Moderna Lifts 2026 Revenue Outlook After Third-Quarter Beat

Moderna raised its 2026 revenue outlook after reporting third-quarter sales and earnings above analyst estimates, as international COVID-19 vaccine sales and newer products contributed to the period. The Cambridge, Massachusetts, biotechnology company said Friday that it now expects revenue to grow 15% to 25% this year, compared with its prior forecast of growth of up to 10%.

Revenue for the three months ended Sept. 30 rose 29% from a year earlier to $1.31 billion. Moderna reported net income of $162 million, or 38 cents per share, reversing a net loss of $200 million, or 51 cents per share, in the year-earlier quarter. The results were also stronger than analyst estimates compiled by LSEG: CNBC reported consensus expectations of $885.1 million in revenue and a loss of $1.25 per share. The figures and revised forecast appear in CNBC’s Nov. 6 earnings report; company filings and releases are available through Moderna’s investor-relations results page.

International sales and product timing

Moderna reported approximately $780 million in U.S. revenue and $533 million internationally for the quarter. The geographic split highlights the importance of overseas demand to this result, alongside deliveries under long-term government partnerships. Management said newer product launches and broader geographic reach helped lift the quarter.

Chief Executive Stéphane Bancel told CNBC that the company was seeing a fuller-year contribution from its next-generation COVID-19 vaccine, which received U.S. approval in May 2025. COVID vaccination is seasonal, and contracts are typically established early in the year. That timing meant the product had only a small initial launch in 2025, Bancel said. A comparison with an earlier period can therefore reflect both demand and the timing of market entry.

Moderna’s standalone flu vaccine received U.S. approval in August 2026. Bancel said its U.S. launch would be limited this year because approval came after much of the season’s planning and contracting window. The timing comment is relevant to how quickly a new product can add sales, but the company did not report a full-year revenue contribution for that vaccine in the results outlined by CNBC.

What the guidance does—and does not—say

The new 15% to 25% range is a company forecast for 2026 revenue growth. It should not be read as a guarantee of sales, earnings or cash flow. The quarter’s reported profit also does not settle how future product uptake will develop. COVID vaccine demand can vary by season and geography, while newer products need to build distribution and customer demand after launch.

The results showed a return to quarterly net income after a loss in the year-earlier period, but the comparison does not mean every part of the business has reached stable growth. A company’s quarterly results can be affected by product mix, contract timing, production and other costs, and the report’s top-line revenue does not by itself identify the contribution from each factor.

Moderna shares were up about 5% in premarket trading Friday, CNBC reported shortly after the results. That is a time-specific market reaction, not a measure of long-term performance or an investment recommendation. Investors will next have to assess whether the revised guidance is supported by seasonal vaccine demand and whether the recent approvals can translate into sustained sales. The earnings release answers what the company reported for the quarter; it does not remove uncertainty about future results.