Moderna Stuns Wall Street With Surprise Profit, Raises Outlook

Moderna Inc. (NASDAQ:MRNA) stock traded higher Friday after the vaccine maker reported better-than-expected third-quarter results and raised its full-year revenue outlook above Wall Street estimates.

Stronger international COVID-19 vaccine sales, lower research expenses and progress across its vaccine and cancer treatment pipeline supported the results.

Moderna Swings to Profit, Beats Estimates

Moderna reported third-quarter earnings of 38 cents per share, beating Wall Street’s estimate of a $1.26 loss. The company posted a loss of 51 cents per share a year earlier.

Revenue rose 29% to $1.313 billion, topping the $885.051 million analyst estimate.

Growth reflected higher international COVID-19 vaccine sales, supported by deliveries under long-term government partnerships.

U.S. revenue totaled $780 million, while international revenue reached $533 million.

Net income was $162 million, compared with a $200 million loss a year earlier.

Research and development expenses fell 27% to $583 million, driven by lower clinical development costs following the completion and wind-down of late-stage infectious disease studies and continued cost reductions.

Moderna ended September with $8 billion in cash, cash equivalents and investments, up from $6.9 billion in June.

Raises 2026 Revenue Outlook

Moderna raised its 2026 revenue forecast to $2.236 billion-$2.430 billion from $2.138 billion, above the $2.102 billion analyst estimate.

The company now expects annual revenue growth of 15%-25%, compared with its previous outlook of up to 10%.

Moderna also lowered its annual research spending forecast to $2.7 billion from $2.9 billion.

The company expects year-end cash and investments of $8.1 billion-$8.3 billion, up from its previous forecast of $4.7 billion-$5.2 billion.

Cancer Pipeline Advances Despite Norovirus Setback

Moderna highlighted positive Phase 3 results for intismeran autogene, its experimental cancer therapy developed with Merck & Company, Inc. (NYSE:MRK).

The treatment, combined with Keytruda, reduced the risk of melanoma recurrence or death by 42% compared with Keytruda alone.

However, Moderna’s Phase 3 norovirus vaccine trial failed to meet the statistical criteria for early success in an interim analysis.

The company will not enroll another cohort this season and plans to consult health authorities on the program’s future.

Global Vaccine Expansion Gains Momentum

Moderna continued expanding its international operations through strategic partnerships with the U.K., Canada and Australia.

In September, the company signed a five-year agreement with a local manufacturer in Mexico to support COVID-19 vaccine supplies and international expansion.

On Thursday, Health Canada authorized Moderna’s mFLUSIVA influenza vaccine and mCOFLU combination flu and COVID-19 vaccine for adults 50 and older.

Canada became the first country to authorize both vaccines.

CEO Stéphane Bancel highlighted stronger revenue growth, continued cost reductions and progress toward building a more diversified company.

MRNA Price Action: Moderna shares were up 6.75% at $257.75 at the time of publication on Friday. The stock is trading near its 52-week high of $261.00, according to Benzinga Pro data.

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