Moderna (MRNA) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $145 million, up slightly year-over-year, with a net loss of $782 million and cash and investments totaling $6.9 billion at quarter-end.

• Achieved a 10% reduction in cash costs and improved cost discipline compared to Q2 2025.

• Pipeline advanced with regulatory milestones for mFLUSIVA and RSV vaccines, positive five-year oncology data, and progress in rare disease programs.

• Leadership strengthened with new Chief Commercial Officer and board member appointments.

• Strategic partnerships and product launches drove performance, with international growth offsetting lower U.S. COVID vaccine sales.

Financial highlights

• Q2 2026 revenue was $145 million, up 2% year-over-year; net loss improved to $782 million ($1.97 per share); cash and investments at $6.9 billion.

• Cost of sales decreased 22% to $93 million; R&D expenses fell 7% to $651 million; SG&A down 6% to $216 million.

• Cash, cash equivalents, and investments declined from $7.5 billion at March 31, 2026, reflecting operational funding and a $950 million litigation settlement paid in July.

• U.S./international revenue split in 1H26 was 31%/69%; Q2 U.S. revenue was $87 million, international $58 million.

• Gross margin for Q2 2026 was 36%, improved from 16% year-over-year.

Outlook and guidance

• Up to 10% revenue growth expected for 2026, with an even U.S./international split.

• 2026 cost of sales guidance lowered to $1.7 billion, R&D to $2.9 billion, SG&A to remain flat at $1 billion.

• Year-end 2026 cash and investments projected at $4.7–$5.2 billion, excluding further credit facility drawdowns.

• Sufficient liquidity to fund operations and capital expenditures for at least the next 12 months.

• 3Q revenue expected to comprise 55% of 2H26 revenue.