Moderna lifted its 2026 growth target after third-quarter sales reached $1.3 billion, and it expects to end the year with up to $8.3 billion in cash and investments.
At year's end, Moderna expects cash and investments to total between $8.1 billion and $8.3 billion. Its previous range was $4.7 billion to $5.2 billion. The balance estimate reflects stronger operating performance and approximately $2.6 billion raised in September's convertible-note transaction, net of fees and capped-call costs. It excludes additional borrowing from the roughly $900 million still available under its credit facility.
Revenue in the third quarter was 29% higher than a year earlier, according to the company's Nov. 6 results release. Moderna reported net income of $162 million, compared with a $200 million loss in the same quarter last year.
For 2026, the company now forecasts revenue growth of 15% to 25%; its prior outlook capped growth at 10%. COVID-19 vaccine sales outside the United States accounted for most of the increase; shipments under government partnerships also added revenue.
For 2026, Moderna now estimates R&D spending at $2.7 billion and capital spending at $200 million, compared with earlier estimates of $2.9 billion and $200 million to $300 million, respectively.
Moderna lists an Analyst Day for Nov. 12.
