Moderna reported a Q3 2026 net profit of $162 million, swinging from a $200 million loss a year earlier and marking its first profitable quarter in two years. Revenue rose 29% to $1.3 billion, prompting Moderna to raise its full-year 2026 revenue growth forecast to between 15% and 25%. Growth was propelled by strong international demand for COVID-19 vaccines, alongside growing investor momentum surrounding intismeran, its mRNA skin cancer vaccine developed with Merck.
Q3 2026 financial performance
- ▪Moderna reported Q3 2026 revenue of $1.3 billion, representing a 29% increase from Q3 2025 and exceeding Wall Street analyst expectations
- ▪Moderna earned Q3 2026 net income of 38 cents per share, defying FactSet analyst forecasts expecting a loss of $1.10 per share
- ▪Moderna reported a net profit of $162 million in Q3 2026, marking its first quarterly profit since 2024 and swinging from a $200 million net loss in Q3 2025
- ▪Moderna raised its full-year 2026 revenue growth guidance to between 15% and 25%, up from its previous forecast of 10% growth
Geographic breakdown of sales
- ▪Moderna's Q3 2026 revenue growth was driven by strong international sales of its COVID-19 vaccine in countries including the United Kingdom, Canada, and Australia
- ▪Moderna Chief Financial Officer Jamey Mock stated that United States respiratory vaccination rates stabilized during Q3 2026
Skin cancer vaccine progress
- ▪Moderna's stock price gained over sevenfold during 2026 following positive clinical trial results for its mRNA melanoma vaccine candidate intismeran
- ▪Moderna and partner Merck & Co. reported clinical data showing their mRNA skin cancer vaccine intismeran combined with Keytruda reduced melanoma recurrence or death risk by 42%
Political developments affecting mRNA
- ▪Republican Iowa gubernatorial candidate Zach Lahn, who proposed banning mRNA COVID-19 vaccine sales in Iowa, lost his election in November 2026
- ▪U.S. Health Secretary Robert F. Kennedy Jr., who reduced federal funding for mRNA technology, campaigned in November 2026 for Republican candidates who lost in Iowa and Michigan
Moderna flu vaccine mFlusiva
- ▪Moderna received U.S. regulatory approval for its influenza vaccine mFlusiva in August 2026 and Canadian approval in November 2026, though Q3 2026 U.S. sales were immaterial
- ▪Regulators initially declined to review Moderna's application for mFlusiva, causing mFlusiva's approval to arrive too late to secure contracts for the 2026-2027 flu season
Moderna major shareholders
- ▪Fidelity tripled its Moderna investment since September 2025 to become Moderna's largest shareholder, while Baillie Gifford reduced its stake to about 4.5%
- ▪Asset manager Baillie Gifford stated in January 2026 that it was frustrated with Moderna's direction after slashing its holding from 10 percent at the end of 2024
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