Moderna Stock Earnings Reports

Moderna reported Q1 2026 revenue of $400M (up ~$300M YoY), driven largely by international deliveries under long-term strategic partnerships. The company reiterated guidance for up to 10% revenue growth in 2026 and expects roughly a 50/50 U.S./international mix for the year. GAAP net loss was $1.3B (primarily due to an $878M portion of a $950M litigation settlement recognized in Q1); excluding the settlement, net loss would have been ~$0.5B, a >50% improvement YoY. Cash and investments were $7.5B at quarter-end, with an expected year-end cash balance of $4.5–$5.0B. Adjusted cash costs declined 26% YoY in Q1 and management remains on track for ~ $4.2B adjusted cash costs for 2026. Key operational highlights: EU approvals for an mRNA COVID product (mNEXSPIKE) and the world’s first flu+COVID combination vaccine (mCOMBRIAX) — both expected to contribute to European growth beginning in 2027; U.S. PDUFA for seasonal flu candidate mRNA-1010 set for August 5, 2026. Oncology progress includes initiation of a Phase III Intismeran trial in high‑risk Stage 1 non-small cell lung cancer (including a monotherapy arm) and upcoming Intismeran/other oncology readouts (adjuvant melanoma interim in 2026; multiple Phase II/III studies ongoing). Norovirus Phase III is fully enrolled for the second Northern Hemisphere season, with data expected in 2026. The company continues R&D investment (~$3B guidance) and SG&A discipline (~$1B). On litigation: Moderna settled with a counterparty for a $950M lump-sum payment (due Q3 2026) but will appeal on government-contractor immunity (Section 1498); if it loses that appeal, an additional payment of up to $1.3B could be due, but management considers that further loss not probable. Overall, investors should weigh: improving revenue trajectory and product approvals, continued cost discipline and strong cash runway, meaningful upcoming clinical catalysts (Intismeran, norovirus, PA), and the binary legal risk tied to the Section 1498 appeal.