Moderna Returns to Profit as Cancer Vaccine Heads to a Filing
- Third-quarter revenue rose about 29% to $1.3 billion on global COVID vaccine sales, and full-year growth guidance was lifted to 15–25%. Analysts questioned how much reflects 2027 deliveries shipped early.
- Intismeran, with Merck, showed a 42% lower risk of recurrence or death in melanoma alongside Keytruda; a BLA is planned by year-end with a decision expected in 2027, and a renal cancer Phase 2 is next.
- The norovirus vaccine missed its early Phase 3 bar, so no further cohort will be enrolled this season.
💡 Points Based on public reports
Profit this quarter is seasonal COVID timing; the real story is that Moderna's identity is shifting to oncology, with intismeran its first potential approval outside respiratory vaccines. Merck shares the economics, and the open question is the manufacturing and reimbursement model for a bespoke product at launch scale.
Moderna enjoys stable vaccine sales thanks to global COVID uptake ↗