Moderna has reported a 29% increase in revenue for the third quarter of 2026, supported by stronger international sales of its COVID-19 vaccine and progress in its cancer vaccine programme. The company also raised its full-year revenue growth forecast, reflecting improved business performance and growing demand in overseas markets.
For the three months ended September 30, 2026, Moderna reported total revenue of $1.3 billion, compared with $1 billion during the same period in 2025. The company also reported net income of $162 million, compared with a net loss of $200 million a year earlier.
International markets contributed $533 million in revenue, while the US accounted for $780 million. Higher COVID-19 vaccine sales, along with deliveries under long-term government partnerships, were the main drivers of growth.
Following the strong quarterly performance, Moderna increased its 2026 revenue growth outlook to 15%–25%, compared with its previous expectation of up to 10%. The company also improved its operating expense outlook and expects to end 2026 with cash and investments of approximately $8.1 billion to $8.3 billion.
Progress in Cancer Vaccine Development
Alongside its financial results, Moderna highlighted progress in its oncology pipeline, particularly its investigational personalised cancer vaccine intismeran autogene (mRNA-4157).
In October 2026, Moderna and Merck presented positive Phase 3 results from the INTerpath-001 study evaluating intismeran in combination with Merck’s KEYTRUDA (pembrolizumab) in patients with high-risk melanoma following surgery.
The combination reduced the risk of cancer recurrence or death by 42% compared with KEYTRUDA alone. It also reduced the risk of distant metastasis or death by 38%.
The companies are now working towards regulatory submissions and preparing for a potential commercial launch, subject to regulatory approval.
Updates Across the Vaccine Pipeline
Moderna also reported progress in its respiratory vaccine portfolio. Its seasonal influenza vaccine, mFLUSIVA, received US regulatory approval, becoming the company’s fifth approved product globally. The vaccine also received approval in Canada.
Its combined influenza and COVID-19 vaccine, mCOFLU, received regulatory approval in Canada, following its earlier approval in the European Union under the brand name mCOMBRIAX.
However, the company reported a setback in its norovirus vaccine programme. An interim analysis of the Phase 3 trial of mRNA-1403 did not meet the statistical requirements for early success. Moderna does not plan to enrol an additional study group during the current season and will discuss the next steps with regulatory authorities.
In rare disease research, the company reported that its registrational study of mRNA-3927 for propionic acidemia has reached its target enrolment. Pivotal study results are expected in 2026.
Moderna is also continuing development of mRNA-3705 for methylmalonic acidemia, although a decision on starting a pivotal study has been postponed until results from the propionic acidemia programme become available.
Focus on Growth and Cost Management
Moderna continues to focus on expanding its commercial vaccine business while investing in oncology and rare disease research. The company is also working to reduce operating costs and strengthen its financial position.
CEO Stéphane Bancel said the company delivered strong revenue growth during the quarter, supported by the approval of mFLUSIVA and positive Phase 3 results for intismeran in melanoma.
With a stronger revenue outlook and several important clinical and regulatory milestones ahead, Moderna is looking to build a more diversified business beyond its COVID-19 vaccine portfolio.