Moderna, Inc. Q3 2026 Earnings Recap

Moderna shares rose 5.3% after the company raised its 2026 revenue growth framework to 15%–25%, from up to 10%, citing stronger-than-expected U.S. and international revenue in Q3 and visibility into Q4. The quarter also showed a return to profitability, though some of the sales strength reflected shipment timing and cost of sales rose faster than revenue.

Key Takeaways

• Q3 revenue was $1.3 billion, up 29% year over year; management reported $200 million in net income.
• Full-year 2026 revenue growth framework increased to 15%–25%, versus the prior framework of up to 10%; the company still expects an approximately even U.S.-international split.
• Q3 cost of sales was $318 million, or 24% of revenue, up 54% year over year, driven primarily by higher product sales volume and manufacturing-related costs.
• R&D expense fell 27% year over year to $583 million, reflecting study wind-downs and organizational efficiencies.
• Moderna ended the quarter with $8 billion in cash and investments, including net proceeds of approximately $2.6 billion from a convertible note financing.