MRNA · 8-K · 20261106PR000194

Guidance / Outlook

Moderna, Inc. · 2026-11-06 · Importance 89 · Surprise 92 · From source text

For 2026, Moderna raised expected total revenue growth to 15%–25%, from its previous outlook of up to 10%, and expects revenue to be split approximately equally between the United States and international markets. It reduced expected research and development expenses to approximately $2.7 billion from $2.9 billion and expects capital expenditures of approximately $0.2 billion, versus a prior range of $0.2 billion to $0.3 billion. The company now expects year-end 2026 cash and investments of $8.1–$8.3 billion, up from $4.7–$5.2 billion, citing improved operational execution and convertible-notes proceeds; the outlook excludes potential credit-facility drawdowns.

Key facts

• Moderna increased its 2026 total revenue growth outlook to 15%–25%, from its previous outlook of up to 10%. source
• Moderna increased its year-end 2026 cash and investments outlook to approximately $8.1 billion–$8.3 billion from $4.7 billion–$5.2 billion. source
• Moderna expects 2026 cost of sales of approximately $1.7 billion, including the previously announced $0.9 billion non-recurring litigation settlement charge. source
• Moderna reduced its 2026 research and development expense outlook to approximately $2.7 billion from approximately $2.9 billion. source
• Moderna expects 2026 capital expenditures of approximately $0.2 billion, improved from its previous expectation of $0.2 billion to $0.3 billion. source
• Moderna expects approximately half of its 2026 revenue to come from the United States and half from international markets. source
• Moderna expects 2026 selling, general and administrative expenses of approximately $1.0 billion, unchanged from its previous forecast. source
• Moderna continues to expect negligible income tax expense for 2026. source

Impact estimates