Moderna Raises 2026 Revenue Outlook After Strong Third Quarter

Moderna has increased its 2026 revenue growth forecast to 15% to 25% after reporting stronger-than-expected third-quarter results on November 6, 2026. The Cambridge, Massachusetts-based biotechnology company credited growing demand for newer vaccines, stronger international sales, and lower operating costs for its improved financial performance.

The revised forecast represents a significant increase from the company's previous guidance of revenue growth of up to 10%. Moderna also reported quarterly revenue of $1.31 billion, exceeding analyst expectations of $885.1 million in an LSEG survey.

According to the Associated Press report published by 10TV, seven analysts surveyed by Zacks Investment Research had expected revenue of $888.8 million and a loss of $1.10 per share. Moderna instead delivered earnings of 38 cents per share.

The company recorded net income of $162 million for the quarter, reversing a net loss of $200 million, or 51 cents per share, during the same period a year earlier. Revenue increased 29% from the previous year's third quarter.

US operations generated $780 million in revenue, while international markets contributed $533 million. Higher sales of COVID-19 vaccines overseas and deliveries through long-term government partnerships supported the increase, according to Moderna's financial results reported by CNBC.

CEO Stéphane Bancel identified new product introductions and broader international operations as important contributors to the company's performance. He highlighted the growing geographical reach of Moderna's business.

"diversification" was among the factors Bancel identified when discussing the company's expansion and quarterly performance in an interview with CNBC.

Moderna is benefiting from the broader commercial availability of its next-generation mRNA COVID-19 vaccine, which received US approval in May 2025. Bancel said the company was beginning to capture the product's contribution across a full year of sales.

"full-year impact" was how Bancel described the contribution of the next-generation vaccine. He explained that COVID-19 vaccination is seasonal and that vaccine contracts are generally established during the first quarter.

Consequently, the vaccine had experienced only a relatively small initial commercial introduction during its first year. Bancel characterized that initial rollout as a "small launch" because of its timing.

Moderna's standalone influenza vaccine also received US approval in August 2026. However, Bancel expects its initial commercial introduction in the country to remain restricted during the year.

He described the expected rollout as a "limited launch," reflecting the timing of the product's approval and the seasonal nature of vaccine demand.

International expansion has also contributed to the company's financial improvement, particularly in Canada, the United Kingdom, and Asia. Bancel said the company benefited from stronger sales alongside efforts to reduce operating expenses.

"It's the sales that are stronger and the costs that are also lower," Bancel said in a separate interview with CNBC's Squawk Box, explaining the factors behind the quarterly profit.

Beyond its commercial vaccine business, Moderna is also developing experimental treatments for cancer. The company and Merck recently announced encouraging late-stage clinical trial results for their personalized cancer vaccine combined with the immunotherapy Keytruda in certain melanoma patients.

The announcement initially received a mixed response from investors after portions of the clinical data appeared on social media shortly before investigators were scheduled to present the findings at a European medical conference.

Bancel described the market response as a "surprising reaction." However, he said some long-term investors and analysts responded positively after reviewing the complete clinical findings.

He also highlighted the reaction from medical professionals who evaluated the trial results.

"were so impressed with the data," Bancel said when describing doctors' responses to the findings, adding that many expressed interest in incorporating the treatment into their daily medical practice.

Moderna shares gained approximately 3% in premarket trading on November 6 following the earnings announcement. The company's stock had also climbed more than 700% during 2026, supported largely by investor expectations surrounding the potential of its personalized cancer vaccine.