Key Notes
- Moderna raised its 2026 revenue-growth forecast to 15%–25% after quarterly sales rose 29% and net income reached $162 million.
- A settlement with GSK grants infectious-disease patent cross-licenses without payments for those licenses.
- A September convertible-note offering strengthened liquidity, while operating activities used $2.72 billion of cash over the first nine months.
Moderna (Nasdaq: MRNA) raised its full-year sales outlook and reported a quarterly profit, giving shareholders evidence of a vaccine-sales recovery as the company prepares for its next wave of products. Shares finished Friday, November 6, at $254.19, up 5.27%, according to the company’s quote feed.
Third-quarter revenue increased 29% to $1.31 billion, with net income of $162 million, or 38 cents a diluted share. A year earlier, Moderna lost $200 million. The company now expects 2026 revenue growth of 15% to 25%, compared with its previous forecast of up to 10%.
Friday’s disclosures also brought an end to its patent fight with GSK (NYSE: GSK). The companies agreed to cross-license infectious-disease patents without payments for those licenses, removing one source of uncertainty around Moderna’s vaccine business.
International Vaccine Sales Help Lift the Outlook
Moderna attributed the improvement primarily to higher international COVID vaccine sales, supported by long-term government partnerships, in its results announcement. US revenue totaled $780 million, with another $533 million coming from international markets.
The company also reduced its expected annual research-and-development spending to about $2.7 billion from $2.9 billion. Lower spending and stronger sales improve the room it has to finance additional products, although the commercial business still has to cover a large research operation.
That combination is more useful to shareholders than sales growth alone. New revenue can contribute to profit when development expenses fall, but drugmakers also have to preserve the programs expected to supply their next sources of growth.
The GSK Settlement Ends One Patent Fight
The agreement was signed October 28 and disclosed with Friday’s results and quarterly filing. It settles disputes pending between Moderna and GSK in the United States and Europe and grants reciprocal patent rights in infectious disease.
GSK’s lawsuits concerned lipid-nanoparticle technology used to deliver messenger RNA, Reuters reported. The disputed products included Moderna’s Spikevax and mNEXSPIKE COVID vaccines and its mRESVIA RSV vaccine.
The companies asked a Delaware federal court on Friday to dismiss the US claims with prejudice, meaning they cannot be brought again. GSK told Reuters that the resolution would give both companies clarity and allow them to focus on developing medicines.
The disclosed terms contain no payment obligation for the cross-licenses. They do not resolve every patent case surrounding mRNA vaccines: Moderna’s filing separately describes litigation involving other companies. For investors, the benefit is a narrower set of disputes and greater clarity over the technology covered by this agreement.
A Larger Cash Balance Includes Borrowed Money
Moderna had about $8 billion in cash, cash equivalents and investments at September 30. Its balance sheet received a substantial boost from a $3 billion convertible-note offering in September, which raised roughly $2.6 billion after issuance costs and transactions designed to limit potential share dilution.
The financing provides additional resources for research and future obligations. It also explains why a stronger cash position should be assessed alongside debt and cash consumption, rather than treated as the proceeds of vaccine sales alone.
Operating activities used $2.72 billion of cash during the first nine months of 2026, the filing shows. Moderna recorded a $1.96 billion net loss over that period, despite the profitable September quarter. Accounts receivable also rose as a substantial portion of quarterly sales awaited collection.
Cash collection therefore matters alongside reported revenue. Delivering a vaccine, recognizing the sale and receiving payment can fall in different periods, creating a financing need even as the income statement improves.
New Products Will Shape the Next Phase
Moderna is building on the cancer-vaccine results that drew investors’ attention earlier this year. Its investigational intismeran program remains a development project, with a commercial launch dependent on regulatory approval.
The company now has five approved products across its markets, according to its quarterly filing. Expanding that portfolio offers a route to a broader revenue base, while launches and further clinical work continue to require funding.
Management’s next scheduled analyst day is November 12. The event gives Moderna an opportunity to explain how its expanding portfolio can turn a recovery in seasonal vaccine sales into a more durable business.
