Moderna Posts $145M Revenue in Q2, Narrows Loss as Flu Vaccine Approval Looms
Biotech reports second-quarter loss of $0.8 billion while reducing operating expenses and anticipating FDA decision on seasonal influenza vaccine mFLUSIVA.
Financial Performance Shows Marginal Improvement
Moderna reported second-quarter revenue of $145 million, a modest increase from $142 million in the year-ago period, alongside a GAAP net loss of $0.8 billion and loss per share of $(1.97), according to the company's 8-K filing on July 31, 2026. The biotech firm, with a market capitalization of approximately $22 billion, saw lower COVID vaccine sales in the U.S. and South America offset by deliveries in the United Kingdom and higher collaboration revenue (8-K filing, 2026-07-31).
The company reported geographic revenue split of $87 million domestically and $58 million internationally during the quarter. Cost of sales totaled $93 million, including $41 million in inventory write-downs and $23 million in unutilized manufacturing capacity costs, representing a 22% decrease compared to the second quarter of 2025 (8-K filing, 2026-07-31).
Expense Reductions and Cash Position
Moderna demonstrated continued cost discipline with research and development expenses declining 7% year-over-year to $651 million, while selling, general and administrative expenses fell 6% to $216 million. The company improved its 2026 GAAP operating expense outlook by approximately $200 million from previous estimates (8-K filing, 2026-07-31).
Cash, cash equivalents and investments stood at $6.9 billion as of June 30, 2026, down from $7.5 billion at March 31. The company subsequently paid $950 million in July 2026 related to a litigation settlement announced in the first quarter. Despite the outflows, Moderna improved its projected year-end cash balance to $4.7-$5.2 billion, excluding any drawdowns from its remaining $900 million credit facility (8-K filing, 2026-07-31).
Pipeline Developments and Regulatory Progress
The company faces an August 5 PDUFA date for mFLUSIVA, its seasonal influenza vaccine candidate, which received unanimous recommendation from the FDA's Vaccines and Related Biological Products Advisory Committee. Approval would represent Moderna's fifth commercial product (8-K filing, 2026-07-31).
In a setback, the company announced that mRNA-1403, its norovirus vaccine candidate, did not meet statistical criteria for early success at the Phase 3 interim analysis. Moderna is preparing to enroll an additional cohort while keeping the trial blinded (8-K filing, 2026-07-31).
The oncology pipeline continues to advance, with nine Phase 2 and Phase 3 trials underway for intismeran (mRNA-4157), developed in collaboration with Merck. The company presented five-year Phase 2b data at the 2026 ASCO Annual Meeting showing intismeran in combination with KEYTRUDA reduced the risk of melanoma recurrence or death by 49% compared to KEYTRUDA alone. Moderna expects potential Phase 3 adjuvant melanoma data in 2026 (8-K filing, 2026-07-31).
2026 Outlook Maintained
Moderna reiterated its plan to deliver up to 10% revenue growth in 2026, with an anticipated revenue split of approximately 50% domestic and 50% international. The company expects roughly 55% of second-half 2026 revenue to be recognized in the third quarter (8-K filing, 2026-07-31).
MarginX data shows Moderna has scheduled an Analyst/Investor Day for November 12, 2026. Recent insider activity includes stock option exercises and tax withholdings by Shannon Thyme Klinger.
This article was generated by MarginX from the 8-K filing on 2026-07-31. It is not investment advice.