According to a research report published by Goldman Sachs, Modena's revenue for the third quarter was US$1,313 million, higher than the bank's and market expectations of US$871 million and US$890 million; GAAP's profit per share was 0.38 US dollars, which was also higher than the losses of 1.22 US dollars and losses of 1.1 US dollars expected by the bank and the market, mainly driven by high sales of COVID-19 vaccines in the US and overseas expansion. Modena raised its revenue guidance for fiscal year 2026 to an increase of 15% to 25% year over year, compared to a maximum increase of 10% previously. The bank adjusted the 2026-2028 GAAP earnings forecast per share to a loss of $7.2, a loss of $5.96, and a loss of $2.41, respectively, to maintain the stock's “neutral” rating, and raised the target price from $137 to $195. According to the bank, the focus is on the second phase of the intismeran study on renal cell cancer in collaboration with MSD, and the first mid-term analysis is expected from the end of 2026 to the beginning of 2027. Management is optimistic about this. Furthermore, adjuvant treatment for melanoma is expected to be submitted this year and approved in 2027, establishing intismeran as a commercial opportunity in the near future.

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