Moderna (NASDAQ:MRNA) Posts Earnings Results, Beats Expectations By $1.48 EPS

Key Points

• Moderna reported quarterly EPS of $0.38, beating analysts’ estimate of a $1.10 loss by $1.48. Revenue rose 29.2% year over year to $1.31 billion, above expectations of $890.25 million.
• The company raised its 2026 revenue-growth outlook to 15%–25% and lowered its R&D expense outlook by $200 million; it also forecast year-end cash and investments of $8.1–$8.3 billion.
• Pipeline news was mixed: Moderna and Merck reported reduced recurrence or death risk in a Phase III melanoma vaccine study, while Moderna’s Phase III norovirus vaccine study missed its interim success criteria.

Moderna (NASDAQ:MRNA - Get Free Report) announced its quarterly earnings data on Friday. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.10) by $1.48, FiscalAI reports. Moderna had a negative net margin of 141.43% and a negative return on equity of 28.30%. The business had revenue of $1.31 billion for the quarter, compared to analysts' expectations of $890.25 million. During the same period last year, the firm posted ($0.51) earnings per share. The firm's quarterly revenue was up 29.2% compared to the same quarter last year.

Here are the key takeaways from Moderna's conference call:

• Moderna reported third-quarter revenue of $1.3 billion, up 29% year over year, and net income of $162 million. Stronger-than-expected U.S. and international sales led the company to raise its 2026 revenue growth outlook to 15%–25%, though management said shipment timing also contributed to the quarter’s strength.
• The company lowered its 2026 R&D expense outlook by $200 million and its capital expenditure estimate, while raising its year-end cash and investments forecast to $8.1–$8.3 billion. That cash outlook includes $2.6 billion in net proceeds from convertible notes.
• Moderna and Merck reported Phase III melanoma results for intismeran plus pembrolizumab, showing a 42% reduction in the risk of recurrence or death versus pembrolizumab alone; a treated-patient analysis showed a 49% reduction. The companies are working toward a BLA submission this year, with approval, pricing, and commercialization still ahead.
• Moderna added U.S. approval of its flu vaccine mFLUSIVA and approvals for mFLUSIVA and its flu/COVID combination vaccine in Canada, expanding its commercial respiratory portfolio. The company also reported international progress and said U.S. respiratory vaccinations were slightly ahead of last year overall through late October.
• The Phase III norovirus vaccine study did not meet its interim criteria for early success, and Moderna will not enroll the additional cohort it had previously planned. It is consulting health authorities on next steps and has not provided a revised development plan.

Moderna Price Performance

Moderna stock traded up $12.73 during mid-day trading on Friday, reaching $254.19. The company had a trading volume of 16,295,043 shares, compared to its average volume of 12,652,009. Moderna has a fifty-two week low of $22.28 and a fifty-two week high of $267.50. The company has a current ratio of 2.29, a quick ratio of 2.18 and a debt-to-equity ratio of 0.09. The company has a market cap of $101.48 billion, a P/E ratio of -31.81 and a beta of 1.16. The business has a fifty day simple moving average of $189.62 and a 200 day simple moving average of $90.46.

Key Stories Impacting Moderna

Here are the key news stories impacting Moderna this week:

• Positive Sentiment: Moderna reported third-quarter revenue of $1.31 billion, up 29.2% year over year, and earnings of $0.38 per share, far ahead of analysts’ expectations for a loss. Stronger overseas COVID-19 vaccine sales helped drive the results. Reuters report on revenue and demand
• Positive Sentiment: Management raised its 2026 revenue-growth forecast to 15%–25%, from a prior outlook of up to 10%. The company also said it plans to reduce research and development spending, supporting its near-term financial performance. CNBC outlook report
• Positive Sentiment: Health Canada authorized Moderna’s seasonal flu and flu-COVID combination vaccines for adults 50 and older, opening a potential new market for its mRNA products. CBC report on Canadian approvals
• Positive Sentiment: Investors are also watching prospects for Moderna’s cancer vaccine: CEO Stéphane Bancel said it could have potential beyond melanoma. That adds pipeline excitement, though future commercial value remains uncertain. Yahoo Finance report on cancer vaccine prospects
• Neutral Sentiment: Moderna and GSK settled a patent dispute involving Moderna’s COVID and RSV shots. The settlement removes a source of legal uncertainty, but the available report does not specify its financial terms. Reuters report on patent settlement
• Negative Sentiment: The sharp rally has heightened concerns that expectations for the cancer-vaccine pipeline may be running ahead of near-term revenue potential. Moderna’s longer-term prospects still depend on sustaining vaccine sales and turning pipeline advances into commercial products. Barron’s analysis of Moderna’s earnings and valuation

Analysts Set New Price Targets

Several brokerages have recently issued reports on MRNA. Evercore lifted their price target on Moderna from $50.00 to $80.00 in a research note on Thursday, October 8th. Rothschild & Co Redburn downgraded Moderna from a "neutral" rating to a "sell" rating and upped their price objective for the stock from $40.00 to $81.00 in a research report on Thursday, September 3rd. Wolfe Research raised Moderna from an "underperform" rating to a "peer perform" rating in a research note on Tuesday, August 25th. TD Cowen reiterated a "buy" rating on shares of Moderna in a research report on Wednesday, October 21st. Finally, Brookline Capital Markets reiterated a "buy" rating on shares of Moderna in a research report on Wednesday, August 19th. Six equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $107.10.

Insider Transactions at Moderna

In related news, CFO James M. Mock sold 34,836 shares of the firm's stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $134.49, for a total transaction of $4,685,093.64. Following the sale, the chief financial officer owned 59,375 shares of the company's stock, valued at $7,985,343.75. This trade represents a 36.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shannon Klinger sold 3,471 shares of the firm's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $139.95, for a total value of $485,766.45. Following the sale, the insider directly owned 74,129 shares in the company, valued at approximately $10,374,353.55. This trade represents a 4.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 197,251 shares of company stock worth $33,875,904. Corporate insiders own 10.80% of the company's stock.

Moderna Company Profile

Moderna, Inc is a biotechnology company that develops medicines and vaccines using messenger RNA (mRNA) technology. Its platform is designed to instruct cells to produce proteins that can help prevent or treat disease.

The company's commercial products include Spikevax, a vaccine against COVID-19, and mRESVIA, a vaccine against respiratory syncytial virus (RSV). Moderna also researches potential mRNA-based vaccines and treatments for infectious diseases, cancer, and rare diseases.

Founded in 2010 as Moderna Therapeutics, the company is headquartered in Cambridge, Massachusetts.

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