second quarter of 2026
Filed Jul 31, 2026Moderna Reports Second Quarter 2026 Financial Results and Provides Business Updates
Total revenue was $145 million versus $142 million in the same period in 2025, while GAAP net loss improved by $43 million, or 5%, to $(0.8) billion and the Company lowered elements of its 2026 expense outlook. However, cash, cash equivalents and investments declined to $6.9 billion, the Company subsequently paid $950 million related to a litigation settlement, and the norovirus Phase 3 interim analysis did not meet statistical criteria for early success.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $145 million | – | – |
| Net product salesGAAP | $94 million | – | – |
| Other revenueGAAP | $51 million | – | – |
| Cost of salesGAAP | $93 million | – | decreased by 22% |
| Inventory write-downs included in cost of salesGAAP | $41 million | – | – |
| Unutilized manufacturing capacity costs included in cost of salesGAAP | $23 million | – | – |
| Third-party royalties included in cost of salesGAAP | $11 million | – | – |
| Research and development expensesGAAP | $651 million | – | a 7% decrease |
| Selling, general and administrative expensesGAAP | $216 million | – | a 6% decrease |
| Total operating expensesGAAP | $960 million | – | – |
| Loss from operationsGAAP | $(815) million | – | – |
| Interest incomeGAAP | $67 million | – | – |
| Other (expense) income, netGAAP | $(19) million | – | – |
| Loss before income taxesGAAP | $(767) million | – | – |
| Provision for income taxesGAAP | $15 million | – | – |
| Net lossGAAP | $(0.8) billion | – | an improvement of $43 million, or 5% |
| Net lossGAAP | $(782) million | – | – |
| Net loss per share, basic and dilutedGAAP | $(1.97) | – | – |
| Weighted average common shares used in calculation of net loss per share, basic and dilutedGAAP | 398 million | – | – |
| Six-month total revenueGAAP | $534 million | – | – |
| Six-month net product salesGAAP | $446 million | – | – |
| Six-month other revenueGAAP | $88 million | – | – |
| Six-month cost of salesGAAP | $1,048 million | – | – |
| Six-month research and development expensesGAAP | $1,300 million | – | – |
| Six-month selling, general and administrative expensesGAAP | $389 million | – | – |
| Six-month total operating expensesGAAP | $2,737 million | – | – |
| Six-month loss from operationsGAAP | $(2,203) million | – | – |
| Six-month interest incomeGAAP | $139 million | – | – |
| Six-month other (expense) income, netGAAP | $(37) million | – | – |
| Six-month loss before income taxesGAAP | $(2,101) million | – | – |
| Six-month provision for income taxesGAAP | $24 million | – | – |
| Six-month net lossGAAP | $(2,125) million | – | – |
| Six-month net loss per share, basic and dilutedGAAP | $(5.36) | – | – |
| Six-month weighted average common shares used in calculation of net loss per share, basic and dilutedGAAP | 396 million | – | – |
| Cash, cash equivalents and investmentsGAAP | $6.9 billion | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| U.S. revenueLower COVID vaccine sales in the U.S. were offset by deliveries in the United Kingdom under a long-term strategic government partnership and higher stand-ready manufacturing and collaboration revenue. | $87 million | – | – |
| International revenueLower COVID vaccine sales in 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. | $58 million | – | – |
2026 outlook
- Revenueup to 10% growth from 2025 revenue
- Tax ratefull-year tax expense to be negligible
- Note2026 revenue split to be approximately 50% U.S. and approximately 50% international.
- Noteapproximately 55% of its second half 2026 revenue to be recognized in the third quarter.
- NoteCost of sales for 2026 is expected to be approximately $1.7 billion, lowered from approximately $1.8 billion, and including the $0.9 billion non-recurring litigation settlement charge.
- NoteResearch and development expenses for 2026 are now anticipated to be approximately $2.9 billion, lowered from approximately $3.0 billion.
- NoteSelling, general and administrative expenses for 2026 are projected to be approximately $1.0 billion.
- NoteCapital expenditures for 2026 are expected to be $0.2 to $0.3 billion.
- NoteYear-end cash and investments for 2026 are now projected to be $4.7 to $5.2 billion, an improvement of approximately $0.2 billion.
- NoteThis excludes any further drawdowns from the Company's remaining $0.9 billion available under its credit facility.
What drove it
- Deliveries in the United Kingdom under a long-term strategic government partnership.
- Higher stand-ready manufacturing and collaboration revenue.
- Lower unutilized manufacturing capacity costs resulting from continued manufacturing productivity improvements and operational efficiencies.
- Lower clinical development costs following the wind-down of several late-stage programs.
- Continued discipline across the organization.
- A collaboration signed with a local manufacturer in Brazil in support of a supply agreement for COVID vaccines.
- A joint procurement contract with the European Commission on behalf of six countries for up to 24 million doses of mRESVIA.
Concerns
- Lower COVID vaccine sales in the U.S. and South America.
- Cost of sales included $41 million of inventory write-downs and $23 million of unutilized manufacturing capacity costs.
- The Company subsequently paid $950 million in July 2026 related to the litigation settlement announced in the first quarter of 2026.
- 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 Company continues to maintain a global valuation allowance against most of its deferred tax assets.
What to watch
- August 5, 2026 PDUFA goal date for mRNA-1010, Moderna's seasonal influenza vaccine candidate.
- Further U.S. FDA guidance on refiling the submission for the flu plus COVID combination vaccine.
- Enrollment of an additional cohort in the ongoing blinded mRNA-1403 norovirus trial.
- Potential Phase 3 adjuvant melanoma data for intismeran in 2026.
- Potential data from the mRNA-3927 propionic acidemia registrational study in 2026.
- Recognition of approximately 55% of second half 2026 revenue in the third quarter.
- Analyst Day on November 12.
Balance sheet and cash flow
- Cash, cash equivalents and investments as of June 30, 2026, were $6.9 billion, compared to $7.5 billion as of March 31, 2026.
- The Company subsequently paid $950 million in July 2026 related to the litigation settlement announced in the first quarter of 2026.
- Cash and cash equivalents were $1,723 million as of June 30, 2026, compared to $2,595 million as of December 31, 2025.
- Current investments were $3,415 million as of June 30, 2026, compared to $3,204 million as of December 31, 2025.
- Non-current investments were $1,772 million as of June 30, 2026, compared to $2,336 million as of December 31, 2025.
- Total assets were $10,961 million as of June 30, 2026, compared to $12,338 million as of December 31, 2025.
Analysis
Second-quarter revenue was $145 million, compared to $142 million in the same period in 2025. Net product sales were $94 million, compared to $114 million, while other revenue was $51 million, compared to $28 million. Lower COVID vaccine sales in the U.S. and South America were offset by United Kingdom deliveries under a long-term strategic government partnership and higher stand-ready manufacturing and collaboration revenue. Revenue was $87 million in the U.S. and $58 million in international markets.
The operating cost base declined year over year in the quarter. Cost of sales was $93 million, compared to $119 million, and 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 were $651 million, compared to $700 million, following lower clinical development costs after the wind-down of several late-stage programs. Selling, general and administrative expenses were $216 million, compared to $230 million, reflecting continued discipline across the organization.
GAAP loss from operations was $(815) million, compared to $(907) million. GAAP net loss was $(782) million, compared to $(825) million, and management characterized the change as an improvement of $43 million, or 5%. GAAP loss per share was $(1.97), compared to $(2.13). For the six months ended June 30, total revenue was $534 million, while GAAP net loss was $(2,125) million.
Liquidity declined during the quarter, with cash, cash equivalents and investments of $6.9 billion as of June 30, 2026, compared to $7.5 billion as of March 31, 2026. The Company attributed the decrease to cash used to fund operations, continued investment in research and development, and pipeline advancement. It subsequently paid $950 million in July 2026 related to the litigation settlement announced in the first quarter of 2026.
For 2026, Moderna reiterated its target for up to 10% growth from 2025 revenue and expects an approximately even U.S. and international revenue split. It lowered expected cost of sales to approximately $1.7 billion from approximately $1.8 billion and anticipated research and development expenses to approximately $2.9 billion from approximately $3.0 billion. The year-end cash and investments projection is $4.7 to $5.2 billion, an improvement of approximately $0.2 billion, excluding further drawdowns from the remaining $0.9 billion credit-facility availability. Pipeline attention centers on the August 5, 2026 PDUFA date for mRNA-1010, potential 2026 intismeran melanoma and mRNA-3927 propionic acidemia data, and the additional cohort planned for the norovirus study after its interim analysis did not meet statistical criteria for early success.
Management, verbatim
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. 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.
Stéphane Bancel, Chief Executive Officer of Moderna
Not in the filing
stated, not guessed- Gross profit and gross margin.
- Operating cash flow.
- Free cash flow.
- Debt and total liabilities, as the balance-sheet text is truncated before the liabilities section.
- Share repurchases, dividends, and other capital-return activity.
- Non-GAAP financial metrics.
- Prior-quarter comparisons for operating results.
- Previous-release outlook needed to compare reported results with prior guidance.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.