Moderna reports Q2 2026 revenue above estimates while its $1.97 GAAP loss per share matches expectations.
Stock Earnings Results
July 31, 2026
Table of Contents
July 31, 2026
Moderna, Inc. (NASDAQ: MRNA) reported second-quarter 2026 results with revenue above expectations, a GAAP loss per share in line with estimates, lower operating expenses, an improved cash outlook, and several pipeline updates across vaccines, oncology, and rare disease.
Moderna is a biotechnology company and mRNA medicine developer focused on vaccines and therapeutics across infectious diseases, cancer, rare diseases, and other areas.
The company reported a GAAP loss per share of $1.97, in line with estimates of a $1.97 loss. Revenue came in at $145.00 million, above estimates of $126.65 million, with revenue growth of 2.1%.
Second-quarter revenue was $145 million, compared with $142 million in the prior-year quarter.
U.S. revenue was $87 million.
International revenue was $58 million.
Moderna said lower COVID vaccine sales in the U.S. and South America were offset by deliveries in the United Kingdom under a long-term strategic government partnership and higher stand-ready manufacturing and collaboration revenue.
Net product sales were $94 million.
Other revenue was $51 million.
Net loss was $782 million.
That was an improvement from a net loss of $825 million in the prior-year quarter.
Loss per share was $1.97, compared with a loss per share of $2.13 in the second quarter of 2025.
Loss from operations was $815 million, compared with a loss from operations of $907 million a year earlier.
Cost of sales declined 22% year-over-year to $93 million.
The figure included $41 million of inventory write-downs, $23 million of unutilized manufacturing capacity costs, and $11 million of third-party royalties.
Research and development expenses declined 7% to $651 million.
Moderna said the decline was mainly driven by lower clinical development costs after the wind-down of several late-stage programs.
Selling, general and administrative expenses declined 6% to $216 million, reflecting continued cost discipline.
Cash, cash equivalents, and investments were $6.9 billion as of June 30, 2026.
That was down from $7.5 billion at the end of the first quarter.
The decline reflected cash used to fund operations, ongoing research and development investment, and pipeline advancement.
Moderna also said it paid $950 million in July 2026 related to a litigation settlement announced in the first quarter.
Moderna reiterated its plan to deliver up to 10% revenue growth in 2026.
The company expects 2026 revenue to be split roughly 50% U.S. and 50% international.
About 55% of second-half 2026 revenue is expected to be recognized in the third quarter.
Cost of sales is now expected to be about $1.7 billion, down from the prior estimate of about $1.8 billion.
Research and development expense is now expected to be about $2.9 billion, down from about $3.0 billion.
Selling, general and administrative expense is expected to be about $1.0 billion.
Year-end cash and investments are now projected at $4.7 billion to $5.2 billion, an improvement of about $0.2 billion.
Moderna said it is preparing for the potential U.S. approval of mFLUSIVA, its seasonal influenza vaccine candidate.
The FDA PDUFA date is August 5, 2026.
The vaccine candidate received a unanimous recommendation from the Vaccines and Related Biological Products Advisory Committee ahead of the decision date.
Potential approval would make mFLUSIVA Moderna’s fifth approved product.
Moderna said its Phase 3 safety and efficacy study of mRNA-1403, its norovirus vaccine candidate, did not meet statistical criteria for early success at the interim analysis.
The trial remains ongoing and blinded.
The company is preparing to enroll an additional cohort.
This update adds some pipeline uncertainty, even as the broader vaccine pipeline continues to advance.
Moderna is advancing intismeran autogene, also known as mRNA-4157, in collaboration with Merck.
The program has nine Phase 2 and Phase 3 trials underway across melanoma, non-small cell lung cancer, bladder cancer, and renal cell carcinoma.
Moderna expects potential Phase 3 adjuvant melanoma data in 2026.
The company also said its propionic acidemia candidate, mRNA-3927, has reached target enrollment in a registrational study, with potential data expected in 2026.
Moderna’s quarter showed better expense control and a slightly stronger revenue result, but the company remains in transition.
Revenue beat expectations, the loss per share matched estimates, net loss narrowed, and management improved its 2026 operating expense and year-end cash outlook. The next major catalyst is the potential approval of mFLUSIVA, while the norovirus update showed that not every pipeline program is moving cleanly.
The key question is whether Moderna can turn its mRNA pipeline into new approved products fast enough to offset lower COVID vaccine demand and ongoing cash burn.
Platforms like LevelFields track layoffs, market catalyst, activist investors, leadership changes, dividend increases, margin expansion, and stock reactions together, helping investors identify when biotech stocks are moving on real operating progress or pipeline risk.
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better investor.
AI scans for events proven to impact stock prices, so you don't have to.
LEARN MORE