Moderna Posts Q3 Profit, Beats Estimates and Raises Full-Year Revenue Outlook

MRNA posted a surprise third-quarter profit, earning $162 million, or $0.38 per diluted share, compared with a loss of $200 million, or $0.51 a share, a year earlier. Analysts had expected a loss of about $1.10 a share according to FactSet, or $1.25 according to LSEG. Revenue rose 29% to $1.3 billion, well ahead of consensus near $890 million, and it was Moderna's first profitable quarter since Q3 2024.

International demand did the heavy lifting. Of the roughly $1.31 billion in revenue, about $533 million came from outside the U.S., helped by deliveries under long-term government partnerships, according to CNBC. On the back of the quarter, Moderna now expects 2026 revenue to grow 15% to 25%, up from a prior outlook of up to 10%. Costs also helped: research and development spending fell 27% to $583 million, and cash and investments rose to $8.0 billion at Sept. 30 from $6.9 billion at June 30.

The cancer vaccine is a pipeline story, not yet a revenue one. Moderna and Merck are working toward regulatory submissions for intismeran autogene in melanoma, after Phase 3 data at ESMO in October showed a 42% reduction in the risk of recurrence or death. Investors may get more detail at Moderna's November 12 Analyst Day.

Shares rose as much as nearly 10% in premarket trading before settling to a smaller gain in the morning session. What to watch: whether the international strength repeats or reflects shipment timing, progress on the melanoma filing, and whether management can hold its year-end cash guidance of $8.1 billion to $8.3 billion.