EarningsQ2 2026 Earnings Report
MX:MRNA Q2 2026 EPS Results
Actual EPS-$35.78
Consensus EPS-$36.90
Beat/MissBeat by +$1.13
One Year Ago EPS-$38.68
MX:MRNA Q2 2026 Revenue Results
Actual Revenue$2.63B
Expected Revenue$1.87B
Beat/MissBeat by +$764.06M
YoY Revenue Growth+2.11%
Earnings Announcement Details
QuarterQ2 2026
Date07/31/2026
TimeBefore Open
Conference CallFriday, July 31, 2026
MX:MRNA Upcoming Earnings
Moderna's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MRNA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed meaningful commercial and clinical progress — a Q2 revenue beat, multiple regulatory and market milestones (including a VRBPAC recommendation for the flu candidate and expanded approvals for respiratory products), clear cost and efficiency improvements, and advancing oncology/rare disease programs with important data and new dosing initiatives. These positives were tempered by a norovirus Phase III interim that did not meet early success criteria and slower case accrual, a significant litigation settlement payment (~$950M) that reduced cash, a substantial net loss and continued cash burn, and timing uncertainty for several event‑driven readouts. On balance, the highlights (regulatory momentum, product approvals/market uptake, cost discipline and pipeline advances) modestly outweigh the lowlights, supporting a constructive but cautious outlook.Company Guidance
Q2 Revenue Beat and Full-Year Growth Outlook
Revenue of $145 million in Q2 (reported as $0.1B) beat the guidance range and was up 2% year‑over‑year; reaffirmed expectation for up to 10% revenue growth in 2026 with an expected ~50/50 U.S./international split for the full year.
Improved Cost Efficiency and Expense Reductions
Cash cost reduced 10% in Q2 versus Q2 2025; cost of sales decreased 22% YoY to $93 million driven by improved manufacturing efficiency; R&D expense down 7% YoY to $651 million; SG&A down 6% YoY to $216 million. Company lowered FY2026 cost of sales and R&D guidance by $0.1B each and expects $4.0B of cash costs (excl. SBC/D&A), a $0.2B improvement vs prior guidance.
Net Loss Narrowed and EPS Improved
Net loss improved to $782 million (loss per share $1.97) representing a $43 million improvement (5%) versus prior year (LPS down from $2.13).
Strong Market Uptake and Real-World Effectiveness for mNEXSPIKE
mNEXSPIKE captured ~24% of the U.S. retail COVID vaccine market in 2025–26 and ~34% among adults 65+. Real-world adjusted vaccine effectiveness vs hospitalization during the 2025–26 season was ~59% in adults 65+ and ~67% in adults 75+, with numerically higher estimates versus a competitor in separate matched analyses.
Regulatory & Commercial Momentum in Respiratory Portfolio
Seasonal flu candidate mRNA-1010 received a unanimous positive VRBPAC recommendation and has a PDUFA date of August 5; mRESVIA approved in 44 countries with recent approvals/label expansions (Mexico, Australia) and a joint procurement agreement with the European Commission for up to 24M doses across 6 countries; mNEXSPIKE approvals expanded to Japan and Taiwan (already approved in US, EU, Canada, Australia).
Pipeline Clinical Progress and New Dosing
Intismeran individualized neoantigen program presented 5‑year Phase II durability and translational data at ASCO showing induction of de novo neoantigen‑specific T cells; Phase III melanoma fully enrolled with interim analysis planned in 2026. Dosing started in oncology programs mRNA‑4194 (Lynch syndrome) and mRNA‑4200 (solid tumors); multiple oncology and rare disease programs progressing (e.g., PA registrational study fully enrolled).
Balance Sheet and Revised Cash Guidance
Ended Q2 with $6.9 billion in cash and investments; updated year‑end cash and investments projected at $4.7–$5.2 billion (reflecting lower cash cost guidance). Company maintains an undrawn $0.9 billion credit facility.
Strategic Partnerships, Recognition and Leadership Hires
Expanded partnership with CEPI to explore an Ebola vaccine; recognized by TIME as the world's most impactful company; appointed Ester Banque as Chief Commercial Officer and added Michael McDonnell to the Board to bolster commercial and financial leadership ahead of multiple upcoming launches.
MX:MRNA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed