CAMBRIDGE, MASS. — Moderna reported a sharp turnaround in its third-quarter earnings Friday, posting $162 million in net income on revenue of $1.313 billion — up 29% from a year earlier, when the vaccine maker posted a $200 million loss — according to the company's SEC filing.

The company raised its full-year 2026 revenue growth guidance to 15% to 25%, up sharply from its previous outlook of up to 10% growth, and lifted its year-end cash guidance to $8.1 billion to $8.3 billion, more than $3 billion higher than its prior forecast. Diluted earnings per share came in at $0.38, compared with a loss of $0.51 per share a year ago.

A fifth approved product

Driving part of the optimism: the U.S. Food and Drug Administration approved mFLUSIVA, Moderna's mRNA flu vaccine, making it the company's fifth approved product globally. Moderna also touted encouraging Phase 3 data for its melanoma treatment intismeran, which the company says cut the risk of cancer recurrence or death by 42% compared with Keytruda alone in combination therapy.

TOTAL REVENUE GROWTH OF 15% TO 25% IN 2026, UP FROM ITS PRIOR OUTLOOK OF UP TO 10%

The company also said it completed a roughly $3 billion convertible notes offering, netting about $2.6 billion, and lowered its 2026 R&D spending forecast to approximately $2.7 billion. Separately, Moderna said it reached a settlement on October 28 resolving pending litigation with GSK.

Context: a rough year for biotech

The results mark a notable reversal for Moderna, which has struggled with falling COVID-19 vaccine demand and investor skepticism about its post-pandemic pipeline. The raised guidance and new approval give the company its strongest quarter in some time, though its 2026 outlook still includes a previously disclosed $0.9 billion non-recurring litigation charge tied to a Genevant Sciences and Arbutus Biopharma settlement.