Moderna 8-K

Summary

Q3 2026 results with updated FY2026 guidance. Higher international COVID vaccine sales under long-term government partnerships drove revenue to $1.31B, up 29% Y/Y; revenue growth accelerated to +805.5% Q/Q from -62.7% Q/Q in Q2.

FY2026 revenue growth guidance was raised to 15%-25% from up to 10%, and year-end cash and investments guidance was raised to $8.1B-$8.3B from $4.7B-$5.2B.

Developments

• U.S. approval of mFLUSIVA, Moderna’s seasonal influenza vaccine, covers adults 50–64 and accelerated approval covers adults 65 and older. A limited U.S. launch is planned for the 2026–2027 season because approval came after annual contracting; Canada also approved the vaccine.
• Phase 3 results for intismeran autogene, an investigational oncology therapy, in resected high-risk melanoma showed a 42% lower risk of recurrence or death and a 38% lower risk of distant metastasis or death with KEYTRUDA versus KEYTRUDA alone. Moderna and Merck are preparing regulatory submissions and a potential launch, subject to approval.
• A five-year agreement with a local manufacturer in Mexico for COVID vaccines supports international expansion and recurring revenue.
• The registrational study of Moderna’s propionic acidemia treatment reached target enrollment, with pivotal data expected in 2026.

Results with guidance

Metric	Q3 2026 actual	9M 2026	FY2026 guide
Revenue	$1.31B+29% Y/Y, +806% Q/Q	$1.85B+46% Y/Y	15%-25% growth Y/Yraised from up to 10%
Cash and marketable securities	$8.00B+16% Q/Q	—	$8.1B-$8.3Braised from $4.7B-$5.2B
Cost of sales	—	—	$1.7Breaffirmed from $1.7B
Capital expenditures	—	$146M-4.6% Y/Y	$200Mnarrowed from $200M-$300M
GAAP operating expense outlook improvement	—	—	$200Mreaffirmed from $200M
Non-recurring litigation settlement charge	—	—	$900Mreaffirmed from $900M
Research and development expenses	—	—	$2.7Blowered from $2.9B
Selling, general and administrative expenses	—	—	$1Breaffirmed from $1B

Results without guidance

Metric	Q3 2026	Change	9M 2026
Operating income	$130M	vs -$260M Y/Y, vs -$815M Q/Q	-$2.07Bvs -$2.22B Y/Y
Net income	$162M	vs -$200M Y/Y, vs -$782M Q/Q	-$1.96Bvs -$2.00B Y/Y
Diluted EPS	$0.38	vs -$0.51 Y/Y, vs -$1.97 Q/Q	-$4.93vs -$5.15 Y/Y
Cash and cash equivalents	$1.20B	-31% Q/Q	—
Diluted shares	430M	+10% Y/Y, +8.0% Q/Q	398M+2.6% Y/Y

What moved the numbers

• Revenue mix: $780M in the U.S. and $533M internationally. Cost of sales was $318M, including $65M of third-party royalties, up 54% Y/Y on higher sales volume and manufacturing-related costs.
• Research and development expense was $583M, down 27% Y/Y as certain late-stage infectious-disease studies wound down and the company continued cost efficiencies. Selling, general and administrative expense was $282M, up 5% Y/Y.
• The $3.0B principal amount of convertible senior notes generated $2.6B in net proceeds after $329M for capped calls and $43M in issuance costs; proceeds support oncology investment and future debt obligations. The principal amount was ≈44% of Moderna’s $6.84B stockholders’ equity at 9/30/2026.
• Net cash used in operating activities was $2.72B for 9M 2026. Accounts receivable increased $1.18B, with much of third-quarter product sales still uncollected at quarter-end; the company also cited seasonal working-capital effects.

Figures extracted from the filings and checked against their text; changes and verdicts computed from them.