Moderna shares jump 10% as revenue grows 29% and company raises 2026 outlook
Key Facts
Moderna shares jumped 10% on November 6 after the company reported third-quarter results and raised its revenue growth outlook for 2026, according to Investing.com coverage. Revenue reached $1.31 billion, up 29% from $1.01 billion in the same period a year earlier. The result beat the average analyst estimate of $885.1 million from LSEG and topped another consensus estimate cited by Investing.com at $892.41 million. Adjusted earnings per share were $0.38, compared with expectations for a loss of $1.09 per share. The company said it now expects total revenue to grow between 15% and 25% in 2026, versus its previous estimate of growth of up to 10%.
The results marked a return to profitability, with Moderna reporting net income of $162 million in the third quarter, compared with a net loss of nearly $200 million a year earlier. Reuters attributed the turnaround to strong international demand for the Covid-19 vaccine and partnership payments. Investing.com coverage said vaccine sales in international markets benefited from shipments tied to long-term strategic government partnerships. Revenue in the United States was $780 million, while international markets generated $533 million. This distribution places overseas sales among the performance factors accompanying the higher annual outlook. The annual revenue comparison shows that quarterly growth coincided with continued contributions from both domestic and international markets to total sales.
Alongside its revenue outlook, Moderna raised its estimate for cash and investments at the end of 2026 to a range of $8.1 billion to $8.3 billion, from a previous range of $4.7 billion to $5.2 billion. It also lowered its estimate for research and development expenses for the year to about $2.7 billion, compared with a previous estimate of $2.9 billion. These updates come as the company returns to profitability in the third quarter, while Moderna linked the higher revenue outlook to demand for its Covid vaccine and partnerships. The figures alone do not detail each factor's contribution to the projected cash range. They do, however, clearly show a shift in the company's estimates for both liquidity and research spending during the year.
The results come as Moderna expands its product portfolio beyond Covid vaccines. In August, the U.S. Food and Drug Administration approved the mFlusiva flu vaccine for adults aged 50 and older. The company plans a limited U.S. launch during the 2026-2027 flu season, after the approval came following the completion of vaccine contracts for that year, Reuters reported. In October, Moderna and its partner Merck said their personalized cancer vaccine, intismeran autogene, when used with Keytruda, reduced the risk of melanoma recurrence or death by 42% in a large trial. The companies expect to launch the treatment commercially in 2027. These developments provide context for the company's portfolio, while the third-quarter results report attributed the higher 2026 outlook mainly to international demand for the Covid vaccine and partnership payments.
Moderna shares had risen more than eightfold during 2026 through the date of the Reuters report, which attributed most of the gain to the August announcement of a successful trial of the personalized cancer vaccine. In EL7 daily data, the stock closed at $241.46 on November 5, after closing at $258.38 on November 4. The 10% jump cited in coverage on November 6 was not assigned a measurement time in that coverage, so it does not represent a confirmed closing figure. The next specified step in the available information is a limited U.S. launch of the flu vaccine during the 2026-2027 season. Moderna and Merck also expect to launch the melanoma treatment commercially in 2027, according to Reuters.