MRNA · 10-Q · 2026Q3 · Full report

Market Demand Trends

Moderna, Inc. · 2026-11-06 · Importance 58 · Surprise 56

Higher COVID vaccine sales in international markets drove the increase in Moderna’s product sales in both the third quarter and first nine months of 2026, with deliveries under long-term strategic partnerships with government entities contributing to growth. U.S. product sales were generally consistent with the corresponding periods in 2025. Moderna said product sales were expected to return to growth in 2026, supported by the full-year impact of those government partnerships. Demand for newly launched mFLUSIVA remained uncertain during the 2026–2027 season, with its quarter sales immaterial given the timing of launch relative to contracting.

Key facts

• Moderna experienced declining customer demand for its COVID vaccine in 2023 and 2024, and the trend continued in 2025 as the market shifted to a more competitive and commercially driven environment. source
• mFLUSIVA net product sales were immaterial for the quarter because of launch timing relative to the 2026–2027 influenza contracting season and uncertainty about seasonal uptake. source