Moderna Inc. reported first‑quarter 2026 revenue of $389 million, a 260% year‑over‑year increase from $108 million in the same period a year earlier. The company posted a GAAP net loss of $1.34 billion, or $3.40 per share, largely driven by a $0.9 billion one‑time litigation settlement charge. Excluding that charge, the adjusted net loss narrowed to $0.5 billion, or $1.18 per share, a 50% improvement over the $1.0 billion GAAP loss reported in Q1 2025.
The revenue beat was powered by a 80% share of sales coming from outside the United States, driven by long‑term strategic partnerships with government entities, including a recent UK government partnership. The strong international demand offset the shrinking domestic COVID‑19 vaccine market and helped lift overall revenue despite the one‑time settlement expense.
Moderna reaffirmed its 2026 guidance, maintaining a target of up to 10% revenue growth and emphasizing progress in its respiratory vaccine and oncology pipelines. The company’s cash position remains robust at $7.5 billion, providing a runway for continued investment in its mRNA platform.
"The Moderna team delivered a great start to the year, driving significant revenue growth and substantial cost reductions building on actions taken in 2025," said CEO Stéphane Bancel. CFO Jamey Mock added, "Roughly 80% of first‑quarter revenue came from international markets and 20% from the U.S., with the international performance ‘primarily driven from deliveries under our long‑term strategic partnerships.’"
Investors responded positively to the results, noting the strong revenue beat and the significant improvement in the adjusted loss. Analysts highlighted the company’s ability to generate robust international sales while managing costs, which mitigated the impact of the one‑time litigation charge.
The earnings release underscores Moderna’s transition from a pandemic‑era profit engine to a company focused on cost control and pipeline development. While the headline GAAP loss remains large, the underlying operational improvement and continued revenue growth signal resilience in its core vaccine business and a clearer path toward long‑term profitability.
The company’s emphasis on expanding its respiratory and oncology portfolios, coupled with the recent approvals of mNEXSPIKE and mCOMBRIAX in Europe, positions Moderna to diversify beyond COVID‑19 and capture new market opportunities as the global vaccine landscape evolves.
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