MRNA · 10-Q · 2026Q3 · Full report
Revenue Performance and Mix
Moderna, Inc. · 2026-11-06 · Importance 63 · Surprise 56 · From source text
Third-quarter 2026 total revenue increased 29% to $1.313 billion from $1.016 billion, while nine-month revenue increased 46% to $1.847 billion from $1.266 billion. Net product sales increased 31% to $1.273 billion for the quarter and 47% to $1.719 billion for the nine-month period, primarily due to higher COVID vaccine sales in international markets under long-term government partnerships; U.S. sales were generally consistent with 2025. COVID vaccines accounted for $1.244 billion of third-quarter and $1.680 billion of nine-month product sales, while mFLUSIVA sales were immaterial after its September 2026 U.S. launch. Other revenue rose $34 million, or 36%, for the nine months, mainly from higher stand-ready manufacturing and Recordati collaboration revenue; product sales provisions were $1.324 billion for the quarter and $1.350 billion for the nine months of 2026.
Key facts
- Moderna’s total revenue for the third quarter of 2026 was $1.3 billion, compared with $1.0 billion in the third quarter of 2025. source
- Moderna’s net product sales increased by $300 million, or 31%, in the third quarter of 2026 and by $547 million, or 47%, in the first nine months of 2026, compared with the corresponding 2025 periods. source
- As of September 30, 2026, Moderna had $218 million of deferred revenue related to product sales, of which $160 million was expected to be realized in less than one year. source
- For the nine months ended September 30, 2026, other revenue increased by $34 million, or 36%, primarily because of higher stand-ready manufacturing revenue and collaboration revenue, mainly from the Recordati collaboration for mRNA-3927. source
- Higher COVID vaccine sales in international markets, driven by deliveries under long-term strategic partnerships with government entities, mainly drove net product sales increases in both periods; U.S. net product sales were generally consistent with 2025. source
- Moderna’s diluted earnings per share was $0.38 in the third quarter of 2026, compared with a loss per share of $(0.51) in the third quarter of 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +41.7% | Moderna’s net product sales increased by $300 million, or 31%, in the third quarter of 2026 and by $547 million, or 47%, in the first nine… |
| revenue | positive | realized | +22.9% | Moderna’s total revenue for the third quarter of 2026 was $1.3 billion, compared with $1.0 billion in the third quarter of 2025. |
| revenue | positive | committed | +10.4% | As of September 30, 2026, Moderna had $218 million of deferred revenue related to product sales, of which $160 million was expected to be… |