Moderna reported a strong start to 2026 with significant revenue growth driven by increased COVID vaccine sales and substantial cost reductions. The company achieved key regulatory milestones with two product approvals in Europe and initiated a new pivotal trial for its oncology therapeutic, positioning it for continued sales growth and pipeline advancement.
Total revenue increased by $281 million to $389 million in Q1 2026 compared to Q1 2025, primarily due to higher COVID vaccine sales.
positiveResearch and development expenses decreased by 24% to $649 million, reflecting lower clinical development and manufacturing costs.
positiveSelling, general and administrative expenses decreased by 18% to $173 million, driven by cost discipline.
positiveReceived European Commission marketing authorization for mCOMBRIAX (flu plus COVID combination vaccine) and mRESVIA.
positiveCost of sales increased by $865 million to $955 million, primarily driven by $878 million in litigation settlement-related expenses recognized in Q1 2026.
negativeNet loss widened to $(1.3) billion in Q1 2026 from $(1.0) billion in Q1 2025, impacted by the litigation settlement charge.
negativeLoss per share was $(3.40) in Q1 2026, compared to $(2.52) in Q1 2025, with $(2.22) of the impact from litigation settlement expenses.
negativeCash, cash equivalents and investments decreased to $7.5 billion from $8.1 billion, due to operating losses and R&D investments.
attentionThe company expects to make a $950 million payment for the litigation settlement in Q3 2026, which will further impact cash.
attentionYear-end cash and investments are projected to be $4.5 to $5.0 billion, a significant decrease from current levels.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Net product sales | N/A | — | — | — |
Other revenue | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Moderna team delivered a great start to the year, driving significant revenue growth and substantial cost reductions.
Received two product approvals in Europe, including the world’s first flu plus COVID combination vaccine, mCOMBRIAX.
Initiated a new pivotal trial for intismeran—our first Phase 3 monotherapy study for high-risk Stage 1 non-small cell lung cancer patients.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.