The real question for us has been could we get that benefit risk profile in a monotherapy context? Could Intismeran provide IO-like protection against a relapse or recurrence of disease with a profile that really looks like a vaccine?
— Stephen Hoge
03Detailed Report
MRNA
Company MRNA
Period
Q1 2026
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 15, 2026
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Executive Summary
Moderna delivered a mixed Q1 2026 framed by a strong start to the year in top-line potential, meaningful litigation-related cost effects, and accelerated pipeline progress that should sustain growth beyond 2026. The quarter revealed a substantial revenue uptick versus the prior-year period but a GAAP net loss driven by a large litigation settlement recognized in cost of sales. Management reaffirmed 2026 revenue growth of up to 10% and emphasized disciplined cost control, with adjusted cash costs targeted at approximately $4.2 billion for the year. The company also advanced its commercial portfolio, securing EU approvals for mRESVIA and mNEXSPIKE, and highlighted meaningful clinical and regulatory progress across its oncology, infectious disease, and rare-disease pipelines, including Intismeran Phase III initiation in NSCLC Stage 1 and data readouts planned for norovirus and PA programs in 2026.
Key Performance Indicators
Revenue
Increasing
389.00M
QoQ: 263.55% | YoY: 61.41%
Gross Profit
Decreasing
-566.00M
-1.46% margin
QoQ: -3 429.41% | YoY: -765.88%
Operating Income
Decreasing
-1.39B
QoQ: -32.19% | YoY: -1.83%
Net Income
Decreasing
-1.34B
QoQ: -38.31% | YoY: -5.00%
EPS
Decreasing
-3.40
QoQ: -34.92% | YoY: -2.10%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $389 million (Q1 2026) vs. $107 million (Q1 2025) – YoY growth ≈ 264% (reported revenue of $400 million per call; reconciliation notes exist between press release and GAAP filings). Gross Profit: −$566 million in Q1 2026 vs. +$17 million in Q1 2025; Gross Margin: −145.5% (GAAP). Operating Income: −$1.389 billion in Q1 2026 vs. −$1.05 billion in Q1 2025; YoY change materially negative due to litigation settlement impact and ramp-down of large Phase III programs. Net Income: −$1.343 billion in Q1 2026 vs. −$0.971 billion (approx.) in Q1 2025; EPS Diluted: −$3.40 vs. −$2.52 prior year. Cash & investments: $7.5 billion at 2026Q1 end, down from $8.1 billion at 2025 year-end. Guidance: 2026 total revenue up to 10%; cost of sales guidance increased to $1.8 billion (includes $0.9B litigation settlement charge); R&D around $3.0B; SG&A around $1.0B; GAAP operating expenses around $4.9B; cash costs around $4.2B; capex $0.2–$0.3B; year-end cash target $4.5–$5.0B; PDUFA for mRNA-1010 on August 5, 2026; 50/50 US/international revenue mix guidance; no assumed flu vaccine or related product revenue in 2026 base forecast.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
389.00M
61.41%
263.55%
Gross Profit
-566.00M
-765.88%
-3 429.41%
Operating Income
-1.39B
-1.83%
-32.19%
Net Income
-1.34B
-5.00%
-38.31%
EPS
-3.40
-2.10%
-34.92%
Key Financial Ratios
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