Moderna raises its outlook after returning to quarterly profit
International vaccine sales and lower research costs lift results. The higher cash forecast also includes financing proceeds.
Moderna raised its 2026 revenue-growth forecast to 15% to 25% after stronger international vaccine sales helped it return to a quarterly profit. Its previous outlook called for growth of up to 10%.
Third-quarter revenue rose 29% to about $1.3 billion. The company earned $162 million, or 38 cents per diluted share, compared with a $200 million loss a year earlier. U.S. revenue was $780 million, while international revenue was $533 million.
Sales rose while research costs fell
Moderna attributed the revenue increase primarily to higher international COVID-vaccine sales, supported by deliveries under long-term government partnerships. Research and development spending fell 27% to $583 million, reflecting lower clinical-development costs and cost savings.
For the full year, the company now expects research and development spending of about $2.7 billion, down from its earlier estimate of $2.9 billion. That is a forecast, not a final expense total.
A larger cash outlook includes financing
Moderna raised its expected year-end cash and investments to $8.1 billion to $8.3 billion, from $4.7 billion to $5.2 billion. That increase should not be read as cash generated entirely by vaccine sales.
The company said the revised outlook reflects improved operations and proceeds from convertible-note financing. Its September offering produced about $2.6 billion in net proceeds after related capped-call transactions and fees. Convertible notes are financing, not revenue.
The quarter shows stronger sales and lower research costs, but it does not establish sustained annual profitability. The raised revenue and cash forecasts remain management expectations, and one profitable quarter is different from a finished full-year result.
