Moderna raised its 2026 revenue growth outlook to 15% to 25%, up from previous guidance of up to 10%, after beating third-quarter earnings and revenue estimates on Friday. The biotech company's stock rose roughly 3% in premarket trading.
Third-quarter revenue jumped 29% to $1.31 billion, driven by higher Covid vaccine sales in international markets and long-term government partnerships. U.S. revenue reached $780 million while international markets contributed $533 million. The company posted net income of $162 million, or 38 cents per share, compared with a net loss of $200 million, or 51 cents per share, in the year-ago period.
CEO Stéphane Bancel attributed the strong quarter to new products and geographic diversification. The company's next-generation mRNA Covid vaccine, approved in May 2025, is now seeing its "full-year impact" after a limited initial launch due to typical first-quarter vaccine contract timing. Moderna's new stand-alone flu shot, approved in the U.S. in August, will have a "limited launch" in 2026 due to timing constraints, Bancel said.
Expansion in Canada, the U.K., and Asia helped boost results. Bancel noted that lower costs combined with stronger sales contributed to profitability in the quarter. He said the company's personalized cancer vaccine developed with Merck showed impressive data that doctors expressed enthusiasm about using in clinical practice.
Investors tracking Moderna should monitor the company's execution on flu vaccine launches and the commercial trajectory of the cancer vaccine partnership with Merck (MRK) as 2026 progresses.