loss per share narrowed to $4.93 from $5.15.

Negative

• Moderate pointApproximately $3.0 billion of convertible senior notes add debt and potential dilution; capped calls aim to mitigate dilution. 3.1% of market cap
• Moderate pointQuarterly cost of sales increased 54% to $318 million, including $65 million of third-party royalties.
• Moderate point$950 million settlement payment reduced cash during the third quarter.
• Moderate pointMost third-quarter product sales remained uncollected at quarter-end, contributing to operating cash use.
• Moderate pointNorovirus Phase 3 interim analysis missed early-success criteria; no additional cohort is planned this season.
• Moderate point. Forward-looking: it has not happened yet and may not happen.mFLUSIVA's 2026-2027 U.S. launch is limited, with approval occurring after the annual contracting cycle.

7 minor points

• Minor pointQuarterly selling, general and administrative expenses increased 5% to $282 million year over year.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 cost of sales is expected at approximately $1.7 billion, including a $0.9 billion non-recurring settlement charge.
• Minor point. Forward-looking: it has not happened yet and may not happen.Norovirus development path remains to be determined through planned discussions with health authorities.
• Minor pointFlu/COVID combination vaccine reviews remain pending in Japan, the United Kingdom and Australia.
• Minor pointU.S. flu/COVID combination vaccine refiling awaits further FDA guidance.
• Minor point. Forward-looking: it has not happened yet and may not happen.Potential intismeran commercial launch remains subject to regulatory approval.
• Minor pointMethylmalonic acidemia pivotal-study decision is deferred until the propionic acidemia registrational readout.

News Explained

Moderna completed its convertible senior-note offering, issuing approximately $3.0 billion in principal and receiving approximately $2.6 billion net after fees and capped-call purchases; the calls are designed to mitigate potential future dilution.

Key Figures

Q3 revenue: $1.3 billion, up 29% Net income: $162 million Diluted EPS: $0.38 +5 more

Q3 revenue

$1.3 billion, up 29%

Q3 2026; compared with $1.0 billion in Q3 2025

Net income

$162 million

Q3 2026; compared with a net loss of $200 million in Q3 2025

Diluted EPS

$0.38

Q3 2026; compared with a loss per share of $0.51 in Q3 2025

2026 revenue growth outlook

15% to 25%

Raised from the previous outlook of up to 10%

2026 R&D expense outlook

Approximately $2.7 billion

Reduced from the previous expectation of approximately $2.9 billion

Year-end cash and investments outlook

Approximately $8.1 billion to $8.3 billion

Raised from the previous outlook of $4.7 billion to $5.2 billion

Recurrence or death risk reduction

42% (HR=0.58)

Intismeran plus KEYTRUDA versus KEYTRUDA alone in the intention-to-treat population

Distant metastasis or death risk reduction

38% (HR=0.62)

Intismeran plus KEYTRUDA versus KEYTRUDA alone

Previous Earnings Reports

1 past event · Latest: Jul 31

Same Type 1 event

1. Jul 31

   Q2 earnings

   24h Move

   -5.3%

   Set 2026 revenue growth at up to 10% and year-end cash outlook at $4.7–$5.2 billion.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

accelerated approval, intention-to-treat population, convertible senior notes, capped calls, +1 more

5 terms

accelerated approval regulatory

"and accelerated approval for adults aged 65 years and older"

Accelerated approval is a process that allows new medical treatments to be approved more quickly than usual if they address serious or life-threatening conditions and show promising early results. For investors, it signals that a treatment may reach the market sooner, potentially boosting a company's prospects, but it also involves some uncertainty since full evidence of effectiveness is still being gathered.

intention-to-treat population medical

"in the intention-to-treat population"

The intention-to-treat population is the group of all participants who were randomly assigned to treatment or control in a clinical trial and are analyzed in the study according to the group they were originally allocated, regardless of whether they completed the treatment, adhered to the protocol, or were later found ineligible. This approach preserves the benefits of randomization for comparing groups and reflects the effect of assigning a treatment in a real-world setting, but it can dilute estimates of a treatment's biological efficacy because noncompliance and protocol deviations are still counted in the assigned groups.

convertible senior notes financial

"completed a convertible senior notes offering totaling approximately $3.0 billion"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

capped calls financial

"purchase of capped calls designed to mitigate potential future dilution"

A capped call is a type of option tied to a company’s convertible securities that gives the holder the right to buy shares up to a set price, but with a fixed ceiling on the payout. Companies commonly use capped calls to reduce the number of new shares that would dilute existing shareholders if convertibles turn into stock; for investors this matters because capped calls can limit dilution, affect share supply, and alter the potential upside and risk of owning the stock.

registrational study medical

"The registrational study has reached its target enrollment"

A registrational study is a late-stage clinical trial designed to give the government regulators the evidence they need to decide whether a drug, therapy, or medical device can be approved for sale. Think of it as the final exam or road test for a medical product: its results largely determine whether the product can reach the market, which directly affects potential revenue, company valuation, and investor risk.

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CAMBRIDGE, MA / ACCESS Newswire / November 6, 2026 / Moderna, Inc. (NASDAQ:MRNA) today reported financial results and provided business updates for the third quarter of 2026.

"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," said Stéphane Bancel, Chief Executive Officer of Moderna. "Building on this momentum, we increased our full-year revenue growth outlook to 15%-25%, while continuing to reduce costs and strengthen our balance sheet. Looking ahead, we anticipate additional intismeran readouts, pivotal data in propionic acidemia and further regulatory approvals as we advance our pipeline and build a more diversified company."

Commercial Strategy

Moderna continued to execute its multi-year revenue growth strategy during the third quarter, supported by the launch of updated COVID vaccines, expansion of its approved respiratory vaccine portfolio and execution of international strategic partnerships with the United Kingdom, Canada and Australia. In September, the Company signed a five-year agreement with a local manufacturer in Mexico for COVID-19 vaccines, supporting recurring revenue and international market expansion.

Third Quarter 2026 Financial Results

Revenue: Total revenue for the third quarter of 2026 increased 29% to $1.3 billion, compared to $1.0 billion in the same period in 2025, primarily driven by higher COVID vaccine sales in international markets, supported by deliveries under long-term strategic government partnerships. Revenue was $780 million in the U.S. and $533 million in international markets.

Cost of Sales: Cost of sales for the third quarter of 2026 was $318 million, including $65 million of third-party royalties. Cost of sales increased by 54% compared to the same period in 2025, primarily driven by higher product sales volume and other manufacturing-related costs.

Research and Development Expenses: Research and development expenses for the third quarter of 2026 were $583 million, a 27% decrease compared to the same period in 2025, primarily driven by lower clinical development costs following the completion and wind-down of certain late-stage studies in the Company's infectious disease portfolio, as well as continued cost efficiencies across the organization.

Selling, General and Administrative Expenses: Selling, general and administrative expenses for the third quarter of 2026 were $282 million, a 5% increase year-over-year. We continue to maintain cost discipline across the organization.

Income Taxes: Income tax provisions for both periods were not material, as the Company continues to maintain a global valuation allowance against most of its deferred tax assets.

Net Income: Net income was $162 million for the third quarter of 2026, compared to a net loss of $(200) million in the third quarter of 2025, representing a $362 million improvement year-over-year.

Earnings Per Share: Diluted earnings per share were $0.38 for the third quarter of 2026, compared to a loss per share of $(0.51) for the third quarter of 2025.

Cash Position: Cash, cash equivalents and investments as of September 30, 2026, were $8.0 billion, compared to $6.9 billion as of June 30, 2026. The increase primarily reflected $2.6 billion in net proceeds from the issuance of convertible notes and related capped call transactions, partially offset by the $950 million payment related to the litigation settlement announced in the first quarter of 2026, and cash used in operations, including the seasonal working capital impact from third-quarter product sales, the majority of which remained uncollected at quarter-end.

2026 Financial Framework

Revenue: The Company now expects total revenue growth of 15% to 25% in 2026, exceeding its previous outlook of up to 10% growth. Moderna continues to expect approximately half of its 2026 revenue to come from the United States and half from international markets.

Cost of Sales: Cost of sales for 2026 is expected to be approximately $1.7 billion, including the previously announced $0.9 billion non-recurring litigation settlement charge.

Research and Development Expenses: Research and development expenses for 2026 are expected to be approximately $2.7 billion, reduced from the Company's previous expectation of approximately $2.9 billion.

Selling, General and Administrative Expenses: Selling, general and administrative expenses for 2026 are expected to be approximately $1.0 billion, unchanged from previous forecast.

Income Taxes: The Company continues to expect negligible income tax expense for 2026.

Capital Expenditures: Capital expenditures for 2026 are expected to be approximately $0.2 billion, improved from the previous expectation of $0.2 billion to $0.3 billion.

Cash and Investments: The Company now expects year-end 2026 cash and investments of approximately $8.1 billion to $8.3 billion, increased from its previous outlook of $4.7 billion to $5.2 billion. The increase reflects improved operational execution and proceeds from the Company's convertible notes financing. This outlook excludes additional drawdowns from the approximately $0.9 billion remaining available under the Company's credit facility.

Recent Progress and Upcoming Late-Stage Pipeline Milestones

Infectious Disease Vaccines

Seasonal Influenza Vaccine (mRNA-1010): In August, Moderna received U.S. Food and Drug Administration (FDA) approval for mFLUSIVA®, its seasonal influenza vaccine, for adults aged 50-64 years and accelerated approval for adults aged 65 years and older, marking the Company's fifth approved product globally. Moderna is conducting a limited U.S. launch for the 2026-2027 influenza season, with approval occurring after the annual contracting cycle. The Company also received approval for mFLUSIVA in Canada.

Flu/COVID Combination Vaccine (mRNA-1083): Moderna received regulatory approval in Canada for mCOFLU®, the Company's flu/COVID combination vaccine, following approval of the vaccine under the brand name mCOMBRIAX® in the European Union. The vaccine remains under regulatory review in additional markets, including Japan, the United Kingdom and Australia. Moderna continues to await further guidance from the FDA regarding refiling in the United States.

Norovirus Vaccine (mRNA-1403): Following the Phase 3 interim analysis, which did not meet the statistical criteria for early success, Moderna does not plan to initiate an additional cohort this season. The Company intends to engage with health authorities to determine the program's path forward.

Oncology Therapeutics

Intismeran autogene (mRNA-4157): In October, Moderna and Merck presented positive Phase 3 results from the INTerpath-001 study in resected high-risk melanoma at the European Society for Medical Oncology (ESMO) Congress 2026. Intismeran autogene in combination with KEYTRUDA® (pembrolizumab) reduced the risk of recurrence or death by 42% (HR=0.58) and the risk of distant metastasis or death by 38% (HR=0.62), compared with KEYTRUDA alone, in the intention-to-treat population. The benefit was greater after six months, following the intismeran immunization regimen, as intismeran plus KEYTRUDA reduced the risk of recurrence or death by 58% (piecewise HR=0.42 [95% CI, 0.30-0.58]) compared to KEYTRUDA alone in a pre-specified sensitivity analysis. Moderna and Merck are working toward regulatory submissions and preparing for a potential commercial launch, subject to regulatory approval.

mRNA-4359: Moderna continues Phase 2 clinical trial of its investigational cancer antigen therapy in first-line metastatic melanoma, previously treated metastatic melanoma and first-line non-small cell lung cancer.

mRNA-2808: Abstract accepted for oral presentation at American Society of Hematology meeting on December 12th in New Orleans.

mRNA-4203: Moderna and Immatics continue dosing in a Phase 1 study evaluating mRNA-4203 in combination with anzu-cel (anzutresgene autoleucel, IMA203).

Rare Disease Therapeutics

Propionic Acidemia (mRNA-3927): The registrational study has reached its target enrollment, with pivotal data expected in 2026.

Methylmalonic Acidemia (mRNA-3705): Moderna has deferred a decision on initiating a pivotal study until the propionic acidemia registrational study readout.

Moderna Corporate Updates

• Leadership Appointment: In September, Moderna announced the appointment of Juan Andres as Chief Operating Officer, effective October 5, 2026. Mr. Andres previously served in senior leadership positions at Moderna and will oversee the Company's operational strategy and execution, including its global manufacturing organization.
• Leadership Retirement: In September, Moderna announced that Jerh Collins, Ph.D., Chief Technical Operations and Quality Officer, retired following four years with the Company.
• Financing: In September, Moderna completed a convertible senior notes offering totaling approximately $3.0 billion in principal amount. After accounting for the purchase of capped calls designed to mitigate potential future dilution and associated fees, we raised approximately $2.6 billion in net proceeds. The financing provides additional financial flexibility to support continued investment in oncology and address future debt obligations.
• Litigation Settlement: Moderna and GSK entered into an agreement on October 28, 2026, to settle all disputes between the parties which were pending in the U.S. and Europe. Pursuant to the agreement, the parties granted patent cross-licenses in the field of infectious disease and are not obligated to make payments of any kind in connection with such licenses.

Company Accolades

• Fortune Change the World: Moderna was named to Fortune's 2026 Change the World list, recognizing the Company's impact through mRNA medicines.
• Science Top Employers: Moderna was named a top employer in Science and Science Careers' 2026 Top Employers Survey for the twelfth consecutive year.

Key 2026 Investor and Analyst Event Dates

• Moderna Analyst Day: November 12, 2026

Investor Call and Webcast Information

Moderna will host a live conference call and webcast at 8:00 a.m. ET on November 6, 2026. To access the live conference call via telephone, please register at the link below. Once registered, dial-in numbers and a unique pin number will be provided. A live webcast of the call will also be available under "Events and Presentations" in the Investors section of the Moderna website.

• Telephone: https://register-conf.media-server.com/register/BI3b0723c2720c4799a951732b6daedea8
• Webcast: https://investors.modernatx.com

The archived webcast will be available on Moderna's website approximately two hours after the conference call and will be available for one year following the call.

About Moderna

Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.

With a global team and a unique culture, driven by the Company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.

MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except per share data)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue:
Net product sales		$	1,273			$	973			$	1,719			$	1,172
Other revenue1			40				43				128				94
Total revenue			1,313				1,016				1,847				1,266
Operating expenses:
Cost of sales			318				207				1,366				416
Research and development			583				801				1,883				2,357
Selling, general and administrative			282				268				671				710
Total operating expenses			1,183				1,276				3,920				3,483
Income (loss) from operations			130				(260	)			(2,073	)			(2,217	)
Interest income			62				73				201				244
Other (expense) income, net			(21	)			-				(58	)			4
Income (loss) before taxes			171				(187	)			(1,930	)			(1,969	)
Provision for income taxes			9				13				33				27
Net income (loss)		$	162			$	(200	)		$	(1,963	)		$	(1,996	)
Earnings (loss) per share
Basic		$	0.40			$	(0.51	)		$	(4.93	)		$	(5.15	)
Diluted		$	0.38			$	(0.51	)		$	(4.93	)		$	(5.15	)
Weighted average common shares used in calculation of earnings (loss) per share
Basic			401				390				398				388
Diluted			430				390				398				388

_______

¹Includes grant, collaboration, licensing and royalty, and stand-ready manufacturing revenue.

MODERNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions)

		September 30,				December 31,
		2026				2025
Assets
Current assets:
Cash and cash equivalents		$	1,195			$	2,595
Investments			3,976				3,204
Accounts receivable, net			1,367				184
Inventory			313				153
Prepaid expenses and other current assets			493				408
Total current assets			7,344				6,544
Investments, non-current			2,805				2,336
Property, plant and equipment, net			2,036				2,134
Right-of-use assets, operating leases			687				719
Other non-current assets			596				605
Total assets		$	13,468			$	12,338
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	259			$	317
Accrued liabilities			1,395				1,386
Deferred revenue			268				99
Other current liabilities			106				185
Total current liabilities			2,028				1,987
Deferred revenue, non-current			139				153
Operating lease liabilities, non-current			630				653
Financing lease liabilities, non-current			-				20
Long-term debt			591				590
Convertible notes			2,958				-
Other non-current liabilities			285				285
Total liabilities			6,631				3,688
Stockholders' equity:
Additional paid-in capital			1,569				1,382
Accumulated other comprehensive income			8				45
Retained earnings			5,260				7,223
Total stockholders' equity			6,837				8,650
Total liabilities and stockholders' equity		$	13,468			$	12,338

MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)

		Nine Months Ended September 30,
		2026				2025
Operating activities
Net loss		$	(1,963	)		$	(1,996	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation			351				370
Depreciation and amortization			190				148
Amortization/accretion of investments			(33	)			(54	)
Loss on equity investments, net			2				5
Other non-cash items			17				50
Changes in assets and liabilities:
Accounts receivable, net			(1,184	)			(703	)
Prepaid expenses and other assets			(28	)			(84	)
Inventory			(159	)			(213	)
Right-of-use assets, operating leases			31				28
Accounts payable			(32	)			(114	)
Accrued liabilities			35				(196	)
Deferred revenue			160				108
Operating lease liabilities			(23	)			(15	)
Other liabilities			(79	)			(137	)
Net cash used in operating activities			(2,715	)			(2,803	)
Investing activities
Purchases of marketable securities			(5,149	)			(4,221	)
Proceeds from maturities of marketable securities			2,388				4,634
Proceeds from sales of marketable securities			1,519				1,744
Purchases of property, plant and equipment			(146	)			(153	)
Purchase of intangible asset			(74	)			(10	)
Net cash (used in) provided by investing activities			(1,462	)			1,994
Financing activities
Proceeds from issuance of convertible notes			3,000				-
Payments for issuance costs related to convertible notes			(43	)			-
Purchase of capped calls related to convertible notes			(329	)			-
Proceeds from issuance of common stock through equity plans			172				19
Tax payments related to net share settlements on equity awards			(7	)			(1	)
Changes in financing lease liabilities			(17	)			(6	)
Net cash provided by financing activities			2,776				12
Effect of changes in exchange rates on cash and cash equivalents			-				2
Net decrease in cash, cash equivalents and restricted cash			(1,401	)			(795	)
Cash, cash equivalents and restricted cash, beginning of year			2,597				1,929
Cash, cash equivalents and restricted cash, end of period		$	1,196			$	1,134

Trademarks

Spikevax®, mRESVIA®, mNEXSPIKE®, mCOMBRIAX®, mCOFLU® and mFLUSIVA® are registered trademarks of Moderna.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna's 2026 financial framework, including expected total revenue growth of 15% to 25% in 2026, GAAP operating expense reductions, and projected year-end cash balance; Moderna's multi-year revenue growth strategy; Moderna's continued cost discipline; Moderna's international strategic partnerships; the potential of intismeran and Moderna's broader oncology portfolio; the potential commercial launch of intismeran, subject to regulatory approval; pending and anticipated regulatory filings and potential approvals, including timing of approvals; next steps for the mRNA-1403 program; the use of proceeds from Moderna's convertible notes financing, including to support oncology growth and debt repayment; and anticipated progress and milestones for Moderna's pipeline programs, including potential near-term data and other catalysts. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this press release.

###

Moderna Contacts

Media:

Chris Ridley
Vice President, Global Head of Communications
+1 617-800-3651
Chris.Ridley@modernatx.com

Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
Lavina.Talukdar@modernatx.com

SOURCE: Moderna, Inc.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Moderna's third-quarter 2026 earnings and revenue?

Moderna reported $1.313 billion in revenue and $0.38 in diluted earnings per share for the third quarter of 2026. Revenue increased 29% year over year. Net income was $162 million, compared with a $200 million loss in the third quarter of 2025.

What is Moderna's updated 2026 financial outlook?

Moderna expects 15%-25% revenue growth in 2026, increased from its previous outlook of up to 10%. Research and development spending is expected to be approximately $2.7 billion, and year-end cash and investments are expected to be approximately $8.1 billion to $8.3 billion.

Does Moderna's 2026 cash outlook include additional credit facility borrowing?

Moderna's year-end cash and investments outlook excludes additional drawdowns from the approximately $0.9 billion remaining available under its credit facility.

Who became Moderna's chief operating officer in October 2026?

Juan Andres became chief operating officer effective October 5, 2026. He will oversee operational strategy and execution, including global manufacturing. Moderna also announced that Chief Technical Operations and Quality Officer Jerh Collins retired.

What are the payment terms of Moderna's October 2026 GSK settlement?

Moderna and GSK are not obligated to make payments in connection with the infectious-disease patent cross-licenses granted under their October 28, 2026 agreement. The agreement settles all disputes between the parties that were pending in the United States and Europe.