Q1 26 EPS
$-3.40
Q1 26 Revenue
$389.0M
BEAT +64.58%
Est. $236.4M
Did MRNA Beat Earnings? Q1 2026 Results
Moderna delivered a stronger-than-expected first quarter for 2026, posting revenue of $389.00 million, a 263.6% jump from a year ago that cleared the Wall Street consensus of $236.36 million by 64.58%, as a resurgence in international COVID-19 vaccin… Read more Moderna delivered a stronger-than-expected first quarter for 2026, posting revenue of $389.00 million, a 263.6% jump from a year ago that cleared the Wall Street consensus of $236.36 million by 64.58%, as a resurgence in international COVID-19 vaccine demand proved the key driver, with roughly 80% of sales coming from outside the United States. The loss per share of $3.40 beat the $3.88 consensus estimate by 12.37%, even as a $878.00 million non-recurring litigation settlement charge tied to the resolution of all worldwide patent disputes with Arbutus Biopharma and Genevant Sciences widened the GAAP net loss to $1.34 billion. Shares climbed more than 10% on the results, with investors looking past the one-time charge to focus on the revenue trajectory and a reaffirmed 2026 outlook that targets up to 10% revenue growth, approximately $3.00 billion in R&D investment, and year-end cash and investments of $4.50 billion to $5.00 billion, with an August 5 PDUFA date for its mRNA seasonal flu vaccine serving as a near-term catalyst.
Key Takeaways
- • Higher COVID vaccine sales in international markets through long-term government partnership deliveries
- • 24% reduction in R&D expenses from wind-down of large Phase 3 respiratory programs
- • 18% reduction in SG&A expenses reflecting headcount reductions and lower consulting costs
- • First shipment delivered under UK long-term strategic partnership
MRNA Forward Guidance & Outlook
Moderna reiterated its 2026 financial framework targeting up to 10% revenue growth from 2025, with an approximately 50/50 U.S./international revenue split. Cost of sales is expected to be approximately $1.8 billion (including the $0.9 billion non-recurring litigation settlement charge). R&D expenses are anticipated at approximately $3.0 billion. SG&A expenses are projected at approximately $1.0 billion. Capital expenditures are expected at $0.2 to $0.3 billion. Year-end cash and investments are projected at $4.5 to $5.0 billion, excluding any further drawdowns from the remaining $0.9 billion credit facility. Full-year tax expense is expected to be negligible. Key upcoming catalysts include the seasonal flu vaccine PDUFA date of August 5, 2026, potential Phase 3 adjuvant melanoma data, norovirus Phase 3 efficacy data, and propionic acidemia registrational data.
MRNA YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
MRNA Revenue by Segment
With YoY comparisons, source: SEC Filings
MRNA Revenue by Geography
With YoY comparisons, source: SEC Filings
“The Moderna team delivered a great start to the year, driving significant revenue growth and substantial cost reductions building on actions taken in 2025. We received two product approvals in Europe, including the world's first flu plus COVID combination vaccine, mCOMBRIAX. We also started a new pivotal trial for intismeran—our first Phase 3 monotherapy study for high-risk Stage 1 non-small cell lung cancer patients.”
— Stéphane Bancel, Q1 2026 Earnings Press Release
MRNA Earnings Trends
MRNA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MRNA EPS Trend
Earnings per share: estimate vs actual
MRNA Revenue Trend
Quarterly revenue: estimate vs actual
MRNA Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $-3.40 | — | $389.0M | +64.58% |
| Q4 25 BEAT FY | $-2.62 | $-2.11 | +19.47% | $678.0M | — |
| FY Full Year | $-7.89 | $-7.26 | +7.97% | $1.94B | +3.55% |
| Q3 25 BEAT | $-2.18 | $-0.51 | +76.60% | $1.02B | +16.80% |
| Q2 25 BEAT | $-2.97 | $-2.13 | +28.34% | $142.0M | +25.71% |
| Q1 25 | — | $-2.52 | — | $108.0M | — |