Moderna swung to a third-quarter profit on Friday, 6 November, as strong international sales of its Covid-19 vaccines lifted revenue well above analysts' expectations and prompted the company to raise its full-year revenue forecast.

The Massachusetts-based vaccine maker reported total revenue of $1.3 billion for the three months to 30 September, up 29% from $1.0 billion in the same period of 2025. That beat analysts' expectations of $885.1 million, according to data compiled by LSEG and cited by Reuters. Net income was $162 million, or 38 cents per diluted share, compared with a net loss of $200 million a year earlier.

International sales drive the beat

Higher Covid vaccine sales in international markets were the main driver of the result, supported by deliveries under long-term strategic government partnerships. International revenue reached $533 million, while revenue in the United States was $780 million. Net product sales rose 30.8% to $1.27 billion, and the company said the quarter also brought US approval for mFLUSIVA, its fifth approved product globally, alongside positive Phase 3 results for its intismeran treatment in melanoma.

Outlook raised for the full year

Moderna now expects total revenue to grow by 15% to 25% in 2026, up from its previous outlook of up to 10% growth. It also cut planned research and development spending to $2.7 billion and said it expected to end the year with $8.1 billion to $8.3 billion in cash. Reuters reported that the shares rose by more than 10% after the results, although later market summaries noted the stock giving back some of those early gains during the session.