Moderna Reports First Quarter 2026 Financial Results and Provides Business Updates
Rhea-AI Summary
Moderna (NASDAQ:MRNA) reported Q1 2026 revenue of $389 million and GAAP net loss of $(1.3) billion with GAAP EPS of $(3.40)/b, which included a
Regulatory updates include EU approvals for mCOMBRIAX (flu + COVID), mNEXSPIKE, and mRESVIA. Moderna initiated a Phase 3 study of intismeran in high-risk Stage 1 NSCLC and expects multiple pipeline readouts in 2026.
Positive
- Revenue of $389 million in Q1 2026
- EU approvals for mCOMBRIAX, mNEXSPIKE, and mRESVIA
- Initiation of Phase 3 intismeran study in high-risk Stage 1 NSCLC
- Q4 cash and investments of $7.5 billion as of March 31, 2026
- 2026 target: up to 10% revenue growth
Negative
- GAAP net loss of $(1.3 billion) in Q1 2026
- Q1 included a $0.9 billion litigation settlement charge
- Cost of sales expected at approximately $1.8 billion in 2026 (includes settlement)
- Projected year-end cash $4.5–$5.0 billion for 2026
News Market Reaction – MRNA
In the May 1 session, MRNA declined 1.24%, reflecting a mild negative market reaction. Argus tracked a peak move of +6.9% during that session. Argus tracked a trough of -9.2% from its starting point during tracking. Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 13 | Q4/FY 2025 earnings | Positive | +5.3% | Reported Q4 revenue $678M, FY 2025 revenue $1.9B and major cost cuts. |
| Nov 06 | Q3 2025 earnings | Positive | +3.3% | Q3 2025 revenue $1.0B, narrowed guidance and improved operating expense outlook. |
| Aug 01 | Q2 2025 earnings | Negative | -6.6% | Q2 2025 revenue $142M, down 41% YoY, and lowered 2025 revenue guidance. |
| May 01 | Q1 2025 earnings | Negative | -5.3% | Q1 2025 revenue $0.1B with $(1.0)B net loss and cost‑cut plan. |
| Feb 14 | Q4/FY 2024 earnings | Neutral | +3.4% | Q4 2024 revenue $1.0B, FY 2024 revenue $3.2B, large net losses but cost reductions. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings have produced mixed but often aligned reactions, with larger moves when guidance or revenue trajectory shifts notably.
Across the last five earnings or financial updates from Feb 2024 through Feb 2026, Moderna repeatedly reported substantial GAAP net losses but maintained sizeable cash balances (e.g., $9.5B at 2024 year-end, $8.1B at 2025 year-end). Revenue guidance for 2025 was revised several times (e.g., to $1.5–$2.5B then $1.5–$2.2B), while operating expense cuts of roughly $2.2B annually were highlighted. Today’s Q1 2026 update, with higher revenue and ongoing cost discipline, continues this theme of managing post‑pandemic normalization while advancing a late‑stage pipeline.
Key Terms
gaap financial
phase 3 medical
pdufa regulatory
adjuvant medical
registrational medical
orphan disease medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Reports first quarter revenue of
Reports first quarter GAAP net loss of
Reiterates plan to deliver up to
Advanced infectious disease portfolio with key regulatory milestones in the EU, including approval of mNEXSPIKE and mCOMBRIAX, Moderna's flu plus COVID combination vaccine
Initiated Phase 3 clinical study evaluating intismeran autogene as monotherapy and in combination with KEYTRUDA QLEX for treatment of high-risk Stage 1 non-small cell lung cancer
CAMBRIDGE, MA / ACCESS Newswire / May 1, 2026 / Moderna, Inc. (NASDAQ:MRNA) today reported financial results and provided business updates for the first quarter of 2026.
"The Moderna team delivered a great start to the year, driving significant revenue growth and substantial cost reductions building on actions taken in 2025. We received two product approvals in Europe, including the world's first flu plus COVID combination vaccine, mCOMBRIAX. We also started a new pivotal trial for intismeran-our first Phase 3 monotherapy study for high-risk Stage 1 non-small cell lung cancer patients," said Stéphane Bancel, Chief Executive Officer of Moderna. "Building on this strong first quarter momentum, we are excited to return to sales growth in 2026 and expect several additional approvals around the world, including for our seasonal flu vaccine, which would be Moderna's fifth approved product. We also look forward to important pivotal readouts this year for our norovirus, intismeran in melanoma, and propionic acidemia programs."
Commercial Updates
During the first quarter, Moderna continued to advance its multi-year revenue growth strategy by executing on strategic partnerships and key approvals. In the UK, the Company delivered the first shipment under its long-term strategic partnership. Moderna also received regulatory approval in Europe for mNEXSPIKE® and its flu plus COVID combination vaccine, mCOMBRIAX®, as well as mRESVIA® for all individuals aged 18 and older.
First Quarter 2026 Financial Results
Revenue: Total revenue for the first quarter of 2026 was
Cost of Sales: Cost of sales for the first quarter of 2026 was
Research and Development Expenses: Research and development expenses for the first quarter of 2026 were
Selling, General and Administrative Expenses: Selling, general and administrative expenses for the first 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 March 31, 2026, were
2026 Financial Framework
Revenue: The Company is targeting up to
Cost of Sales: Cost of sales for 2026 is now expected to be approximately
Research and Development Expenses: Research and development expenses for 2026 are 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 recently presented mRNA-1083 data from a Japanese cohort at the 2026 European Society of Clinical Microbiology and Infectious Diseases (ESCMID) Global Congress. The Company has received European Commission marketing authorization for mCOMBRIAX in the EU and its mRNA-1083 regulatory filings are under review in Canada and Australia. Moderna is awaiting further guidance from the U.S. FDA on refiling the submission for its flu plus COVID combination vaccine.
Seasonal flu vaccine: Moderna recently presented mRNA-1010 revaccination data at the 2026 ESCMID Global Congress. 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 Prescription Drug User Fee Act (PDUFA) goal date for mRNA-1010 of August 5, 2026.
Norovirus vaccine: Moderna's ongoing Phase 3 safety and efficacy study of mRNA-1403 is fully enrolled in a second Northern Hemisphere season (2025-2026) with data expected in 2026, subject to case accruals.
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 recent initiation of a Phase 3 study of intismeran as monotherapy and in combination with KEYTRUDA QLEX for the treatment of high-risk Stage 1 NSCLC.
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 announced an upcoming oral presentation on June 1 at 8 a.m. to 11 a.m. CT at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting highlighting positive five-year Phase 2b adjuvant melanoma data, which showed a sustained benefit with intismeran in combination with KEYTRUDA, reducing the risk of recurrence or death by |
mRNA-4359: Moderna's Phase 1/2 study of mRNA-4359, an investigational wholly-owned cancer antigen therapy, is ongoing. The Company recently presented mRNA-4359 data at the American Association for Cancer Research (AACR) 2026 Annual Meeting. The Phase 2 portion of the study includes cohorts in first-line metastatic melanoma, second-line+ metastatic melanoma and first-line metastatic NSCLC, and the Company expects a potential Phase 2 data readout in 2026.
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 is deferring its decision on a pivotal trial for mRNA-3705 until PA registrational data readout.
Moderna Corporate Updates
Entered into a settlement agreement with Arbutus Biopharma Corporation and Genevant Sciences GmbH resolving all litigation worldwide
Announced the initiation of Phase 3 study of mRNA-1018, Moderna's investigational pandemic influenza vaccine in collaboration with the Coalition for Epidemic Preparedness Innovations (CEPI)
Key 2026 Investor and Analyst Event Dates
ASCO Investor Event: June 1 at 7:15 a.m. ET
Science Day: June 25
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 May 1, 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/BI367363edc35a45ecbc7dd27b7741ea34
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 March 31, | ||||||||
2026 | 2025 | |||||||
Revenue: | ||||||||
Net product sales | $ | 352 | $ | 86 | ||||
Other revenue1 | 37 | 22 | ||||||
Total revenue | 389 | 108 | ||||||
Operating expenses: | ||||||||
Cost of sales | 955 | 90 | ||||||
Research and development | 649 | 856 | ||||||
Selling, general and administrative | 173 | 212 | ||||||
Total operating expenses | 1,777 | 1,158 | ||||||
Loss from operations | (1,388 | ) | (1,050 | ) | ||||
Interest income | 72 | 90 | ||||||
Other expense, net | (18 | ) | (4 | ) | ||||
Loss before income taxes | (1,334 | ) | (964 | ) | ||||
Provision for income taxes | 9 | 7 | ||||||
Net loss | $ | (1,343 | ) | $ | (971 | ) | ||
Net loss per share | ||||||||
Basic and Diluted | $ | (3.40 | ) | $ | (2.52 | ) | ||
Weighted average common shares used in calculation of net loss per share | ||||||||
Basic and Diluted | 395 | 386 | ||||||
_______
1Includes grant, collaboration, licensing and royalty, and stand-ready manufacturing revenue.
MODERNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions)
March 31, | December 31, | |||||||
2026 | 2025 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,908 | $ | 2,595 | ||||
Investments | 3,297 | 3,204 | ||||||
Accounts receivable, net | 71 | 184 | ||||||
Inventory | 146 | 153 | ||||||
Prepaid expenses and other current assets | 348 | 408 | ||||||
Total current assets | 5,770 | 6,544 | ||||||
Investments, non-current | 2,251 | 2,336 | ||||||
Property, plant and equipment, net | 2,086 | 2,134 | ||||||
Right-of-use assets, operating leases | 706 | 719 | ||||||
Other non-current assets | 675 | 605 | ||||||
Total assets | $ | 11,488 | $ | 12,338 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 161 | $ | 317 | ||||
Accrued liabilities | 1,912 | 1,386 | ||||||
Deferred revenue | 102 | 99 | ||||||
Other current liabilities | 220 | 185 | ||||||
Total current liabilities | 2,395 | 1,987 | ||||||
Deferred revenue, non-current | 154 | 153 | ||||||
Operating lease liabilities, non-current | 645 | 653 | ||||||
Financing lease liabilities, non-current | 13 | 20 | ||||||
Long-term debt | 590 | 590 | ||||||
Other non-current liabilities | 283 | 285 | ||||||
Total liabilities | 4,080 | 3,688 | ||||||
Stockholders' equity: | ||||||||
Additional paid-in capital | 1,503 | 1,382 | ||||||
Accumulated other comprehensive income | 25 | 45 | ||||||
Retained earnings | 5,880 | 7,223 | ||||||
Total stockholders' equity | 7,408 | 8,650 | ||||||
Total liabilities and stockholders' equity | $ | 11,488 | $ | 12,338 | ||||
MODERNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
Three Months Ended March 31, | ||||||||
2026 | 2025 | |||||||
Operating activities | ||||||||
Net loss | $ | (1,343 | ) | $ | (971 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Stock-based compensation | 104 | 115 | ||||||
Depreciation and amortization | 59 | 39 | ||||||
Amortization/accretion of investments | (11 | ) | (19 | ) | ||||
Loss on equity investments, net | 2 | 8 | ||||||
Other non-cash items | 6 | 2 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net | 114 | 280 | ||||||
Prepaid expenses and other assets | 54 | 46 | ||||||
Inventory | 6 | (8 | ) | |||||
Right-of-use assets, operating leases | 11 | 9 | ||||||
Accounts payable | (120 | ) | (156 | ) | ||||
Accrued liabilities | 464 | (381 | ) | |||||
Deferred revenue | 5 | (29 | ) | |||||
Operating lease liabilities | (7 | ) | (5 | ) | ||||
Other liabilities | 26 | 33 | ||||||
Net cash used in operating activities | (630 | ) | (1,037 | ) | ||||
Investing activities | ||||||||
Purchases of marketable securities | (1,348 | ) | (1,764 | ) | ||||
Proceeds from maturities of marketable securities | 732 | 1,933 | ||||||
Proceeds from sales of marketable securities | 602 | 688 | ||||||
Purchases of property, plant and equipment | (62 | ) | (117 | ) | ||||
Purchase of intangible asset | - | (10 | ) | |||||
Net cash (used in) provided by investing activities | (76 | ) | 730 | |||||
Financing activities | ||||||||
Proceeds from issuance of common stock through equity plans | 19 | 3 | ||||||
Tax payments related to net share settlements on equity awards | (2 | ) | (1 | ) | ||||
Changes in financing lease liabilities | - | 2 | ||||||
Net cash provided by financing activities | 17 | 4 | ||||||
Effect of changes in exchange rates on cash and cash equivalents | 1 | - | ||||||
Net decrease in cash, cash equivalents and restricted cash | (688 | ) | (303 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of year | 2,597 | 1,929 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 1,909 | $ | 1,626 | ||||
Spikevax®, mRESVIA®, mNEXSPIKE® and mCOMBRIAX® 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