Moderna (MRNA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $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 billion on a GAAP basis, or $0.5 billion excluding a major litigation settlement; the loss widened primarily due to a $950 million settlement charge.

• Maintained a strong balance sheet with $7.5 billion in cash and investments at quarter-end, down from $8.1 billion at year-end 2025.

• Advanced commercial portfolio with EU approvals for mCOMBRIAX (flu + COVID combo), Spikevax, and mNEXSPIKE, and initiated new phase III trials in oncology and infectious diseases.

• Strategic collaborations announced with Recordati for rare disease therapeutics and with the UK and Mexico governments for vaccine supply and manufacturing.

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–$895 million from a 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 cost reduced by 26% year-over-year in Q1, with adjusted cash costs at $899 million.

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).

• Projected year-end 2026 cash and investments of $4.5–$5.0 billion, excluding further credit facility drawdowns.

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