IR Insights: Recapping our Third Quarter 2026 Earnings Report
Earlier today, Moderna reported financial results for the third quarter of 2026. I joined Lavina Talukdar for an episode of IR Insights to discuss our financial performance.
Watch the episode here:
Delivering on Our Financial Priorities
What I find especially encouraging about our latest results is that we are making progress on several fronts. In the third quarter, our revenue grew 29% to $1.3 billion, cash costs declined 10% to $1.0 billion,i and we were profitable. We also improved our full-year guidance across the board and now expect lower costs and a higher year-end cash balance.
In addition, we remain on track to reach a significant milestone: we expect to achieve our first year of revenue growth since 2022, with revenue up 15-25%, which exceeds our previous outlook of up to 10% growth compared to 2025.
I am very proud of our team for these results, which speak to both their outstanding performance and our company culture. They further reflect the commitment of our people to advance science for patients while bringing financial discipline to the decisions they make every day.
Driving Efficiency Across the Business
Over the past three years, our teams have fundamentally changed how we operate. We have reduced our manufacturing footprint, prioritized our portfolio, driven procurement savings, and moved quickly to embed automation and artificial intelligence into how we work. These efforts have required difficult choices coming out of the pandemic scale up, but they have also helped us become a more focused company.
Our teams have consistently surpassed my expectations every step of the way, reducing our cash costs and investments over the past three years from $9 billion to under $4 billion while continuing to advance our pipeline and execute commercially. As a result of our continued strong operational execution and proceeds from the company's convertible notes financing, we now expect year-end 2026 cash and investments of approximately $8.1 billion to $8.3 billion, an increase from our previous outlook of $4.7 billion to $5.2 billion.
Positioning Moderna for the Future
As we shared at Science Day, our mRNA platform continues to mature, with insights from established programs helping us advance new modalities and expand what is possible with mRNA medicines. This ability to build on what we learn across programs is central to our strategy of creating a more diversified portfolio and driving sustainable long-term growth.
At ESMO, with our partners at Merck, we announced detailed results from our Phase 3 INTerpath-001 trial evaluating intismeran in combination with pembrolizumab, in patients with completely resected stage IIB-IV melanoma. These landmark findings are a reminder of the importance of the work we do and of the power of our mRNA platform.
We also anticipate additional clinical milestones in the months ahead. Our pivotal study for mRNA-3927, an investigational therapy for propionic acidemia (PA), a rare and life-threatening inherited metabolic disorder, has reached its target enrollment and we expect data by the end of the year.
In addition, initial clinical data from an ongoing Phase 1/2 study of mRNA-2808, our investigational therapy for multiple myeloma, have been selected for an oral presentation at the American Society of Hematology (ASH) Annual Meeting, taking place December 12–15, 2026. This represents an important new therapeutic modality for Moderna, and initial results demonstrate encouraging antimyeloma activity in patients who urgently need new treatment options.
Our recent $3 billion convertible offering provides us with greater financial flexibility to invest in the growth of our oncology business while continuing to build a more diversified company. I am grateful for the confidence our investors have placed in Moderna and deeply mindful of the responsibility that comes with it.
As we look ahead, we have more work to do to improve productivity at the company, pursue growth opportunities, and develop a broader portfolio of products. Our commitment to investors is that we will remain disciplined in how we allocate capital, making thoughtful decisions about where to invest and how quickly to move. We will continue to follow the data, balancing prudent investment with the urgency needed to deliver promising medicines to patients.
Forward-Looking Statements
This post and accompanying video contain 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 revenue growth of 15% to 25%, lower costs, and projected year-end cash balance; the potential of intismeran; Moderna’s upcoming clinical milestones, including PA data; the potential of mRNA-2808, including encouraging initial results; continued cost discipline; momentum in the respiratory vaccination market and potential future demand; Moderna's platform potential and ability to drive sustainable long-term growth; Moderna's investments in the growth of its oncology business; Moderna’s use of automation and artificial intelligence; and Moderna’s ability to improve productivity, pursue growth opportunities and broaden its product portfolio. 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 post 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 post 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 post.
i Cash costs = GAAP expenses - stock-based compensation - depreciation and amortization.