Moderna Q1 2026 Revenue $389M Beats Expectations; Net Loss Widens
Moderna reported Q1 2026 revenue of $389 million, exceeding market expectations. However, net loss expanded to $1.3 billion, including a $900 million litigation settlement charge. EPS came in at -$3.40.
- Moderna beat Q1 revenue estimates at $389M with strong international COVID vaccine sales, but net loss widened to $1.3B due to a $900M settlement charge
- Stock surged on earnings with 2026 guidance of up to 10% full-year growth
Moderna reported Q1 2026 revenue of $389 million, surpassing consensus estimates, according to SEC 8-K filing.
Quarterly Results at a Glance
Revenue increased $281 million year-over-year, driven by strong international COVID-19 vaccine sales. However, a litigation settlement charge of $878 million reduced profitability, resulting in a larger net loss compared to the prior year period.
- Revenue: $389 million, up approximately 259% year-over-year
- EPS: -$3.40 per share (vs. -$2.52 in prior year quarter)
- Net loss: $1.3 billion, including $900 million litigation settlement charge
- R&D expenses: $649 million, down 24% year-over-year
- SG&A expenses: $173 million, down 18% year-over-year
- Cash and investments (as of March 31, 2026): $7.5 billion
2026 Full-Year Guidance
Moderna projects full-year 2026 revenue growth of up to 10% compared to 2025, with U.S. and international markets each representing approximately 50% of revenue. Full-year R&D expenses are estimated at approximately $3 billion, with SG&A expenses around $1 billion. Year-end cash and investments are projected between $4.5 billion and $5 billion. The $950 million litigation settlement payment is scheduled for Q3 2026. CEO Stéphane Bancel stated, "Building on actions taken in 2025, we expect to return to revenue growth."
Market Response
Moderna's stock surged following the earnings release. Yahoo Finance and StockStory noted that revenue exceeded consensus expectations. WSJ reported, "Revenue increased but losses also widened." Investing.com highlighted, "Sales beat guidance, but loss margins expanded."
Business Segment Breakdown
- U.S. revenue: $78 million
- International revenue: $311 million, representing approximately 80% of total revenue
- COVID-19 vaccine sales growth was the primary driver of total revenue expansion
- European approvals granted for combination flu-COVID vaccine 'mCOMBRIAX' and COVID vaccine 'mNEXSPIKE'
- Initial supply deliveries commenced under long-term strategic partnership in the United Kingdom
This article was auto-generated based on SEC 8-K filings and third-party reporting to provide rapid dissemination of key data following announcement. Investors are advised to review official company disclosures before making trading decisions.
MRNAFrequently Asked Questions
What drove Moderna's revenue growth this quarter?
International COVID-19 vaccine sales grew significantly, particularly in Europe and the United Kingdom. The company initiated supply deliveries under a long-term strategic partnership, with international markets accounting for approximately 80% of total revenue.
Why did net loss widen despite revenue beating expectations?
A $878 million litigation settlement charge was recorded in the quarter. Excluding this one-time expense, gross margin, R&D costs, and SG&A expenses all declined year-over-year. The actual $950 million settlement payment is scheduled for Q3 2026.
What is GAAP net loss?
GAAP (Generally Accepted Accounting Principles) net loss includes all charges, including one-time items like litigation settlements. This is the official accounting standard used for regulatory SEC filings. Companies may separately report non-GAAP adjusted metrics, but GAAP figures represent legally mandated disclosures.
Which vaccines did Moderna receive European approvals for this quarter?
Moderna received two new European approvals: mNEXSPIKE, an updated COVID-19 vaccine, and mCOMBRIAX, the world's first combination flu-COVID vaccine. Additionally, the company secured expanded approval for mRESVIA across all adults 18 years and older.
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