Moderna (MRNA) Earnings Date & Reports
Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018... Show more
MRNA is expected to report earnings to fall 39.41% to -205 cents per share on July 30
Moderna, Inc. (MRNA) First Quarter 2026 Earnings Recap: Revenue Beats on Strong International Demand
Key Takeaways
- Moderna reported first quarter 2026 revenue of $389 million, surpassing consensus estimates of approximately $250 million and marking a 260% increase year-over-year, driven by international COVID-19 vaccine sales.
- GAAP diluted earnings per share (EPS) was a loss of $3.40, missing expectations around -$2.17 due to a $900 million non-recurring litigation settlement charge.
- Excluding the litigation impact, underlying performance showed cost discipline with R&D expenses down 24% and SG&A down 18% year-over-year.
- Cash, cash equivalents, and investments stood at $7.5 billion at quarter-end, supporting ongoing pipeline development.
- Company reaffirmed full-year 2026 guidance, targeting up to 10% revenue growth from 2025 levels.
- Pipeline advances include EU approvals for combo vaccines and a U.S. PDUFA (Prescription Drug User Fee Act) date of August 5, 2026, for seasonal flu vaccine mRNA-1010.
Earnings Context and Why It Matters
Moderna's first quarter 2026 earnings, covering the three months ended March 31, 2026, offer critical insights into the biotech's transition from pandemic-driven growth to a diversified portfolio. Amid declining U.S. COVID-19 vaccine demand, international sales provided a significant boost, highlighting the value of global partnerships. Investors are watching closely as the company resolves litigation distractions and advances its mRNA platform across vaccines and therapeutics. This report underscores Moderna's ability to manage costs while investing in high-potential programs like flu-COVID combos and oncology, influencing stock valuation in a competitive biopharma landscape marked by regulatory milestones and R&D efficiency.
Moderna delivered total revenue of $389 million in Q1 2026, up $281 million or 260% from $108 million in the prior-year period. Net product sales reached $352 million, with $78 million from the U.S. and a robust $311 million internationally—about 80% of total revenue—fueled by COVID-19 vaccine deliveries under long-term government agreements. Other revenue contributed $37 million from grants and collaborations.
The GAAP net loss widened to $1.343 billion from $971 million year-over-year, resulting in a diluted EPS loss of $3.40 versus $(2.52) last year. This reflected a $900 million litigation settlement expense within cost of sales (primarily third-party royalties), which alone impacted EPS by $(2.22). Excluding this one-time charge, performance improved on lower operating costs: R&D expenses fell 24% to $649 million, and SG&A dropped 18% to $173 million.
Cost of sales rose sharply to $955 million due to the settlement but would have declined absent it. Cash and investments totaled $7.5 billion, down from $8.1 billion at year-end 2025 amid R&D investments.
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Market Reaction and Investor Sentiment
Moderna's shares closed at $45.37 on May 1, 2026, down 1.24% from the previous close of $45.94 amid high trading volume of over 10 million shares. The stock initially jumped about 5.5% in after-hours trading on the revenue beat before paring gains as the litigation-driven EPS miss tempered enthusiasm. Investor sentiment appears mixed: positive on surging international sales and pipeline progress, cautious on one-time costs and ongoing cash burn, with analysts noting reaffirmed guidance as a stabilizing factor.
Forward Outlook and Key Factors to Monitor
Moderna reaffirmed its 2026 guidance, projecting revenue growth of up to 10% over 2025 levels with a balanced U.S.-international split. Operating expenses remain controlled: cost of sales at $1.8 billion (including the litigation charge), R&D at $3.0 billion, and SG&A at $1.0 billion. Year-end cash is expected at $4.5-5.0 billion, reflecting disciplined capital allocation with capex of $0.2-0.3 billion.
Pipeline catalysts loom large. The FDA's PDUFA date for seasonal flu vaccine mRNA-1010 is August 5, 2026, potentially marking Moderna's fifth approved product. EU nods for mCOMBRIAX (flu-COVID combo) and others signal combo vaccine momentum. Data readouts in 2026 include norovirus Phase 3, propionic acidemia registrational study, and oncology trials like intismeran in melanoma and NSCLC.
Investors should track regulatory progress, international contract executions, R&D efficiencies amid program wind-downs, and litigation payment timing in Q3. Broader dynamics like flu season demand and competitive pressures in mRNA therapeutics will shape execution.
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