Moderna, Inc. Q1 2026 Earnings Recap

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.