Moderna Reports Third Quarter 2026 Financial Results and Provides Business
Moderna Reports Third Quarter 2026 Financial Results and Provides Business Updates
Reports third quarter revenue of $1.3 billion, GAAP net income of $0.2 billion and GAAP diluted EPS of $0.38
Increases 2026 expected revenue growth to 15%–25%, exceeding the previous expectation of up to 10% growth
Improves 2026 GAAP operating expense outlook by approximately $0.2 billion from previous estimate
Highlights positive Phase 3 data for intismeran and U.S. FDA approval of mFLUSIVA, the Company's fifth approved product globally
Moderna, Inc. (NASDAQ:MRNA) today reported financial results and provided business updates for the third quarter of 2026.
“We delivered 29% revenue growth in the third quarter, alongside the U.S. approval of mFLUSIVA, our fifth approved product globally, and positive Phase 3 results for intismeran in melanoma,” said Stéphane Bancel, Chief Executive Officer of Moderna. “Building on this momentum, we increased our full-year revenue growth outlook to 15%-25%, while continuing to reduce costs and strengthen our balance sheet. Looking ahead, we anticipate additional intismeran readouts, pivotal data in propionic acidemia and further regulatory approvals as we advance our pipeline and build a more diversified company.”
Moderna continued to execute its multi-year revenue growth strategy during the third quarter, supported by 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. In September, the Company signed a five-year agreement with a local manufacturer in Mexico for COVID-19 vaccines, supporting recurring revenue and international market expansion.
: Total revenue for the third quarter of 2026 increased 29% to $1.3 billion, compared to $1.0 billion in the same period in 2025, primarily driven by higher COVID vaccine sales in international markets, supported by deliveries under long-term strategic government partnerships. Revenue was $780 million in the U.S. and $533 million in international markets.
Cost of Sales: Cost of sales for the third quarter of 2026 was $318 million, including $65 million of third-party royalties. Cost of sales increased by 54% compared to the same period in 2025, primarily driven by higher product sales volume and other manufacturing-related costs. 1 Research and Development Expenses: Research and development expenses for the third quarter of 2026 were $583 million, a 27% decrease compared to the same period in 2025, primarily driven by lower clinical development costs following the completion and wind-down of certain late-stage studies in the Company's infectious disease portfolio, as well as continued cost efficiencies across the organization.
Selling, General and Administrative Expenses: Selling, general and administrative expenses for the third quarter of 2026 were $282 million, a 5% increase year-over-year. We continue to maintain cost discipline across the organization.
Income Taxes: Income tax provisions for both periods were not material, as the Company continues to maintain a global valuation allowance against most of its deferred tax assets.
Net Income: Net income was $162 million for the third quarter of 2026, compared to a net loss of $(200) million in the third quarter of 2025, representing a $362 million improvement year-over-year.
Earnings Per Share: Diluted earnings per share were $0.38 for the third quarter of 2026, compared to a loss per share of $(0.51) for the third quarter of 2025.
Cash Position: Cash, cash equivalents and investments as of September 30, 2026, were $8.0 billion, compared to $6.9 billion as of June 30, 2026. The increase primarily reflected $2.6 billion in net proceeds from the issuance of convertible notes and related capped call transactions, partially offset by the $950 million payment related to the litigation settlement announced in the first quarter of 2026, and cash used in operations, including the seasonal working capital impact from third-quarter product sales, the majority of which remained uncollected at quarter-end.
Revenue: The Company now expects total revenue growth of 15% to 25% in 2026, exceeding its previous outlook of up to 10% growth. Moderna continues to expect approximately half of its 2026 revenue to come from the United States and half from international markets.
Cost of Sales: Cost of sales for 2026 is expected to be approximately $1.7 billion, including the previously announced $0.9 billion non-recurring litigation settlement charge.
Research and Development Expenses: Research and development expenses for 2026 are expected to be approximately $2.7 billion, reduced from the Company's previous expectation of approximately $2.9 billion.
Selling, General and Administrative Expenses: Selling, general and administrative expenses for 2026 are expected to be approximately $1.0 billion, unchanged from previous forecast.
Income Taxes: The Company continues to expect negligible income tax expense for 2026.
Capital Expenditures: Capital expenditures for 2026 are expected to be approximately $0.2 billion, improved from the previous expectation of $0.2 billion to $0.3 billion. 2 Cash and Investments: The Company now expects year-end 2026 cash and investments of approximately $8.1 billion to $8.3 billion, increased from its previous outlook of $4.7 billion to $5.2 billion. The increase reflects improved operational execution and proceeds from the Company’s convertible notes financing. This outlook excludes additional drawdowns from the approximately $0.9 billion remaining available under the Company's credit facility.
Seasonal Influenza Vaccine (mRNA-1010): In August, Moderna received U.S. Food and Drug Administration (FDA) approval for mFLUSIVA®, its seasonal influenza vaccine, for adults aged 50–64 years and accelerated approval for adults aged 65 years and older, marking the Company's fifth approved product globally. Moderna is conducting a limited U.S. launch for the 2026–2027 influenza season, with approval occurring after the annual contracting cycle. The Company also received approval for mFLUSIVA in Canada.
Flu/COVID Combination Vaccine (mRNA-1083): Moderna received regulatory approval in Canada for mCOFLU®, the Company's flu/COVID combination vaccine, following approval of the vaccine under the brand name mCOMBRIAX® in the European Union. The vaccine remains under regulatory review in additional markets, including Japan, the United Kingdom and Australia. Moderna continues to await further guidance from the FDA regarding refiling in the United States.
Norovirus Vaccine (mRNA-1403): Following the Phase 3 interim analysis, which did not meet the statistical criteria for early success, Moderna does not plan to initiate an additional cohort this season. The Company intends to engage with health authorities to determine the program's path forward.
Intismeran autogene (mRNA-4157): In October, Moderna and Merck presented positive Phase 3 results from the INTerpath-001 study in resected high-risk melanoma at the European Society for Medical Oncology (ESMO) Congress 2026. Intismeran autogene in combination with KEYTRUDA® (pembrolizumab) reduced the risk of recurrence or death by 42% (HR=0.58) and the risk of distant metastasis or death by 38% (HR=0.62), compared with KEYTRUDA alone, in the intention-to- treat population. The benefit was greater after six months, following the intismeran immunization regimen, as intismeran plus KEYTRUDA reduced the risk of recurrence or death by 58% (piecewise HR=0.42 [95% CI, 0.30–0.58]) compared to KEYTRUDA alone in a pre-specified sensitivity analysis. Moderna and Merck are working toward regulatory submissions and preparing for a potential commercial launch, subject to regulatory approval.
mRNA-4359: Moderna continues Phase 2 clinical trial of its investigational cancer antigen therapy in first-line metastatic melanoma, previously treated metastatic melanoma and first-line non-small cell lung cancer.
mRNA-2808: Abstract accepted for oral presentation at American Society of Hematology meeting on December 12th in New Orleans. 3 mRNA-4203: Moderna and Immatics continue dosing in a Phase 1 study evaluating mRNA-4203 in combination with anzu-cel (anzutresgene autoleucel, IMA203).
Propionic Acidemia (mRNA-3927): The registrational study has reached its target enrollment, with pivotal data expected in 2026.
Methylmalonic Acidemia (mRNA-3705): Moderna has deferred a decision on initiating a pivotal study until the propionic acidemia registrational study readout.
• Leadership Appointment: In September, Moderna announced the appointment of Juan Andres as Chief Operating Officer, effective October 5, 2026. Mr. Andres previously served in senior leadership positions at Moderna and will oversee the Company's operational strategy and execution, including its global manufacturing organization.
• Leadership Retirement: In September, Moderna announced that Jerh Collins, Ph.D., Chief Technical Operations and Quality Officer, retired following four years with the Company.
• Financing: In September, Moderna completed a convertible senior notes offering totaling approximately $3.0 billion in principal amount. After accounting for the purchase of capped calls designed to mitigate potential future dilution and associated fees, we raised approximately $2.6 billion in net proceeds. The financing provides additional financial flexibility to support continued investment in oncology and address future debt obligations.
• Litigation Settlement: Moderna and GSK entered into an agreement on October 28, 2026, to settle all disputes between the parties which were pending in the U.S. and Europe. Pursuant to the agreement, the parties granted patent cross- licenses in the field of infectious disease and are not obligated to make payments of any kind in connection with such licenses.
• Fortune Change the World: Moderna was named to Fortune's 2026 Change the World list, recognizing the Company's impact through mRNA medicines.
• Science Top Employers: Moderna was named a top employer in Science and Science Careers' 2026 Top Employers Survey for the twelfth consecutive year.
Moderna will host a live conference call and webcast at 8:00 a.m. ET on November 6, 2026. To access the live conference call via telephone, please register at the link below. Once registered, dial-in 4 numbers and a unique pin number will be provided. A live webcast of the call will also be available under "Events and Presentations" in the Investors section of the Moderna website.
: https://register-conf.media- server.com/register/BI3b0723c2720c4799a951732b6daedea8
The archived webcast will be available on Moderna's website approximately two hours after the conference call and will be available for one year following the call.
Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.
With a global team and a unique culture, driven by the Company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn. 5
1 Includes grant, collaboration, licensing and royalty, and stand-ready manufacturing revenue. 6
Assets September 30, December 31, Current assets: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 1,195 $ 2,595 Investments 3,976 3,204 Accounts receivable, net 1,367 184 Inventory 313 153 Prepaid expenses and other current 493 408 assets Total current assets 7,344 6,544 Investments, non-current 2,805 2,336 Property, plant and 2,036 2,134 equipment, net Right-of-use assets, 687 719 operating leases Other non-current assets 596 605 Total assets $ 13,468 $ 12,338 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 259 $ 317 Accrued liabilities 1,395 1,386 Deferred revenue 268 99 Other current liabilities 106 185 Total current liabilities 2,028 1,987 Deferred revenue, 139 153 non-current Operating lease 630 653 liabilities, non-current Financing lease — 20 liabilities, non-current Long-term debt 591 590 Convertible notes 2,958 — Other non-current 285 285 liabilities Total liabilities 6,631 3,688 Stockholders’ equity: Additional paid-in capital 1,569 1,382 Accumulated other 8 45 comprehensive income Retained earnings 5,260 7,223 Total stockholders’ equity 6,837 8,650 Total liabilities and stockholders’ $ 13,468 $ 12,338 equity
Nine Months Ended September 30, Operating activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net loss $ -1,963 $ -1,996 Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 351 370 Depreciation and 190 148 amortization Amortization/accretion -33 -54 of investments Loss on equity 2 5 investments, net Other non-cash items 17 50 Changes in assets and liabilities: Accounts receivable, net -1,184 -703 Prepaid expenses and -28 -84 other assets Inventory -159 -213 Right-of-use assets, 31 28 operating leases Accounts payable -32 -114 Accrued liabilities 35 -196 Deferred revenue 160 108 Operating lease -23 -15 liabilities Other liabilities -79 -137 Net cash used in -2,715 -2,803 operating activities Investing activities Purchases of marketable -5,149 -4,221 securities Proceeds from maturities of marketable 2,388 4,634 securities Proceeds from sales of marketable 1,519 1,744 securities Purchases of property, plant and -146 -153 equipment Purchase of intangible -74 -10 asset Net cash (used in) provided by investing -1,462 1,994 activities Financing activities Proceeds from issuance of convertible 3,000 — notes Payments for issuance costs related to -43 — convertible notes Purchase of capped calls related to -329 — convertible notes Proceeds from issuance of common stock 172 19 through equity plans Tax payments related to net share -7 -1 settlements on equity awards Changes in financing -17 -6 lease liabilities Net cash provided by financing 2,776 12 activities Effect of changes in exchange rates on — 2 cash and cash equivalents Net decrease in cash, cash equivalents -1,401 -795 and restricted cash Cash, cash equivalents and restricted 2,597 1,929 cash, beginning of year Cash, cash equivalents and restricted $ 1,196 $ 1,134 cash, end of period
Spikevax®, mRESVIA®, mNEXSPIKE®, mCOMBRIAX®, mCOFLU® and mFLUSIVA® are registered trademarks of Moderna.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna's 2026 financial framework, including expected total revenue growth of 15% to 25% in 2026, GAAP operating expense reductions, and projected year-end cash balance; Moderna’s multi-year revenue growth strategy; Moderna's continued cost discipline; Moderna’s international strategic partnerships; the potential of intismeran and Moderna’s broader oncology portfolio; the potential commercial launch of intismeran, subject to regulatory approval; pending and anticipated regulatory filings and potential approvals, including timing of approvals; next steps for the mRNA-1403 program; the use of proceeds from Moderna’s convertible notes financing, including to support oncology growth and debt repayment; and anticipated progress and milestones for Moderna's pipeline programs, including potential near-term data and other catalysts. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this press release.
Chris Ridley Vice President, Global Head of Communications 9 +1 617-800-3651 Chris.Ridley@modernatx.com
Lavina Talukdar Senior Vice President & Head of Investor Relations +1 617-209-5834 Lavina.Talukdar@modernatx.com
Full text with the tables
Exhibit 99.1
Moderna Reports Third Quarter 2026 Financial Results and Provides Business
Updates
Reports third quarter revenue of $1.3 billion, GAAP net income of $0.2 billion
and GAAP diluted EPS of $0.38
Increases 2026 expected revenue growth to 15%–25%, exceeding the previous
expectation of up to 10% growth
Improves 2026 GAAP operating expense outlook by approximately $0.2 billion from
previous estimate
Increases 2026 expected ending cash balance to $8.1–$8.3 billion
Highlights positive Phase 3 data for intismeran and U.S. FDA approval of
mFLUSIVA, the Company's fifth approved product globally
CAMBRIDGE, MA / ACCESSWIRE / November 6, 2026 /
Moderna, Inc. (NASDAQ:MRNA) today reported financial results and provided
business updates for the third quarter of 2026.
“We delivered 29% revenue growth in the third quarter, alongside the U.S.
approval of mFLUSIVA, our fifth approved product globally, and positive Phase 3
results for intismeran in melanoma,” said Stéphane Bancel, Chief Executive
Officer of Moderna. “Building on this momentum, we increased our full-year
revenue growth outlook to 15%-25%, while continuing to reduce costs and
strengthen our balance sheet. Looking ahead, we anticipate additional intismeran
readouts, pivotal data in propionic acidemia and further regulatory approvals as
we advance our pipeline and build a more diversified company.”
Commercial Strategy
Moderna continued to execute its multi-year revenue growth strategy during the
third quarter, supported by 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. In
September, the Company signed a five-year agreement with a local manufacturer in
Mexico for COVID-19 vaccines, supporting recurring revenue and international
market expansion.
Third Quarter 2026 Financial Results
Revenue
: Total revenue for the third quarter of 2026 increased 29% to $1.3 billion,
compared to $1.0 billion in the same period in 2025, primarily driven by higher
COVID vaccine sales in international markets, supported by deliveries under
long-term strategic government partnerships. Revenue was $780 million in the
U.S. and $533 million in international markets.
Cost of Sales: Cost of sales for the third quarter of 2026 was $318 million,
including $65 million of third-party royalties. Cost of sales increased by 54%
compared to the same period in 2025, primarily driven by higher product sales
volume and other manufacturing-related costs.
1
Research and Development Expenses: Research and development expenses for the
third quarter of 2026 were $583 million, a 27% decrease compared to the same
period in 2025, primarily driven by lower clinical development costs following
the completion and wind-down of certain late-stage studies in the Company's
infectious disease portfolio, as well as continued cost efficiencies across the
organization.
Selling, General and Administrative Expenses: Selling, general and
administrative expenses for the third quarter of 2026 were $282 million, a 5%
increase year-over-year. We continue to maintain cost discipline across the
organization.
Income Taxes: Income tax provisions for both periods were not material, as the
Company continues to maintain a global valuation allowance against most of its
deferred tax assets.
Net Income: Net income was $162 million for the third quarter of 2026, compared
to a net loss of $(200) million in the third quarter of 2025, representing a
$362 million improvement year-over-year.
Earnings Per Share: Diluted earnings per share were $0.38 for the third quarter
of 2026, compared to a loss per share of $(0.51) for the third quarter of 2025.
Cash Position: Cash, cash equivalents and investments as of September 30, 2026,
were $8.0 billion, compared to $6.9 billion as of June 30, 2026. The increase
primarily reflected $2.6 billion in net proceeds from the issuance of
convertible notes and related capped call transactions, partially offset by the
$950 million payment related to the litigation settlement announced in the first
quarter of 2026, and cash used in operations, including the seasonal working
capital impact from third-quarter product sales, the majority of which remained
uncollected at quarter-end.
2026 Financial Framework
Revenue: The Company now expects total revenue growth of 15% to 25% in 2026,
exceeding its previous outlook of up to 10% growth. Moderna continues to expect
approximately half of its 2026 revenue to come from the United States and half
from international markets.
Cost of Sales: Cost of sales for 2026 is expected to be approximately $1.7
billion, including the previously announced $0.9 billion non-recurring
litigation settlement charge.
Research and Development Expenses: Research and development expenses for 2026
are expected to be approximately $2.7 billion, reduced from the Company's
previous expectation of approximately $2.9 billion.
Selling, General and Administrative Expenses: Selling, general and
administrative expenses for 2026 are expected to be approximately $1.0 billion,
unchanged from previous forecast.
Income Taxes: The Company continues to expect negligible income tax expense for
2026.
Capital Expenditures: Capital expenditures for 2026 are expected to be
approximately $0.2 billion, improved from the previous expectation of $0.2
billion to $0.3 billion.
2
Cash and Investments: The Company now expects year-end 2026 cash and investments
of approximately $8.1 billion to $8.3 billion, increased from its previous
outlook of $4.7 billion to $5.2 billion. The increase reflects improved
operational execution and proceeds from the Company’s convertible notes
financing. This outlook excludes additional drawdowns from the approximately
$0.9 billion remaining available under the Company's credit facility.
Recent Progress and Upcoming Late-Stage Pipeline Milestones
Infectious Disease Vaccines
Seasonal Influenza Vaccine (mRNA-1010): In August, Moderna received U.S. Food
and Drug Administration (FDA) approval for mFLUSIVA®, its seasonal influenza
vaccine, for adults aged 50–64 years and accelerated approval for adults aged 65
years and older, marking the Company's fifth approved product globally. Moderna
is conducting a limited U.S. launch for the 2026–2027 influenza season, with
approval occurring after the annual contracting cycle. The Company also received
approval for mFLUSIVA in Canada.
Flu/COVID Combination Vaccine (mRNA-1083): Moderna received regulatory approval
in Canada for mCOFLU®, the Company's flu/COVID combination vaccine, following
approval of the vaccine under the brand name mCOMBRIAX® in the European Union.
The vaccine remains under regulatory review in additional markets, including
Japan, the United Kingdom and Australia. Moderna continues to await further
guidance from the FDA regarding refiling in the United States.
Norovirus Vaccine (mRNA-1403): Following the Phase 3 interim analysis, which did
not meet the statistical criteria for early success, Moderna does not plan to
initiate an additional cohort this season. The Company intends to engage with
health authorities to determine the program's path forward.
Oncology Therapeutics
Intismeran autogene (mRNA-4157): In October, Moderna and Merck presented
positive Phase 3 results from the INTerpath-001 study in resected high-risk
melanoma at the European Society for Medical Oncology (ESMO) Congress 2026.
Intismeran autogene in combination with KEYTRUDA® (pembrolizumab) reduced the
risk of recurrence or death by 42% (HR=0.58) and the risk of distant metastasis
or death by 38% (HR=0.62), compared with KEYTRUDA alone, in the intention-to-
treat population. The benefit was greater after six months, following the
intismeran immunization regimen, as intismeran plus KEYTRUDA reduced the risk of
recurrence or death by 58% (piecewise HR=0.42 [95% CI, 0.30–0.58]) compared to
KEYTRUDA alone in a pre-specified sensitivity analysis. Moderna and Merck are
working toward regulatory submissions and preparing for a potential commercial
launch, subject to regulatory approval.
mRNA-4359: Moderna continues Phase 2 clinical trial of its investigational
cancer antigen therapy in first-line metastatic melanoma, previously treated
metastatic melanoma and first-line non-small cell lung cancer.
mRNA-2808: Abstract accepted for oral presentation at American Society of
Hematology meeting on December 12th in New Orleans.
3
mRNA-4203: Moderna and Immatics continue dosing in a Phase 1 study evaluating
mRNA-4203 in combination with anzu-cel (anzutresgene autoleucel, IMA203).
Rare Disease Therapeutics
Propionic Acidemia (mRNA-3927): The registrational study has reached its target
enrollment, with pivotal data expected in 2026.
Methylmalonic Acidemia (mRNA-3705): Moderna has deferred a decision on
initiating a pivotal study until the propionic acidemia registrational study
readout.
Moderna Corporate Updates
• Leadership Appointment: In September, Moderna announced the appointment of
Juan Andres as Chief Operating Officer, effective October 5, 2026. Mr. Andres
previously served in senior leadership positions at Moderna and will oversee the
Company's operational strategy and execution, including its global manufacturing
organization.
• Leadership Retirement: In September, Moderna announced that Jerh Collins,
Ph.D., Chief Technical Operations and Quality Officer, retired following four
years with the Company.
• Financing: In September, Moderna completed a convertible senior notes offering
totaling approximately $3.0 billion in principal amount. After accounting for
the purchase of capped calls designed to mitigate potential future dilution and
associated fees, we raised approximately $2.6 billion in net proceeds. The
financing provides additional financial flexibility to support continued
investment in oncology and address future debt obligations.
• Litigation Settlement: Moderna and GSK entered into an agreement on October
28, 2026, to settle all disputes between the parties which were pending in the
U.S. and Europe. Pursuant to the agreement, the parties granted patent cross-
licenses in the field of infectious disease and are not obligated to make
payments of any kind in connection with such licenses.
Company Accolades
• Fortune Change the World: Moderna was named to Fortune's 2026 Change the World
list, recognizing the Company's impact through mRNA medicines.
• Science Top Employers: Moderna was named a top employer in Science and Science
Careers' 2026 Top Employers Survey for the twelfth consecutive year.
Key 2026 Investor and Analyst Event Dates
• Moderna Analyst Day: November 12, 2026
Investor Call and Webcast Information
Moderna will host a live conference call and webcast at 8:00 a.m. ET on November
6, 2026. To access the live conference call via telephone, please register at
the link below. Once registered, dial-in
4
numbers and a unique pin number will be provided. A live webcast of the call
will also be available under "Events and Presentations" in the Investors section
of the Moderna website.
•
Telephone
: https://register-conf.media-
server.com/register/BI3b0723c2720c4799a951732b6daedea8
•
Webcast
: https://investors.modernatx.com
The archived webcast will be available on Moderna's website approximately two
hours after the conference call and will be available for one year following the
call.
About Moderna
Moderna is a pioneer and leader in the field of mRNA medicine. Through the
advancement of its technology platform, Moderna is reimagining how medicines are
made to transform how we treat and prevent diseases. Since its founding,
Moderna's mRNA platform has enabled the development of vaccines and therapeutics
across infectious diseases, cancer, rare diseases and more.
With a global team and a unique culture, driven by the Company's values and
mindsets, Moderna's mission is to deliver the greatest possible impact to people
through mRNA medicines. For more information about Moderna, please visit
modernatx.com and connect with us on X, Facebook, Instagram, YouTube and
LinkedIn.
5
MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except per share data)
Three Nine
Months Months
Ended Ended
Septem… Septemb…
30, 30,
Revenu… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
product $ 1,273 $ 973 $ 1,719 $ 1,172
sales
Other 40 43 128 94
revenu…
Total 1,313 1,016 1,847 1,266
revenue
Operat…
expens…
Cost of 318 207 1,366 416
sales
Resear…
and 583 801 1,883 2,357
develo…
Sellin…
general 282 268 671 710
and
admini…
Total
operat… 1,183 1,276 3,920 3,483
expens…
Income
(loss) 130 -260 -2,073 -2,217
from
operat…
Intere… 62 73 201 244
income
Other
(expen… -21 — -58 4
income,
net
Income
(loss) 171 -187 -1,930 -1,969
before
taxes
Provis…
for 9 13 33 27
income
taxes
Net
income $ 162 $ -200 $ -1,963 $ -1,996
(loss)
Earnin…
(loss)
per
share
Basic $ 0.40 $ -0.51 $ -4.93 $ -5.15
Diluted $ 0.38 $ -0.51 $ -4.93 $ -5.15
Weight…
average
common
shares
used in
calcul…
of
earnin…
(loss)
per
share
Basic 401 390 398 388
Diluted 430 390 398 388
_______
1 Includes grant, collaboration, licensing and royalty, and stand-ready
manufacturing revenue.
6
MODERNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions)
Assets September 30, December 31,
Current assets: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 1,195 $ 2,595
Investments 3,976 3,204
Accounts receivable, net 1,367 184
Inventory 313 153
Prepaid expenses and other
current 493 408
assets
Total current assets 7,344 6,544
Investments, non-current 2,805 2,336
Property, plant and 2,036 2,134
equipment, net
Right-of-use assets, 687 719
operating leases
Other non-current assets 596 605
Total assets $ 13,468 $ 12,338
Liabilities and
Stockholders’ Equity
Current liabilities:
Accounts payable $ 259 $ 317
Accrued liabilities 1,395 1,386
Deferred revenue 268 99
Other current liabilities 106 185
Total current liabilities 2,028 1,987
Deferred revenue, 139 153
non-current
Operating lease 630 653
liabilities, non-current
Financing lease — 20
liabilities, non-current
Long-term debt 591 590
Convertible notes 2,958 —
Other non-current 285 285
liabilities
Total liabilities 6,631 3,688
Stockholders’ equity:
Additional paid-in capital 1,569 1,382
Accumulated other 8 45
comprehensive income
Retained earnings 5,260 7,223
Total stockholders’ equity 6,837 8,650
Total liabilities and
stockholders’ $ 13,468 $ 12,338
equity
7
MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
Nine Months Ended
September 30,
Operating activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net loss $ -1,963 $ -1,996
Adjustments to reconcile
net loss to net
cash used in operating
activities:
Stock-based compensation 351 370
Depreciation and 190 148
amortization
Amortization/accretion -33 -54
of investments
Loss on equity 2 5
investments, net
Other non-cash items 17 50
Changes in assets and
liabilities:
Accounts receivable, net -1,184 -703
Prepaid expenses and -28 -84
other assets
Inventory -159 -213
Right-of-use assets, 31 28
operating leases
Accounts payable -32 -114
Accrued liabilities 35 -196
Deferred revenue 160 108
Operating lease -23 -15
liabilities
Other liabilities -79 -137
Net cash used in -2,715 -2,803
operating activities
Investing activities
Purchases of marketable -5,149 -4,221
securities
Proceeds from maturities
of marketable 2,388 4,634
securities
Proceeds from sales of
marketable 1,519 1,744
securities
Purchases of property,
plant and -146 -153
equipment
Purchase of intangible -74 -10
asset
Net cash (used in)
provided by investing -1,462 1,994
activities
Financing activities
Proceeds from issuance
of convertible 3,000 —
notes
Payments for issuance
costs related to -43 —
convertible notes
Purchase of capped calls
related to -329 —
convertible notes
Proceeds from issuance
of common stock 172 19
through equity plans
Tax payments related to
net share -7 -1
settlements on equity
awards
Changes in financing -17 -6
lease liabilities
Net cash provided by
financing 2,776 12
activities
Effect of changes in
exchange rates on — 2
cash and cash
equivalents
Net decrease in cash,
cash equivalents -1,401 -795
and restricted cash
Cash, cash equivalents
and restricted 2,597 1,929
cash, beginning of year
Cash, cash equivalents
and restricted $ 1,196 $ 1,134
cash, end of period
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Trademarks
Spikevax®, mRESVIA®, mNEXSPIKE®, mCOMBRIAX®, mCOFLU® and mFLUSIVA® are
registered trademarks of Moderna.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended, including
statements regarding: Moderna's 2026 financial framework, including expected
total revenue growth of 15% to 25% in 2026, GAAP operating expense reductions,
and projected year-end cash balance; Moderna’s multi-year revenue growth
strategy; Moderna's continued cost discipline; Moderna’s international strategic
partnerships; the potential of intismeran and Moderna’s broader oncology
portfolio; the potential commercial launch of intismeran, subject to regulatory
approval; pending and anticipated regulatory filings and potential approvals,
including timing of approvals; next steps for the mRNA-1403 program; the use of
proceeds from Moderna’s convertible notes financing, including to support
oncology growth and debt repayment; and anticipated progress and milestones for
Moderna's pipeline programs, including potential near-term data and other
catalysts. In some cases, forward-looking statements can be identified by
terminology such as "will," "may," "should," "could," "expects," "intends,"
"plans," "aims," "anticipates," "believes," "estimates," "predicts,"
"potential," "continue," or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain these words.
The forward-looking statements in this press release are neither promises nor
guarantees, and you should not place undue reliance on these forward-looking
statements because they involve known and unknown risks, uncertainties, and
other factors, many of which are beyond Moderna's control and which could cause
actual results to differ materially from those expressed or implied by these
forward-looking statements. These risks, uncertainties, and other factors
include, among others, those risks and uncertainties described under the heading
"Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended
December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC),
and in subsequent filings made by Moderna with the SEC, which are available on
the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims
any intention or responsibility for updating or revising any forward-looking
statements contained in this press release in the event of new information,
future developments or otherwise. These forward-looking statements are based on
Moderna's current expectations and speak only as of the date of this press
release.
###
Moderna Contacts
Media:
Chris Ridley Vice President, Global Head of Communications
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+1 617-800-3651 Chris.Ridley@modernatx.com
Investors:
Lavina Talukdar Senior Vice President & Head of Investor Relations +1
617-209-5834 Lavina.Talukdar@modernatx.com
SOURCE: Moderna, Inc.
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