# MRNA Full forecast · Q3 2026

> The forecast for Moderna: the next two quarters line by line, three years of sales and EPS, a low and a high case. Next report: Q3 2026 on 6 November before the open.

Canonical: https://pricedin.markets/mrna/fq3-2026/forecast/

cutoff 5 November 2026, 17:46 ET

The forecast for Moderna: the next two quarters line by line, three years of sales and EPS, a low and a high case. Next report: Q3 2026 on 6 November before the open.

[Quarter forecast →](https://pricedin.markets/mrna/fq3-2026/preview/)

MRNA · as of 2026-11-05 17:46:20 ET · 5 AI analysts · two did not finish · 80% ranges, 1 in 10 to 9 in 10

## Sales and earnings outlook

Next quarter · Q3 2026

Sales $0.85B −16% on Q3 2025

Diluted EPS −$1.10 +116% on Q3 2025

#### Investment and cash generation

Base case

Capital spending **$65.0M**

Free cash flow **−$1.92B**

Free cash flow: operating cash flow less capital spending.

- **Capital spending of $65.0M goes mainly to the Norwood fill-and-finish plant and equipment at Marlborough for the cancer therapy; neither adds sales this quarter. Free cash flow here is operating cash flow less capital spending. The PricedIn free cash flow of −$1.9B comes from the July litigation payment, which Analyst A counts at −$876M of operating cash, and a seasonal receivables build of −$714M collected in the fourth quarter. *4 of 5***
  - **Analyst A** Operating cash outflow of 876 million dollars for the Arbutus/Genevant settlement paid in July 2026, equal to the 950 million dollar lump-sum payment less the 74 million dollar capitalized intangible asset recorded on the settlement date
  - **Analyst B** My quarterly allocation, weighted to the disclosed Norwood fill/finish project and ongoing Marlborough intismeran equipment; Merck funds half of intismeran investments.
  - **Analyst E** Pay operating portion already charged in first quarter, rather than expensing it again.
  - **Analyst D** Season shipments at quarter end raise receivables, as in prior third quarters.

#### The rest of this page is for subscribers

- Three years of sales and earnings per share, each with its low and high case, the five analysts' own numbers and the story
- The forecast after the call, the same day
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