Moderna Narrows Q2 Loss; Flu Vaccine Decision and Norovirus Trial Setback in Focus
Moderna posted a narrower-than-expected Q2 loss, with mFLUSIVA awaiting an FDA decision and a Phase 3 norovirus trial missing early success criteria. It reaffirmed 2026 revenue growth and cash guidance.
Moderna reported a second-quarter loss of $1.97 per share, narrower than the $2.03 consensus estimate and an improvement from $2.13 per share a year earlier, with revenue of $145 million. The company still posted a GAAP net loss of about $782 million. Regulators are scheduled to decide on August 5 on Moderna's seasonal flu vaccine candidate, mFLUSIVA.
Moderna's Phase 3 mRNA-1403 norovirus vaccine trial did not meet the statistical criteria for early success at its interim analysis, and the company plans to add another participant cohort, extending the trial into a fourth season. Management reiterated its plan for up to 10% revenue growth in 2026, improved its 2026 operating-expense outlook by about $200 million, and now expects year-end cash of $4.7 billion to $5.2 billion.
In the first quarter, Moderna reported a loss of $3.40 per share, missing consensus estimates of $3.02, on revenue of $389 million, up 260.2% year over year. Moderna's quarterly revenue was up 2.1% year over year in the second quarter. Recent FDA advisory support for its flu programs has created a regulatory catalyst, and CEPI has provided support for an Ebola vaccine. Moderna's mRNA platform extends beyond COVID-19 into flu, RSV, CMV, Ebola, oncology, and rare diseases, with partners including Merck, Vertex, CEPI, and global health agencies. The company develops mRNA medicines for infectious, immuno-oncology, and cardiovascular diseases and is headquartered in Cambridge, Massachusetts.
Investor interest in Moderna call options was elevated, with 82,913 contracts acquired versus a typical daily volume of 48,590, an increase of 71%. The company has a market capitalization of $22.24 billion, a 52-week low of $22.28 and a 52-week high of $85.60, a current ratio of 2.41, a quick ratio of 2.35, and a debt-to-equity ratio of 0.08. Institutional investors own 75.33% of the stock, and corporate insiders own 10.80%.
Recent insider sales included 53,336 shares sold by the company's president in June at an average price of $51.37, a director's sale of 9,263 shares in May at $46.84, and an insider's sale of 3,471 shares in June at $50.00 to cover tax withholding obligations related to the vesting of equity awards. The transactions were executed under pre-arranged Rule 10b5-1 trading plans. Several institutional investors disclosed position changes, including HSBC Holdings cutting its stake by 14.4% in the fourth quarter, Vanguard Group increasing its position by 1.0%, Capital World Investors buying a new position worth about $378 million, and Invesco increasing its stake by 15.7% in the third quarter.