Moderna Raises 2026 Revenue Forecast as Overseas Demand for COVID-19 Vaccine Strengthens

US biotechnology company Moderna has raised its full-year revenue growth forecast after stronger-than-expected international demand for its COVID-19 vaccine and payments from strategic partnerships helped it return to profitability in the third quarter of 2026.

The company now expects its total revenue to grow between 15 and 25 per cent this year, an improvement on its previous projection of up to 10 per cent growth.

The revised outlook was announced on Friday, November 6, following the release of its third-quarter financial results, which showed a significant improvement in sales and earnings.

Moderna reported revenue of $1.3 billion for the three months ending September 30, representing a 29 per cent increase from the $1 billion recorded during the corresponding period last year.

The figure also exceeded analysts’ expectations of approximately $885 million, according to data compiled by LSEG.

The company recorded a net profit of $162 million, reversing a loss of approximately $200 million reported in the third quarter of 2025.

International markets contributed $533 million to the latest quarterly revenue, while the United States accounted for $780 million. Moderna attributed the improvement largely to stronger overseas COVID-19 vaccine sales, supported by deliveries under long-term government partnerships.

The company has strengthened its international commercial strategy through partnerships with governments in the United Kingdom, Canada and Australia. In September, it also signed a five-year agreement with a local manufacturer in Mexico to support COVID-19 vaccine production and market expansion.

Moderna expects international markets to account for approximately half of its total revenue for 2026, reflecting its growing efforts to reduce dependence on the United States market.

Beyond its COVID-19 vaccine business, the biotechnology company is pursuing new opportunities in respiratory vaccines, cancer treatment and other medicines developed using its messenger RNA (mRNA) technology.

In August, the US Food and Drug Administration approved its mRNA-based seasonal influenza vaccine, mFLUSIVA, for adults aged 50 and above. However, the company plans a limited US launch during the 2026–2027 flu season because the approval came after annual vaccine contracts had already been concluded.

Moderna is also advancing a personalised cancer vaccine candidate, intismeran autogene, developed in partnership with pharmaceutical company Merck.

Late-stage clinical trial results showed that the treatment, when combined with Merck’s cancer immunotherapy Keytruda, reduced the risk of melanoma recurrence or death by 42 per cent among patients in the study.

The companies are working towards submitting a US marketing application before the end of 2026, with a potential commercial launch targeted for 2027.

However, the company has also faced setbacks in its research programme. Moderna said it would not expand its experimental norovirus vaccine study into an additional cohort this season after an interim analysis failed to meet the required statistical threshold for early success.

Despite the setback, the improved financial performance and stronger international vaccine demand have provided fresh momentum for Moderna as it seeks to build a more diversified business beyond its pandemic-era COVID-19 vaccine success.