TLDR
- Moderna shares drop 6% after quarterly revenue rises slightly to $145 million
- The company narrows its quarterly net loss to $782 million from $825 million
- Moderna cuts its 2026 cost and research spending forecasts by about $200 million
- Norovirus vaccine misses interim success target in an ongoing Phase 3 trial
- FDA decisions for Moderna’s seasonal flu vaccine candidates arrive August 5
Moderna (MRNA) shares fell 6.09% in premarket trading to $54.39 after releasing mixed second-quarter results and reporting a vaccine setback. Revenue rose slightly, while the company narrowed its loss and lowered several expense forecasts. However, the norovirus program missed its interim target.
Q2 Revenue Improves as Expenses Decline
Moderna reported second-quarter revenue of $145 million, up from $142 million one year earlier. United States revenue reached $87 million, while international markets contributed $58 million. United Kingdom deliveries and partnership income offset weaker COVID vaccine sales across several markets.
Cost of sales fell 22% to $93 million as Moderna improved manufacturing efficiency. The total included $41 million in inventory write-downs and $23 million in unused manufacturing capacity costs. Research expenses declined 7% to $651 million after several programs ended.
Selling and administrative expenses decreased 6% to $216 million under tighter spending controls across the company. Moderna posted a $782 million net loss, compared with $825 million during the prior-year quarter. Loss per share narrowed to $1.97 from $2.13.
Moderna Cuts Costs and Updates Cash Forecast
Moderna maintained its target for revenue growth of up to 10% during the 2026 financial year. The company expects equal contributions from United States and international markets. It also expects 55% of second-half revenue during the third quarter.
The company lowered expected cost of sales to $1.7 billion from $1.8 billion. Moderna also reduced projected research spending to $2.9 billion from $3.0 billion. Selling and administrative expenses should remain near $1.0 billion.
Cash and investments stood at $6.9 billion on June 30, down from $7.5 billion in March. Moderna later paid $950 million under a July litigation settlement. Year-end cash should reach between $4.7 billion and $5.2 billion.
Vaccine Pipeline Delivers Progress and Setbacks
Moderna expanded commercial access through new agreements and regulatory approvals across Europe, Asia, and Latin America. The European Commission secured up to 24 million mRESVIA doses for six participating countries. Regulators approved mRESVIA and mNEXSPIKE in four additional international markets.
The United States FDA set an August 5 decision date for seasonal influenza candidate mRNA-1010. Moderna also expects a decision on mFLUSIVA, its possible fifth approved product. European regulators already authorized combined flu and COVID vaccine mCOMBRIAX for regional use.
Moderna’s Phase 3 norovirus study missed early success criteria during its scheduled interim review. The trial remains blinded, and Moderna plans to enroll another patient cohort. Separately, melanoma and propionic acidemia data could arrive before the end of 2026.
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