$MRNA · Moderna, Inc.
Moderna's Q3 FY2026 10-Q shows a return to profitability: net income of $162M versus a $200M loss in Q3 2025, with total revenue up 29% to $1.313B. Net product sales rose 31% to $1.273B, driven by Europe ($314M vs $16M) while US sales slipped to $771M from $782M. Operating income was $130M versus a $260M loss, helped by a 27% cut in R&D spending to $583M. Nine-month results remain deeply negative at a $1.963B net loss, though narrower than the $1.996B loss a year earlier. The balance sheet added $2.958B in convertible notes, lifting total liabilities to $6.631B from $3.688B.
- Q3 net income of $162M vs a $200M loss a year earlier.
- Total revenue up 29% to $1.313B; product sales up 31% to $1.273B.
- R&D spending cut 27% to $583M from $801M.
- Nine-month net loss of $1.963B, slightly narrower than $1.996B.
- Convertible notes of $2.958B added, lifting total liabilities to $6.631B.
Shares rose 5.27% in the regular session to $254.19, with extended-hours trading at $255.15 (+0.38% vs close), signaling a positive reception to the return to profitability.
Moderna's first quarterly profit in years, driven by cost cuts and European sales, marks a potential inflection for a stock that had been mired in losses.
Moderna's swing to profit contrasts with its own prior losses and reflects cost discipline (R&D down 27%) offsetting a maturing respiratory-vaccine franchise.
Nine-month results remain a $1.963B net loss, and the $2.958B convertible-note issuance adds leverage and potential future dilution. US product sales declined to $771M from $782M.