Moderna Reports Second Quarter 2026 Financial Results and Provides Business Updates
Rhea-AI Summary
Moderna (NASDAQ:MRNA) reported second quarter 2026 revenue of $145 million, slightly above $142 million a year earlier, with a GAAP net loss of $(782) million and GAAP EPS of $(1.97). Cost of sales fell 22% year over year, R&D declined 7%, and SG&A decreased 6%.
Cash, cash equivalents and investments totaled $6.9 billion at June 30, 2026, before a $950 million litigation payment in July. For 2026, Moderna targets up to 10% revenue growth, has lowered expected cost of sales to $1.7 billion and R&D to $2.9 billion, and now projects year-end cash and investments of $4.7–$5.2 billion.
According to Moderna, commercial progress included a COVID vaccine collaboration in Brazil, an EU joint procurement contract for up to 24 million mRESVIA doses, and multiple regulatory approvals for mRESVIA, mNEXSPIKE and combination vaccine mCOMBRIAX. A U.S. PDUFA date of August 5, 2026 is set for flu vaccine candidates mFLUSIVA and mRNA‑1010, while norovirus candidate mRNA‑1403 did not meet statistical criteria for early success at an interim Phase 3 analysis.
Positive
- Revenue $145M in Q2 2026, slightly above $142M in 2025
- Net loss improved to $(782)M, 5% better year over year
- Cost of sales -22% year over year to $93M in Q2 2026
- R&D expenses -7% year over year to $651M in Q2 2026
- 2026 cost outlook cut: cost of sales to $1.7B, R&D to $2.9B
- Strong liquidity: $6.9B cash, cash equivalents and investments at June 30, 2026
- EC contract for up to 24M mRESVIA doses across six EU countries
- Multiple approvals for mRESVIA, mNEXSPIKE and mCOMBRIAX in key markets
- Year-end 2026 cash now projected at $4.7–$5.2B, up ~$0.2B
Negative
- Significant Q2 loss: GAAP net loss $(782)M and EPS $(1.97)
- High operating cash burn: $(1.156)B net cash used in operations in first half 2026
- Inventory write-downs $41M and $23M unutilized capacity in Q2 2026
- Large litigation impact: $0.9B 2026 cost of sales charge and $950M cash payment in July
- Norovirus candidate setback: mRNA-1403 missed early success criteria at Phase 3 interim analysis
- Total assets down to $10.96B from $12.34B at December 31, 2025
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 01 | Q1 earnings report | Negative | -1.2% | Net loss, litigation settlement charge, and reduced quarterly cash position |
| Feb 13 | Q4 earnings report | Positive | +5.3% | Revenue growth reiterated alongside expense reductions and pipeline progress |
| Nov 06 | Q3 earnings report | Positive | +3.3% | Approvals, commercial vaccine sales, and improved operating expense outlook |
| Aug 01 | Q2 earnings report | Negative | -6.6% | Revenue guidance reduction and year-over-year revenue decline |
| May 01 | Q1 earnings report | Negative | -5.3% | Quarterly loss and limited revenue alongside cost reduction plans |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were aligned with the direction of the reported earnings developments in all five historical events, with an average move of -0.92%.
Key Terms
gaap financial
pdufa regulatory
vrbpac regulatory
interim analysis medical
registrational study medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Reports second quarter revenue of
Reiterates plan to deliver up to
Improves 2026 GAAP operating expense outlook by approximately
Anticipates potential approval of Moderna's fifth product with the August 5th PDUFA date for mFLUSIVA, the Company's seasonal influenza vaccine candidate
Announces that mRNA-1403, Moderna's norovirus vaccine candidate, did not meet statistical criteria for early success at the Phase 3 interim analysis and the Company is preparing to enroll an additional cohort
CAMBRIDGE, MA / ACCESS Newswire / July 31, 2026 / Moderna, Inc. (NASDAQ:MRNA) today reported financial results and provided business updates for the second quarter of 2026.
"The second quarter marked another period of strong execution for Moderna as we advanced our pipeline and strengthened our financial profile with an improved 2026 operating expense outlook," said Stéphane Bancel, Chief Executive Officer of Moderna. "In the second half of 2026, we are preparing for the potential approval of mFLUSIVA in the U.S., which would be our fifth approved product, and continue to anticipate important pivotal readouts for our intismeran in melanoma and propionic acidemia programs."
Commercial Updates
During the second quarter, Moderna continued to advance its multi-year revenue growth strategy by executing on strategic partnerships and key approvals. In Brazil, a collaboration was signed with a local manufacturer in support of a supply agreement for COVID vaccines. In the EU, the Company signed a joint procurement contract with the European Commission on behalf of six countries for up to 24 million doses of mRESVIA®. Moderna also received regulatory approvals in Australia and Mexico for mRESVIA and in Japan and Taiwan for mNEXSPIKE®, and its investigational seasonal influenza vaccine, mFLUSIVA®, received a unanimous recommendation from the Vaccines and Related Biological Products Advisory Committee (VRBPAC) ahead of an August 5 Prescription Drug User Fee Act (PDUFA) goal date in the U.S.
Second Quarter 2026 Financial Results
Revenue: Total revenue for the second quarter of 2026 was
Cost of Sales: Cost of sales for the second quarter of 2026 was
Research and Development Expenses: Research and development expenses for the second quarter of 2026 were
Selling, General and Administrative Expenses: Selling, general and administrative expenses for the second quarter of 2026 were
Income Taxes: Income tax provisions for both periods were not material, as the Company continues to maintain a global valuation allowance against most of its deferred tax assets.
Net Loss: Net loss was
Loss Per Share: Loss per share was
Cash Position: Cash, cash equivalents and investments as of June 30, 2026, were
2026 Financial Framework
Revenue: The Company is targeting up to
Cost of Sales: Cost of sales for 2026 is expected to be approximately
Research and Development Expenses: Research and development expenses for 2026 are now anticipated to be approximately
Selling, General and Administrative Expenses: Selling, general and administrative expenses for 2026 are projected to be approximately
Income Taxes: The Company expects its full-year tax expense to be negligible.
Capital Expenditures: Capital expenditures for 2026 are expected to be
Cash and Investments: Year-end cash and investments for 2026 are now projected to be
Recent Progress and Upcoming Late-Stage Pipeline Milestones
Infectious disease vaccines:
Seasonal flu + COVID vaccine: Moderna has received European Commission marketing authorization for mCOMBRIAX in the EU and its mRNA-1083 regulatory filings are under review in Japan, Canada and Australia. The Company is awaiting further guidance from the U.S. FDA on refiling the submission for its flu plus COVID combination vaccine.
Seasonal flu vaccine: The Company's mRNA-1010 regulatory filings are under review in Europe, Canada and Australia and potential approvals are expected to begin in 2026. The U.S. FDA has assigned a PDUFA date for mRNA-1010 of August 5, 2026
Norovirus vaccine: Moderna's Phase 3 safety and efficacy study of mRNA-1403 did not meet statistical criteria for early success at the Phase 3 interim analysis. The trial is ongoing and remains blinded as the Company works toward enrolling an additional cohort.
Oncology therapeutics:
Intismeran autogene: The Company is advancing mRNA-4157 in collaboration with Merck, with nine total Phase 2 and Phase 3 clinical trials underway across multiple tumor types including melanoma, non-small cell lung cancer (NSCLC), bladder cancer and renal cell carcinoma. This includes the Phase 3 study of intismeran as monotherapy and in combination with KEYTRUDA QLEX for the treatment of high-risk Stage 1 NSCLC announced last quarter.
Fully enrolled studies include a Phase 3 adjuvant melanoma, a Phase 2 adjuvant renal cell carcinoma, and a Phase 2 adjuvant muscle invasive bladder cancer. Moderna expects Phase 3 adjuvant melanoma data potentially in 2026.
The Company recently presented positive five-year Phase 2b adjuvant melanoma data at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting, which showed a sustained benefit with intismeran in combination with KEYTRUDA, reducing the risk of recurrence or death by
49% compared to KEYTRUDA alone.mRNA-4359: Moderna's Phase 1/2 study of mRNA-4359, an investigational wholly-owned cancer antigen therapy, is ongoing. The Phase 2 portion of the study includes cohorts in first-line metastatic melanoma, second-line+ metastatic melanoma and first-line metastatic NSCLC.
Rare disease therapeutics:
Propionic acidemia (PA) therapeutic: The Company's PA candidate, mRNA-3927, is in a registrational study and target enrollment has been reached. Moderna expects potential data in 2026.
Methylmalonic acidemia (MMA) therapeutic: The Company deferred its decision on a pivotal trial for mRNA-3705 until PA registrational data readout.
Moderna Corporate Updates
Appointed Ester Banque to Chief Commercial Officer of Moderna, effective June 15, 2026.
Appointed Michael McDonnell, former Chief Financial Officer of Biogen, to Moderna's Board of Directors, effective July 8, 2026.
Company Accolades
Moderna was ranked no. 1 by TIME on its list of the World's Most Impactful Companies.
Key 2026 Investor and Analyst Event Dates
Analyst Day: November 12
Investor Call and Webcast Information
Moderna will host a live conference call and webcast at 8:00 a.m. ET on July 31, 2026. To access the live conference call via telephone, please register at the link below. Once registered, dial-in numbers and a unique pin number will be provided. A live webcast of the call will also be available under "Events and Presentations" in the Investors section of the Moderna website.
Telephone: https://register-conf.media-server.com/register/BI9a3abdd346bd413a90a4701513c4ca38
Webcast: https://investors.modernatx.com
The archived webcast will be available on Moderna's website approximately two hours after the conference call and will be available for one year following the call.
About Moderna
Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.
With a global team and a unique culture, driven by the company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.
MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except per share data)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenue: |
|
|
|
| ||||||||||||
Net product sales | $ | 94 | $ | 114 | $ | 446 | $ | 200 | ||||||||
Other revenue1 | 51 | 28 | 88 | 50 | ||||||||||||
Total revenue | 145 | 142 | 534 | 250 | ||||||||||||
Operating expenses: | ||||||||||||||||
Cost of sales | 93 | 119 | 1,048 | 209 | ||||||||||||
Research and development | 651 | 700 | 1,300 | 1,556 | ||||||||||||
Selling, general and administrative | 216 | 230 | 389 | 442 | ||||||||||||
Total operating expenses | 960 | 1,049 | 2,737 | 2,207 | ||||||||||||
Loss from operations | (815 | ) | (907 | ) | (2,203 | ) | (1,957 | ) | ||||||||
Interest income | 67 | 81 | 139 | 171 | ||||||||||||
Other (expense) income, net | (19 | ) | 8 | (37 | ) | 4 | ||||||||||
Loss before income taxes | (767 | ) | (818 | ) | (2,101 | ) | (1,782 | ) | ||||||||
Provision for income taxes | 15 | 7 | 24 | 14 | ||||||||||||
Net loss | $ | (782 | ) | $ | (825 | ) | $ | (2,125 | ) | $ | (1,796 | ) | ||||
Net loss per share | ||||||||||||||||
Basic and Diluted | $ | (1.97 | ) | $ | (2.13 | ) | $ | (5.36 | ) | $ | (4.64 | ) | ||||
Weighted average common shares used in calculation of net loss per share | ||||||||||||||||
Basic and Diluted | 398 | 388 | 396 | 387 | ||||||||||||
1Includes grant, collaboration, licensing and royalty, and stand-ready manufacturing revenue.
MODERNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions)
June 30, | December 31, | |||||||
2026 | 2025 | |||||||
Assets |
|
| ||||||
Current assets: |
|
| ||||||
Cash and cash equivalents | $ | 1,723 | $ | 2,595 | ||||
Investments | 3,415 | 3,204 | ||||||
Accounts receivable, net | 17 | 184 | ||||||
Inventory | 280 | 153 | ||||||
Prepaid expenses and other current assets | 380 | 408 | ||||||
Total current assets | 5,815 | 6,544 | ||||||
Investments, non-current | 1,772 | 2,336 | ||||||
Property, plant and equipment, net | 2,059 | 2,134 | ||||||
Right-of-use assets, operating leases | 697 | 719 | ||||||
Other non-current assets | 618 | 605 | ||||||
Total assets | $ | 10,961 | $ | 12,338 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 167 | $ | 317 | ||||
Accrued liabilities | 1,909 | 1,386 | ||||||
Deferred revenue | 295 | 99 | ||||||
Other current liabilities | 163 | 185 | ||||||
Total current liabilities | 2,534 | 1,987 | ||||||
Deferred revenue, non-current | 147 | 153 | ||||||
Operating lease liabilities, non-current | 638 | 653 | ||||||
Financing lease liabilities, non-current | 6 | 20 | ||||||
Long-term debt | 591 | 590 | ||||||
Other non-current liabilities | 284 | 285 | ||||||
Total liabilities | 4,200 | 3,688 | ||||||
Stockholders' equity: | ||||||||
Additional paid-in capital | 1,644 | 1,382 | ||||||
Accumulated other comprehensive income | 19 | 45 | ||||||
Retained earnings | 5,098 | 7,223 | ||||||
Total stockholders' equity | 6,761 | 8,650 | ||||||
Total liabilities and stockholders' equity | $ | 10,961 | $ | 12,338 | ||||
MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
Six Months Ended June 30, | ||||||||
2026 | 2025 | |||||||
Operating activities |
|
| ||||||
Net loss | $ | (2,125 | ) | $ | (1,796 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Stock-based compensation | 224 | 245 | ||||||
Depreciation and amortization | 122 | 96 | ||||||
Amortization/accretion of investments | (21 | ) | (37 | ) | ||||
Loss on equity investments, net | 2 | 8 | ||||||
Other non-cash items | 10 | 36 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net | 167 | 310 | ||||||
Prepaid expenses and other assets | 70 | (150 | ) | |||||
Inventory | (126 | ) | (122 | ) | ||||
Right-of-use assets, operating leases | 21 | 19 | ||||||
Accounts payable | (128 | ) | (203 | ) | ||||
Accrued liabilities | 475 | (395 | ) | |||||
Deferred revenue | 195 | 68 | ||||||
Operating lease liabilities | (15 | ) | (10 | ) | ||||
Other liabilities | (27 | ) | (25 | ) | ||||
Net cash used in operating activities | (1,156 | ) | (1,956 | ) | ||||
Investing activities | ||||||||
Purchases of marketable securities | (1,904 | ) | (3,059 | ) | ||||
Proceeds from maturities of marketable securities | 1,442 | 3,424 | ||||||
Proceeds from sales of marketable securities | 814 | 1,059 | ||||||
Purchases of property, plant and equipment | (99 | ) | (120 | ) | ||||
Purchase of intangible asset | - | (10 | ) | |||||
Net cash (used in) provided by investing activities | 253 | 1,294 | ||||||
Financing activities | ||||||||
Proceeds from issuance of common stock through equity plans | 42 | 17 | ||||||
Tax payments related to net share settlements on equity awards | (4 | ) | (1 | ) | ||||
Changes in financing lease liabilities | (7 | ) | (3 | ) | ||||
Net cash provided by financing activities | 31 | 13 | ||||||
Effect of changes in exchange rates on cash and cash equivalents | (1 | ) | 1 | |||||
Net decrease in cash, cash equivalents and restricted cash | (873 | ) | (648 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of year | 2,597 | 1,929 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 1,724 | $ | 1,281 | ||||
Spikevax®, mRESVIA®, mNEXSPIKE®, mCOMBRIAX® and mFLUSIVA® are registered trademarks of Moderna.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna's 2026 financial framework, including its plan to deliver up to
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Moderna Contacts
Media:
Chris Ridley
Vice President, Head of Global Communications
+1 617-800-3651
Chris.Ridley@modernatx.com
Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
Lavina.Talukdar@modernatx.com
SOURCE: Moderna, Inc.
View the original press release on ACCESS Newswire