Moderna (NASDAQ: MRNA) shares reversed an early 9.6% premarket gain on Friday, despite the vaccine maker reporting better-than-expected third-quarter earnings and raising its 2026 revenue growth forecast to 15%–25%, from a previous outlook of up to 10%.
The stock initially climbed to $264.79 after the earnings announcement but later fell to $239.85, down 0.67% from Thursday’s close of $241.46.
The premarket reversal followed two volatile sessions. Moderna shares gained 13.11% on Wednesday before dropping 6.55% on Thursday, when the stock hit a 52-week intraday high of $261 during regular trading.
Moderna shares had risen more than eightfold in 2026, with much of the rally coming after the company and Merck announced positive late-stage results for their experimental personalized melanoma vaccine in August.
Moderna’s Quarterly Revenue Beats Expectations by Nearly 48%
Moderna reported third-quarter revenue of $1.313 billion, up 29% from $1.016 billion a year earlier and approximately 48% above the $885.1 million analyst consensus estimate compiled by LSEG.
The company posted GAAP net income of $162 million, or $0.38 per diluted share, reversing a $200 million loss, or $0.51 per share, in the year-earlier quarter. FactSet’s analyst consensus forecast called for a $1.10/share loss.
Product sales contributed $1.273 billion to quarterly revenue, with another $40 million coming from other sources. Revenue totaled $780 million in the United States and $533 million internationally, with Moderna attributing the year-over-year increase primarily to stronger overseas COVID-19 vaccine sales and deliveries under long-term government partnerships.
The company expects U.S. and international markets to each contribute approximately half of its total 2026 revenue.
Moderna also lowered its projected full-year research and development expenses from approximately $2.9 billion to $2.7 billion. Third-quarter R&D spending fell 27% year over year to $583 million.
Higher Cash Forecast Reflects Financing and Operating Improvements
Moderna raised its expected year-end 2026 cash and investments balance to $8.1 billion–$8.3 billion, compared with its previous forecast of $4.7 billion–$5.2 billion. The higher projection reflects improved operating performance and approximately $2.6 billion in net proceeds from a September offering of $3 billion in convertible senior notes.
The net proceeds account for fees and purchases of capped-call transactions designed to reduce potential share dilution if the notes are converted.
Moderna held approximately $8 billion in cash, cash equivalents and investments at the end of September, up from $6.9 billion at the end of June. Proceeds from the notes offering contributed to the increase, partially offset by a $950 million litigation settlement payment and cash used in operations.
During the first nine months of 2026, Moderna used $2.715 billion in cash for operating activities, according to its cash-flow statement.
The company’s latest year-end cash forecast excludes additional borrowing from approximately $900 million remaining available under its existing credit facility.
Moderna Revises Norovirus Vaccine Development Plans
Separately, Moderna said in its earnings announcement that it would not initiate another Phase 3 cohort for its experimental norovirus vaccine, mRNA-1403, this season.
The decision marks a change from its July 31 plan to enroll additional participants after an interim analysis failed to meet the statistical criteria for early success. Moderna now intends to consult health authorities before determining the program’s next steps.
Moderna Tokenized Stock Update
Meanwhile, Moderna Tokenized bStocks (MRNAB) was quoted at $245, down 4% over the preceding 24 hours, according to CoinMarketCap. The tokenized instrument provides exposure to Moderna shares, but its 24-hour price change covers a different measurement period from the Nasdaq-listed stock’s Friday premarket trading.