Moderna (MRNA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $400 million, up significantly year-over-year, with 80% from international markets and driven by strategic partnerships and product sales.

• GAAP net loss was $1.3 billion, or $0.5 billion excluding a $0.9 billion litigation settlement charge.

• Adjusted cash costs fell 26% year-over-year, reflecting strong financial discipline.

• Achieved key regulatory milestones in the EU, including approvals for mCOMBRIAX (flu + COVID combo) and mNEXSPIKE, and advanced late-stage pipeline programs.

• Initiated new Phase 3 trials in oncology and infectious diseases, with pivotal data readouts expected in 2026.

Financial highlights

• Q1 2026 revenue was $389–$400 million, up $281–$300 million year-over-year, with 80% from international markets.

• Cost of sales was $955 million, including $878 million from a litigation settlement; 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.

• Adjusted net loss (excluding litigation) was $465–$500 million, a 52% improvement from Q1 2025.

• Cash and investments stood at $7.5 billion at quarter-end, down from $8.1 billion at year-end 2025.

Outlook and guidance

• Reiterated up to 10% revenue growth for 2026, with revenue expected to be evenly 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, excluding further credit facility drawdowns.

• Capital expenditures for 2026 expected to be $0.2–$0.3 billion.