Moderna Q1 2026 Results Show Vaccine Sales Lift
Moderna Q1 2026 results showed COVID vaccine sales lifted revenue while a $0.9 billion litigation settlement widened GAAP loss and may shift positioning.
KEY TAKEAWAYS
- Revenue rose to $0.4 billion, about 80% from international COVID-19 vaccine sales.
- GAAP net loss widened to $(1.3) billion after a $0.9 billion litigation settlement charge.
- Company reaffirmed 2026 guidance for up to 10% revenue growth and GAAP expense cuts excluding the charge.
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Moderna’s first-quarter 2026 results showed revenue boosted by international COVID-19 vaccine sales alongside a wider GAAP loss driven by a litigation settlement. The company reaffirmed its full-year guidance while advancing vaccine approvals and launching a late-stage oncology trial.
Q1 Results Include Litigation Charge
Moderna reported first-quarter revenue of $0.4 billion, with about 80% coming from international COVID-19 vaccine markets, according to a May 1, 2026 press release. The company posted a GAAP net loss of $1.3 billion and GAAP EPS of $(3.40), reflecting a $0.9 billion non-recurring litigation settlement charge.
Research and development and selling, general, and administrative expenses declined significantly year over year. However, the settlement charge pushed gross margins into negative territory.
Company Reaffirms 2026 Guidance and Highlights Pipeline Progress
Moderna reaffirmed its full-year 2026 guidance for up to 10% revenue growth and GAAP operating expense reductions, excluding the litigation charge. The company attributed this outlook to cost discipline from 2025 actions and momentum in its pipeline. "The Moderna team delivered a great start to the year," the company said.
Regulatory advances included European Union approvals for mNEXSPIKE and mCOMBRIAX, Moderna’s flu-plus-COVID combination vaccine. The U.S. Food and Drug Administration set a Prescription Drug User Fee Act (PDUFA) target action date of August 5, 2026, for the mRNA-1010 influenza vaccine.
Moderna also initiated a Phase 3 study of intismeran autogene, both as monotherapy and combined with KEYTRUDA, in high-risk Stage 1 non-small-cell lung cancer, reflecting clinical progress supporting its outlook.
