Moderna, Inc. (MRNA) Earnings Call Transcripts
Moderna, Inc.'s Latest Earnings Call - September 23, 2026
In the third quarter of fiscal year 2026, Moderna, Inc. (MRNA) reported significant developments in its transition from a COVID-19 vaccine company to a comprehensive mRNA platform company. The company highlighted a strong pipeline with five approved products and ongoing trials in oncology and rare diseases. Revenue for the quarter was $2.5 billion, which was slightly below the consensus estimate of $2.6 billion, reflecting a 10% year-over-year decline. Management maintained a positive outlook on future growth, particularly around the upcoming data for Intismeran, their first oncology product, which they believe could drive substantial value going forward.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | $2.5B (miss) |
| Net Income | $450M (miss) |
| Operating Margin | 25% (negative) |
| Intismeran Phase III Trial | Successful interim analysis (positive) |
| Cash Position | $5.2B (positive) |
| R&D Spending | $1.2B (positive) |
Guidance from management
Management maintained a positive outlook for the upcoming quarters, particularly around the launch of Intismeran and ongoing trials in rare diseases. Specific revenue guidance was not provided, but they expect growth driven by their expanding pipeline.
What management said
Yes, that's exactly right because these are neoantigens that the body has not -- that the thymus hasn't eliminated T cells that are reactive to. So to me, it's a high probability of success. Of course, we have to do the clinical experiment, but that's one that we're very enthusiastic about.
What analysts pressed on
Analysts expressed concerns about the revenue decline and the potential impact of reduced COVID-19 vaccine sales on overall financial performance. There were also questions regarding the scalability of Intismeran and the timeline for future product launches.
Main topics on the call
- Transition to mRNA Platform — Moderna's leadership emphasized that the company is not just a COVID-19 vaccine provider but a broad mRNA platform company with diverse therapeutic applications. CEO Stéphane Bancel stated, "COVID was just our first prod...
- Intismeran Development — Management expressed strong confidence in Intismeran, stating it hit primary and secondary endpoints in its Phase III trial. David Berman noted, "The fact that it hit its primary endpoint at the first interim analysis......
- Revenue Decline — Moderna reported $2.5 billion in revenue for the quarter, slightly below the $2.6 billion consensus estimate, reflecting a 10% year-over-year decline. This decline is attributed to the normalization of vaccine sales post...
- Rare Disease Pipeline — Moderna is advancing its rare disease programs, with pivotal data expected by year-end. Bancel indicated that the company sees significant long-term potential in this area, stating, "Rare disease is going to be important...
Read the full Moderna, Inc. transcript (September 23, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Moderna, Inc.
Moderna, Inc. (MRNA) is a publicly listed company in the Biotechnology industry, within the Health Care sector. It trades on NasdaqGS and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 147 calls on record spanning January 10, 2020 to September 23, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 147 Moderna, Inc. earnings call transcripts on record, spanning January 10, 2020 to September 23, 2026. Based on this history, Moderna, Inc. reports quarterly. The most recent call on file is dated September 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- MRNA
- Exchange
- NasdaqGS
- Country
- US
- Sector
- Health Care
- Industry
- Biotechnology
- Calls on record
- 147
- First call
- January 10, 2020
- Most recent
- September 23, 2026
- Reporting cadence
- quarterly