Moderna Q2 2026 Earnings Mixed as Vaccine Sales Weigh
Moderna Q2 2026 earnings were mixed as revenue split analysts; management tightened expenses and raised year-end cash outlook ahead of Aug. 5 flu decision.
KEY TAKEAWAYS
- Q2 revenue was $145 million and the company recorded a GAAP net loss of $782 million.
- Management cut operating expenses by about $0.2 billion and lifted year-end cash outlook to $4.7-$5.2 billion.
- mRNA-1403 did not meet statistical criteria for early success and an additional cohort will be enrolled.
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Moderna, Inc. (MRNA) reported Q2 2026 earnings on July 31, 2026, showing a large GAAP loss and revenue that left Street estimates divided. The company cut operating costs, raised its cash outlook, and disclosed a norovirus trial setback ahead of an August 5 flu-vaccine regulatory decision.
Quarterly Results and Cash Outlook
Moderna reported Q2 revenue of $145 million, up slightly from $142 million a year earlier, and a GAAP net loss of $782 million, or a diluted loss per share of $1.97. Revenue included $87 million from the U.S. and $58 million internationally.
The company said U.K. deliveries under a long-term government partnership helped offset weaker COVID-19 vaccine sales in the U.S. and South America. Management reiterated plans for up to 10% revenue growth in 2026 and improved its operating-expense outlook by about $0.2 billion compared with prior guidance. It raised expected year-end cash and investments to between $4.7 billion and $5.2 billion, reporting $6.9 billion in cash, cash equivalents, and investments as of June 30.
Analyst reactions diverged, with some viewing revenue as above forecasts and others as below, largely reflecting softness in COVID-19 vaccine demand.
Pipeline and Regulatory Updates
Moderna said its norovirus vaccine candidate, mRNA-1403, did not meet statistical criteria for early success in a Phase 3 interim analysis. The company is preparing to enroll an additional cohort in the study.
The seasonal flu candidate, mFLUSIVA, remains on track for an August 5 regulatory decision and received a unanimous favorable advisory-panel recommendation. The company also cited approvals in multiple international markets for mRESVIA and mNEXSPIKE and a joint European procurement contract for up to 24 million doses of mRESVIA.
Management indicated that about 55% of second-half 2026 revenue may be recognized in the third quarter and that roughly half of full-year revenue could come from the U.S., highlighting the near-term dependence on respiratory vaccine launches and broader pipeline execution.
CEO Stéphane Bancel said, “The second quarter marked another period of strong execution for Moderna as we advanced our pipeline and strengthened our financial profile with an improved 2026 operating expense outlook.”
