Moderna on Friday smashed third-quarter revenue and earnings estimates and hiked its outlook for full-year sales growth, as some of its newer products gain momentum and Covid vaccine revenue outperforms.
Shares of Moderna rose roughly 3% in premarket trading on Friday.
The biotech company now expects 2026 revenue growth of 15% to 25%, up from its previous guidance of up to 10%.
“The new product and the diversification of geography is what has led to such a strong Q3,” Moderna CEO Stéphane Bancel said in an interview ahead of the results.
The Moderna facility in Laval, Quebec, Canada, Sept. 19, 2025.
Graham Hughes | Bloomberg | Getty Images
For example, he said the company is seeing the “full-year impact” of its next-generation mRNA Covid vaccine, which won U.S. approval in May 2025. Bancel noted that Covid is a seasonal business and vaccine contracts are typically established in the first quarter, so Moderna’s shot only had a “small launch” to start with last year.
Moderna’s new stand-alone flu shot, which was approved in the U.S. in August, will similarly have a “limited launch” in the country in 2026 given the timing, he said.
In a separate interview on CNBC’s “Squawk Box,” Bancel said Moderna’s geographic expansion in Canada, the U.K. and Asia helped boost results. The company’s work to lower costs also resulted in a profit in the quarter, he added.
“It’s the sales that are stronger and the costs that are also lower,” Bancel said.
Here’s what Moderna reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 38 cents per share vs. an expected loss of $1.25
- Revenue: $1.31 billion vs. $885.1 million expected
Moderna’s third-quarter revenue jumped 29% to $1.31 billion, boosted by higher Covid vaccine sales in international markets and helped by deliveries under long-term government partnerships. Revenue was $780 million in the U.S. and $533 million in international markets.
The company posted a net income of $162 million, or 38 cents per share, for the third quarter. That compares with a net loss of $200 million, or a loss of 51 cents per share, reported for the year-ago period.
The results come weeks after Moderna and Merck unveiled promising late-stage data on their experimental personalized cancer vaccine in combination with immunotherapy Keytruda in certain melanoma patients. Despite the positive results, investors battered Moderna’s stock after part of the data was leaked on social media just days before trial investigators were set to present it at a European medical conference.
Bancel called it a “surprising reaction,” but said that the companies also saw a positive response from others on Wall Street, including long-term investors and analysts who examined the full data in depth. He added that the doctors in the field “were so impressed with the data,” and many expressed that they hope to use it in their day-to-day practice.
Moderna’s stock has skyrocketed more than 700% this year, largely on optimism about the potential for the shot.
