MRNA · Moderna, Inc.

Moderna's first quarter 2026 results reflect a company in transition, managing the decline of its core COVID-19 franchise while advancing a diversified pipeline. Total revenue increased to $389 million from $108 million in the prior year, primarily driven by higher COVID vaccine sales in international markets under long-term strategic partnerships. However, profitability was significantly impacted by a non-recurring litigation settlement charge. The company recognized $878 million in litigation settlement-related expenses within cost of sales, contributing to a GAAP net loss of $(1.3) billion, or $(3.40) per share. Excluding this charge, the operating expense structure showed improvement, with R&D expenses decreasing 24% year-over-year to $649 million due to the wind-down of large Phase 3 respiratory programs, and SG&A expenses falling 18% to $173 million.

Operationally, Moderna achieved key regulatory milestones, receiving European approval for mNEXSPIKE and mCOMBRIAX, its flu plus COVID combination vaccine. The company also initiated a Phase 3 study for intismeran autogene in high-risk Stage 1 non-small cell lung cancer. Management reiterated its 2026 financial framework, targeting up to 10% revenue growth and approximately $4.0 billion in total operating expenses (R&D and SG&A), signaling a focus on returning to top-line growth while maintaining cost discipline. The balance sheet remains robust with $7.5 billion in cash and investments, though the company expects a cash outflow of $950 million for the litigation settlement in the third quarter of 2026. Year-end cash is projected to be between $4.5 and $5.0 billion.