Maravai Lifesciences Holdings (MRVI) Q3 2026 Earnings Report

The call was strongly positive overall. Revenue, mRNA demand, Cygnus performance, profitability, customer additions, innovation, and full-year guidance all improved, while management expressed confidence in the pipeline and long-term strategy. The main negatives were the specialty chemistry decline, ongoing GAAP losses, lumpy GMP and CDMO timing, disappointing results from some external cancer-vaccine programs, and limited near-term GMP revenue expected from ModTail.

For 2026, Maravai raised its expected revenue range to $212 million to $216 million, up from $205 million to $215 million, or up $4 million at the midpoint, and raised full year adjusted EBITDA guidance to $40 million to $42 million, up $7 million at the midpoint from $33 million to $35 million, representing an improvement of over $70 million year over year; it also expects continued adjusted gross margin expansion of greater than 1.6 thousand basis points year over year. Management said Q4 volume growth would be multiples of Q3 performance, while maintaining quarterly variation, and expects full-year GMP growth of plus 20%; for 2027, it expects a quarterly shift in GMP later into the second half of the year, does not expect massive dollars in 2027 on ModTail in GMP, sees Cygnus’ base business at mid single digits plus and estimated Cygnus growth for the year at 5% to 6%, with potential to get a little bit north of that, and said roughly 5% growth for the total year was baked into guidance for China, with no China revenue assumptions for TriLink in Q4.