Moderna Q3 Revenue Jumps 29% to $1.3 Billion, Lifts Year-End Cash Outlook

Moderna reported third-quarter 2026 revenue of approximately $1.3 billion, a 29% increase from $1.0 billion a year earlier, and raised its full-year 2026 guidance, according to the company's SEC filing and comments from CEO Stéphane Bancel reported by CNBC. The company also lifted its year-end cash and investments forecast and pointed to progress on its closely watched cancer vaccine program as it works toward a potential commercial launch with partner Merck.

Third-Quarter Results and Updated Outlook

Total revenue for the quarter rose 29% to $1.3 billion, compared with $1.0 billion in the same period of 2025, according to Moderna's SEC filing. The company said the increase was primarily driven by higher COVID-19 vaccine sales in international markets, supported by deliveries under long-term strategic government partnerships.

Alongside the results, Moderna raised its outlook for year-end 2026 cash and investments to approximately $8.1 billion to $8.3 billion, up from a previous forecast of $4.7 billion to $5.2 billion, per the company's filing. The improved cash position reflects both stronger operating performance and proceeds from a convertible notes financing.

What's Driving the Growth

CEO Stéphane Bancel, speaking to CNBC, attributed the raised outlook to the full-year impact of Moderna's next-generation mRNA COVID vaccine, which received U.S. approval in May 2025. According to CNBC, Bancel also credited geographic expansion in Canada, the U.K. and Asia for helping boost results.

Moderna's own filing cites a related but slightly different set of drivers, pointing to the launch of updated COVID vaccines, expansion of its approved respiratory vaccine portfolio, and execution of international strategic partnerships with the United Kingdom, Canada and Australia. Taken together, the company and CNBC's reporting point to a combination of a newer COVID vaccine formulation and broader international distribution deals as the chief contributors to the quarter's growth and the raised full-year guidance.

Cancer Vaccine Progress

Beyond COVID-related products, Moderna highlighted clinical data for its experimental individualized cancer vaccine, intismeran autogene, developed in combination with Merck's Keytruda (pembrolizumab). Per the company's SEC filing, the combination reduced the risk of recurrence or death by 42% (hazard ratio of 0.58) and the risk of distant metastasis or death by 38% (hazard ratio of 0.62) compared with Keytruda alone, in the intention-to-treat population.

Moderna said it and Merck are working toward regulatory submissions and preparing for a potential commercial launch, subject to regulatory approval. No specific submission or approval timeline was disclosed in the company's release.

Market Reaction

Shares of Moderna rose roughly 3% in premarket trading on Friday following the third-quarter results and raised guidance, according to CNBC.

Bottom Line

Moderna's 29% year-over-year revenue increase in the third quarter, paired with a raised full-year 2026 outlook and a sharply higher year-end cash and investments forecast of approximately $8.1 billion to $8.3 billion, reflects a business leaning on its updated COVID vaccine and expanded international government partnerships for near-term growth, based on the company's filing and Bancel's comments to CNBC. Interpreting the longer-term picture, investor attention may increasingly hinge on the cancer vaccine program with Merck, where the reported recurrence and metastasis risk reductions remain pre-approval results that point to a potential, not confirmed, future revenue stream. As with any guidance update, the raised outlook reflects management's current expectations and is not a guarantee of future results.