Moderna shares surge 10% on earnings beat and raised revenue outlook

Moderna Inc. reported third-quarter earnings that significantly exceeded analyst expectations, prompting shares to jump 10% as the biotechnology company raised its full-year revenue growth forecast.

Moderna posted adjusted earnings of $0.38 per share, beating analyst expectations for a loss of $1.09 per share by $1.47. Revenue totaled $1.31 billion, topping the consensus estimate of $892.41 million and increasing 29% from $1.01 billion in the same quarter a year earlier.

The company raised its 2026 revenue growth outlook to 15%-25%, compared with its previous forecast of growth of up to 10%. It also significantly increased its expected year-end cash balance to $8.1 billion-$8.3 billion, up from its prior estimate of $4.7 billion-$5.2 billion.

"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 Chief Executive Stéphane Bancel. "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."

Revenue growth was primarily driven by stronger COVID-19 vaccine sales in international markets, supported by deliveries under long-term strategic government partnerships. U.S. revenue totaled $780 million, while international markets contributed $533 million.

Moderna reported net income of $162 million, compared with a net loss of $200 million in the third quarter of 2025. Research and development expenses fell 27% to $583 million, reflecting lower clinical development costs following the completion of several late-stage studies.

The company also highlighted recent pipeline and regulatory progress, including FDA approval of mFLUSIVA for seasonal influenza and positive Phase 3 results for intismeran in melanoma. Moderna lowered its 2026 research and development expense forecast to approximately $2.7 billion, down from its previous estimate of $2.9 billion.