Moderna, Inc. (MRNA) Earnings & Analysis

Latest quarter

Moderna reported Q2 FY2026 revenue of $145.0 million, up 2.11% from $142.0 million a year earlier. The company’s revenue was 14.5% above the consensus of $126.7 million, while adjusted EPS of −$1.97 matched the consensus of −$1.97. Moderna reported that revenue exceeded its own Q2 outlook of $50.0 million to $100.0 million.

The company reported a diluted loss per share of −$1.97, compared with −$2.13 in Q2 FY2025. Gross margin was 35.9%, versus 16.2% a year earlier, while operating margin was −562.1%, compared with −638.7%. Moderna reported free cash flow of −$563.0 million, compared with −$922.0 million a year earlier. The company ended June 2026 with $6.9 billion in cash and investments.

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

Chief Executive Officer Stéphane Bancel said the second quarter is seasonally light for vaccines and that Moderna generated $0.1 billion of revenue, above the top of its range. He said cash costs declined 10% from Q2 2025 and that the company reported a net loss of $0.8 billion while continuing to invest in its pipeline. Bancel said Moderna had prepared for the 2026-27 vaccination season and cited pipeline updates in respiratory vaccines, oncology and rare diseases.

Chief Financial Officer Jamie Mock said Q2 revenue of $145 million was 60% U.S. and 40% international. For the first half, he said revenue was $0.5 billion, with 31% from the U.S. and 69% from international markets, where long-term strategic partnerships contributed. Mock said cost of sales fell 22%, principally from lower unutilized manufacturing-capacity costs, and said R&D expense declined 7% following the wind-down of several late-stage programs. He said SG&A expense fell 6% through cost discipline.

Mock said cash and investments declined from $7.5 billion at the end of the first quarter to $6.9 billion at June 30 because Moderna used cash to fund operations and pipeline investment. He also said the company paid $950 million related to a litigation settlement in July, which would be reflected in third-quarter cash.

In response to an analyst question on the variables affecting second-half revenue, Mock said the principal variable was the size of the U.S. vaccination market. He said Moderna had included an assumed decline in U.S. vaccination rates in its outlook, while supply to strategic partnerships would support international revenue. Mock said some country shipments could occur during the year or move into the first quarter of the following year, but described that timing factor as relatively small. Bancel said Moderna remained on track for up to 10% revenue growth in 2026 and for cash costs of approximately $4 billion.

Guidance

Moderna lowered its FY2026 cost-of-sales projection by $0.1 billion to $1.7 billion and lowered expected R&D expense by $0.1 billion to approximately $2.9 billion. The company now expects total GAAP operating expenses excluding the litigation charge of $4.7 billion and cash costs of $4.0 billion, compared with its previous expectations of $4.9 billion and $4.2 billion, respectively. Moderna raised its projected year-end cash and investments range to $4.7 billion to $5.2 billion from $4.5 billion to $5.0 billion.