Moderna Reports Q2 2026 Loss, Trims 2026 Spending, Advances mFLUSIVA PDUFA

Moderna, Inc. reported second quarter 2026 revenue of $145 million, a GAAP net loss of $(0.8) billion and GAAP earnings per share of $(1.97), while improving its 2026 operating expense outlook by approximately $0.2 billion from its previous estimate and reiterating its plan to deliver up to 10% revenue growth in 2026. The company also announced that mRNA-1403, its norovirus vaccine candidate, did not meet statistical criteria for early success at the Phase 3 interim analysis, and that it anticipates potential approval of mFLUSIVA, its seasonal influenza vaccine candidate, with an August 5 PDUFA date in the U.S.

During the second quarter, Moderna signed a joint procurement contract with the European Commission on behalf of six countries for up to 24 million doses of mRESVIA, and signed a collaboration with a local manufacturer in Brazil in support of a supply agreement for COVID vaccines. mRESVIA received regulatory approvals in Australia and Mexico, and mNEXSPIKE received approvals in Japan and Taiwan. mFLUSIVA received a unanimous recommendation from the Vaccines and Related Biological Products Advisory Committee (VRBPAC) ahead of its August 5 Prescription Drug User Fee Act (PDUFA) goal date in the U.S.

Total revenue for the second quarter of 2026 was $145 million, compared to $142 million in the same period in 2025. Revenue was $87 million in the U.S. and $58 million in international markets. Cost of sales was $93 million, including $41 million of inventory write-downs, $23 million of unutilized manufacturing capacity costs, and $11 million of third-party royalties, a 22% decrease compared to the same period in 2025. Research and development expenses were $651 million, a 7% decrease, and selling, general and administrative expenses were $216 million, a 6% decrease. Net loss was $(0.8) billion, an improvement of $43 million, or 5%, compared to the second quarter of 2025. Loss per share was $(1.97), compared to $(2.13) in the prior-year quarter. 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.

Moderna is targeting up to 10% growth from 2025 revenue and expects its 2026 revenue split to be approximately 50% U.S. and approximately 50% international. The company expects approximately 55% of its second half 2026 revenue to be recognized in the third quarter. Moderna improved its expected 2026 year-end cash balance to $4.7–5.2 billion.

Following the norovirus interim analysis, Moderna is preparing to enroll an additional participant cohort, extending the trial into a fourth season and delaying clarity on a potential commercial opportunity. The company plans to continue advancing pivotal readouts for its intismeran in melanoma and propionic acidemia programs, according to the Chief Executive Officer.

Institutional investors and hedge funds own 75.33% of the company's stock. During the first quarter, The Manufacturers Life Insurance Company trimmed its Moderna position by 29.7%, Eversept Partners LP reduced its stake by 40.4%, Weiss Asset Management LP grew its position by 190.9%, and First Trust Advisors LP increased its stake by 59.3%. Baillie Gifford & Co disclosed beneficial ownership of 18,206,778 Moderna shares, representing 4.59% of the outstanding common stock, as of June 30, 2026.

Company insiders own 10.80% of the stock. In the last quarter, insiders sold a total of 125,088 shares of company stock valued at $6,193,713. Recent sales included 53,336 shares by the president at an average price of $51.37, 9,263 shares by a director at $46.84, 5,682 shares by another director at $46.63, and 3,471 shares by an insider at $50.00.

Shares of Moderna opened at $54.82 on Friday, with a market capitalization of $21.75 billion, a price-to-earnings ratio of -6.86 and a beta of 0.94. The stock's fifty-day simple moving average is $59.37 and its 200-day simple moving average is $52.51.