What was Moderna's financial performance in the second quarter and first half of 2026?

In the second quarter of 2026, Moderna reported a net loss of $782 million ($1.97 per share) on total revenue of $145 million. For the first six months of 2026, the company incurred a net loss of $2.1 billion ($5.36 per share) on total revenue of $534 million. While net losses continued, total revenue saw substantial growth compared to the same periods in 2025.

What is driving the significant increase in revenue, and what is the outlook for product sales?

The 114% increase in total revenue for the first six months of 2026 to $534 million was primarily driven by a 123% surge in net product sales to $446 million. This growth is largely attributed to increased COVID vaccine sales in international markets through long-term strategic partnerships with government entities. Product sales are expected to continue growing in 2026. Other revenue also increased by 76% due to higher stand-ready manufacturing and collaboration revenue.

What are the major expenses impacting Moderna's profitability, and how are R&D costs managed?

The company's profitability is significantly impacted by its operating expenses. For the first six months of 2026, cost of sales increased substantially due to an $884 million royalty payment related to a litigation settlement. Research and development (R&D) expenses decreased by 16% for the same period, reflecting a strategic decision to wind down certain late-stage programs. Management anticipates a modest reduction in R&D expenses for the full year 2026, focusing on pipeline execution and cost management.

What is the company's liquidity position and capital resources outlook?

Moderna maintains a strong liquidity position with $6.9 billion in cash, cash equivalents, and investments as of June 30, 2026. Working capital decreased by 28% mainly due to the accrual for the litigation settlement. Management believes its current financial resources, along with potential borrowings under its credit facility, will be sufficient to fund operations for at least the next 12 months, although continued investment in the pipeline may lead to negative cash flows from operations.

MRNA 10-Q Quarterly Report Q2 FY2026 — Revenue, Net Income, EPS

01—Abstract

Summary

Summary of the 10-Q filed July 31, 2026. Cited figures are marked; the original filing is the authoritative source.

Moderna, Inc. reported a net loss of $782 million^a ($1.97 per share) for the three months ended June 30, 2026, and a net loss of $2.1 billion ($5.36 per share) for the six months ended June 30, 2026.

This represents an improvement in net loss compared to the same periods in the prior year. Total revenue for the six months increased significantly by 114% to $534 million^b, driven by a substantial increase in net product sales, which more than doubled to $446 million, largely due to international COVID vaccine sales. Other revenue also saw a strong increase, up 76% to $88 million, reflecting higher stand-ready manufacturing and collaboration revenue.

Despite revenue growth, operating expenses saw a significant increase of 24% for the six-month period, primarily due to a $884 million^c royalty payment related to a litigation settlement with Arbutus and Genevant, which also significantly impacted cost of sales. Research and development expenses decreased by 16% for the six-month period, attributed to the wind-down of certain late-stage programs.

The company's liquidity remains robust, with cash, cash equivalents, and investments totaling $6.9 billion^d as of June 30, 2026, though working capital decreased by 28% primarily due to the litigation settlement accrual. Management anticipates sufficient funding for the next 12 months.

02—Key points

Key Highlights

Total revenue for the first six months of 2026 surged by 114% year-over-year to $534 million, driven by a 123% increase in net product sales to $446 million, primarily from international COVID vaccine sales.
Despite revenue growth, the company reported a net loss of $782 million for Q2 2026 and $2.1 billion for the first six months of 2026.
Cost of sales saw a significant increase of 401% for the first six months of 2026, largely due to an $884 million royalty payment related to the Arbutus/Genevant litigation settlement.
Research and development expenses decreased by 16% for the first six months of 2026, reflecting a strategic wind-down of certain late-stage programs.
Moderna received European Commission marketing authorization for its mCOMBRIAX (flu/COVID combination vaccine) in April 2026.
The company's cash, cash equivalents, and investments remained strong at $6.9 billion as of June 30, 2026, providing substantial liquidity.
Significant ongoing legal proceedings, including patent infringement claims against Pfizer/BioNTech and GSK, as well as a settlement with Arbutus/Genevant for $950 million (paid in Q3 2026), represent material financial contingencies.

03—Questions

Frequently Asked Questions

What was Moderna's financial performance in the second quarter and first half of 2026?
In the second quarter of 2026, Moderna reported a net loss of $782 million ($1.97 per share) on total revenue of $145 million. For the first six months of 2026, the company incurred a net loss of $2.1 billion ($5.36 per share) on total revenue of $534 million. While net losses continued, total revenue saw substantial growth compared to the same periods in 2025.
What is driving the significant increase in revenue, and what is the outlook for product sales?
The 114% increase in total revenue for the first six months of 2026 to $534 million was primarily driven by a 123% surge in net product sales to $446 million. This growth is largely attributed to increased COVID vaccine sales in international markets through long-term strategic partnerships with government entities. Product sales are expected to continue growing in 2026. Other revenue also increased by 76% due to higher stand-ready manufacturing and collaboration revenue.
What are the major expenses impacting Moderna's profitability, and how are R&D costs managed?
The company's profitability is significantly impacted by its operating expenses. For the first six months of 2026, cost of sales increased substantially due to an $884 million royalty payment related to a litigation settlement. Research and development (R&D) expenses decreased by 16% for the same period, reflecting a strategic decision to wind down certain late-stage programs. Management anticipates a modest reduction in R&D expenses for the full year 2026, focusing on pipeline execution and cost management.
What is the company's liquidity position and capital resources outlook?
Moderna maintains a strong liquidity position with $6.9 billion in cash, cash equivalents, and investments as of June 30, 2026. Working capital decreased by 28% mainly due to the accrual for the litigation settlement. Management believes its current financial resources, along with potential borrowings under its credit facility, will be sufficient to fund operations for at least the next 12 months, although continued investment in the pipeline may lead to negative cash flows from operations.

04—Continue

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