Moderna (MRNA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose to $400 million, up 260% year-over-year, driven by international COVID vaccine sales, strategic partnerships, and new product launches, with 80% of revenue from international markets.

• Net loss was $1.3–$1.34 billion on a GAAP basis, primarily due to a $950 million litigation settlement; adjusted net loss was $465–$500 million excluding this charge.

• Maintained a strong balance sheet with $7.5 billion in cash and investments at quarter-end.

• Achieved key regulatory milestones in the EU, including approvals for mCOMBRIAX (flu + COVID combo), Spikevax/mNEXSPIKE, and mRESVIA.

• Advanced late-stage pipeline with new Phase 3 trials in oncology and infectious diseases, and strategic collaborations with Recordati and the Government of Mexico.

Financial highlights

• Q1 2026 revenue was $389–$400 million, with $78–$80 million from the U.S. and $311–$320 million internationally.

• Cost of sales was $955 million, including $878–$895 million from the litigation settlement and royalties; excluding this, cost of sales declined 14% year-over-year.

• R&D expenses fell 24% to $649 million; SG&A expenses dropped 18% to $173 million.

• Net loss per share was $(3.40) (GAAP) or $(1.18) (adjusted), with cash and investments decreasing to $7.5 billion.

• Adjusted cash costs for Q1 2026 were $899 million, down 26% year-over-year.

Outlook and guidance

• Up to 10% revenue growth targeted for 2026, with an even split between U.S. and international markets.

• Q2 revenue expected between $50 million–$100 million, split evenly between U.S. and international.

• Full-year adjusted cash cost target of $4.2 billion; total GAAP operating expenses expected at $4.9 billion (excluding litigation charge).

• Year-end 2026 cash and investments projected at $4.5–$5.0 billion, with capital expenditures of $0.2–$0.3 billion.

• R&D and SG&A expenses projected at $3.0 billion and $1.0 billion, respectively, for 2026.