Moderna, Inc. Earnings Recaps
Q2 2026
Aug 4, 2026
Moderna's shares dropped 5.4% following Q2 as investors reacted negatively to cautious revenue guidance coupled with ongoing net losses, despite some margin improvements and pipeline progress.
Key takeaways
- Q2 revenue was $145 million, a modest 2% increase year-over-year, coming in above guidance but reflecting continued seasonality in vaccine sales.
- The company reiterated up to 10% revenue growth for 2026 but emphasized a balanced U.S./international revenue split, signaling tempered upside.
- Net loss improved slightly to $782 million, driven by reduced clinical costs and SG&A expenses, yet cash declined by $600 million to $6.9 billion amid ongoing R&D investments.
- Cost of sales fell 22% due to manufacturing efficiencies, but the substantial negative earnings and high cash burn continue to weigh on investor sentiment.
- Pipeline advancements, including positive regulatory milestones for the seasonal flu vaccine and progress in oncology programs, provide some long-term upside potential but have not shifted near-term market skepticism.
Q1 2026
May 4, 2026
Moderna’s shares rose 3.0% following a quarter marked by solid international revenue growth and significant cost reductions, offsetting the expected impact from a large litigation settlement charge.
Key takeaways
- Reported Q1 revenue of $400 million, driven primarily by international markets (80%), notably from long-term strategic partnerships with the U.K. government.
- Company reiterated full-year revenue growth guidance of up to 10% for 2026, supported by strong early performance and new product approvals in the EU.
- Recognized a substantial $878 million litigation settlement charge in cost of sales during the quarter, resulting in a GAAP net loss of $1.3 billion; excluding this item, net loss declined by over 50% year-over-year.
- Adjusted cash costs fell 26% year-over-year to align with the target of approximately $4.2 billion for the full year, reflecting sustained cost discipline across R&D and SG&A.
- Pipeline progress includes EU approvals for two new vaccines, initiation of a Phase III trial in early-stage lung cancer, and ongoing Phase II/III studies in oncology and pandemic flu vaccines.
Q3 2025
Nov 6, 2025
Moderna reported third-quarter 2025 revenues of $1 billion, highlighting a significant ongoing focus on cost reductions despite a net loss of $200 million, driven by lower COVID vaccine demand.
Key takeaways
- Revenue declined 45% year-over-year, reflecting decreased demand for COVID vaccines; U.S. revenues were particularly impacted.
- Cost of sales, R&D, and SG&A combined saw a 34% reduction compared to Q3 2024, yielding a $2.1 billion improvement over the last four quarters.
- Phased approvals for the mNEXSPIKE and mRESVIA vaccines were expanded, cementing partnerships and local manufacturing capabilities in key markets.
- Full-year 2025 revenue guidance narrowed to $1.6 billion–$2 billion; fourth-quarter U.S. revenue projected at $100 million–$400 million.
- CMV vaccine development was discontinued after failing to meet primary efficacy endpoints, impacting future pipeline dynamics.