Moderna swung to a profit in the third quarter of 2026. Total revenue rose 29 percent to 1.31 billion dollars, from 1.0 billion dollars a year earlier, driven primarily by higher Covid vaccine sales in international markets under long term government partnerships. Revenue was 780 million dollars in the United States and 533 million dollars internationally. Net income was 162 million dollars, or 0.38 dollars per diluted share, compared with a net loss of 200 million dollars, or 0.51 dollars per share, in the third quarter of 2025, a 362 million dollar improvement.
Costs moved the other way. Research and development spending fell 27 percent year on year to 583 million dollars as late stage infectious disease studies wound down and organisational cuts took effect, while cost of sales was 318 million dollars, including 65 million dollars of third party royalties. Cash, cash equivalents and investments stood at 8.0 billion dollars at September 30, up from 6.9 billion dollars at June 30. The quarter’s profit sits inside a nine month net loss of 1.96 billion dollars, so the annual picture remains one of recovery rather than sustained profitability.
On the back of the quarter, Moderna raised its full year outlook. The company now expects total revenue growth of 15 to 25 percent in 2026, exceeding its previous outlook of up to 10 percent growth. Analysts had expected roughly 885 million dollars of third quarter revenue and a loss per share, so the print beat expectations by a wide margin on both lines.
Strategically, the company is using the stronger balance sheet to push beyond respiratory vaccines. Moderna and Merck are preparing regulatory submissions for intismeran autogene, the personalised mRNA cancer vaccine that in Phase 3 testing in melanoma after surgery reduced the risk of recurrence or death by 42 percent when added to Keytruda, and the companies are studying it across other tumour types. The quarter also included United States approval of mFlusiva, the company’s influenza vaccine and its fifth approved product globally. Moderna holds an analyst day on November 12, 2026, where the oncology timeline is the main open question.