Moderna, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 31 July 2026: press release. Guidance figures: 1 raised, 2 lowered, 1 new, 3 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue of $145 million, up from $142 million: Total revenue was $145 million against $142 million a year earlier. Higher stand-ready and collaboration revenue and UK deliveries were partly offset by lower COVID sales. Source
• Net loss narrowed by $43 million: Net loss was $(0.8) billion, an improvement of $43 million, or 5%, from the second quarter of 2025. Source
• Cost of sales down 22%: Cost of sales decline was attributed to lower unutilized manufacturing capacity costs from productivity and efficiency gains. Source
• MFLUSIVA U.S. decision due August 5: The FDA PDUFA goal date for mRNA-1010, the seasonal flu vaccine candidate, is August 5, 2026. Source
• Norovirus interim did not meet early-success test: The Phase 3 interim analysis for mRNA-1403 did not meet statistical criteria for early success. The trial continues and remains blinded. Source
• Melanoma Phase 3 data possibly in 2026: Phase 3 adjuvant melanoma data for intismeran are expected potentially in 2026. Source
• Five-year melanoma data show 49% reduction: Five-year Phase 2b adjuvant melanoma data presented at ASCO showed a 49% reduction in risk of recurrence or death with intismeran plus KEYTRUDA. Source
• Cash and investments $6.9 billion: Cash, cash equivalents and investments were $6.9 billion at June 30, 2026, down from $7.5 billion at March 31, 2026. Source

“In the second half of 2026, we are preparing for the potential approval of mFLUSIVA in the U.S., which would be our fifth approved product”

Stéphane Bancel, Chief Executive Officer of Moderna

Guidance

What changed from last quarter

• Guidance raised: Year-end 2026 cash and investments range raised to $4.7 to $5.2 billion from $4.5 to $5.0 billion. Source
• Guidance kept: Up to 10% revenue growth target for 2026 was reiterated. Source
• New: Norovirus Phase 3 interim analysis did not meet early-success criteria. The first-quarter release had expected data in 2026, subject to case accruals. Source
• New: Ester Banque appointed Chief Commercial Officer, effective June 15, 2026. Source
• New: Michael McDonnell, former Biogen CFO, joined the board effective July 8, 2026. Source
• New: EU joint procurement contract with the European Commission for up to 24 million mRESVIA doses, on behalf of six countries. Source

Second quarter results and growth drivers

• Revenue of $145 million, up from $142 million: Total revenue was $145 million against $142 million a year earlier. Higher stand-ready and collaboration revenue and UK deliveries were partly offset by lower COVID sales. Source
• Lower COVID sales offset by UK deliveries: COVID vaccine sales declined in the U.S. and South America. UK deliveries under a long-term government partnership offset part of the decline. Source
• Net loss narrowed by $43 million: Net loss was $(0.8) billion, an improvement of $43 million, or 5%, from the second quarter of 2025. Source
• Loss per share $(1.97) versus $(2.13): Loss per share was $(1.97) in the second quarter of 2026, against $(2.13) a year earlier. Source

Regional revenue and partnerships

• U.S. $87 million, international $58 million: Second-quarter revenue split between the U.S. and international markets. The first-quarter release had reported about 80% of revenue from international markets. Source
• Brazil supply collaboration signed: A collaboration with a local manufacturer in Brazil supports a supply agreement for COVID vaccines. Source
• EU joint procurement for up to 24 million doses: The mRESVIA procurement contract covers six countries through a joint arrangement with the European Commission. Source
• Approvals in Australia, Mexico, Japan, Taiwan: Regulatory approvals were received for mRESVIA in Australia and Mexico, and for mNEXSPIKE in Japan and Taiwan. Source

Costs and operating expenses

• Cost of sales down 22%: Cost of sales decline was attributed to lower unutilized manufacturing capacity costs from productivity and efficiency gains. Source
• Cost of sales components in second quarter: Second-quarter cost of sales included inventory write-downs, unutilized manufacturing capacity costs and third-party royalties. Source
• R&D down 7% on program wind-downs: R&D decrease was attributed mainly to lower clinical development costs after the wind-down of several late-stage programs. Source
• SG&A down 6% on continued discipline: SG&A decrease was described by management as reflecting continued discipline across the organization. Source

Infectious disease programs and filings

• MFLUSIVA U.S. decision due August 5: The FDA PDUFA goal date for mRNA-1010, the seasonal flu vaccine candidate, is August 5, 2026. Source
• Flu-COVID combination approved in EU: The European Commission granted marketing authorization for mCOMBRIAX, the flu plus COVID combination vaccine. Source
• U.S. flu-COVID refiling awaits FDA guidance: Moderna is waiting for further FDA direction before refiling its flu plus COVID combination vaccine submission in the U.S. Source
• Norovirus interim did not meet early-success test: The Phase 3 interim analysis for mRNA-1403 did not meet statistical criteria for early success. The trial continues and remains blinded. Source
• MRNA-1010 filings under review abroad: Regulatory filings for mRNA-1010 are under review in Europe, Canada and Australia, with approvals expected to begin in 2026. Source

Oncology and rare disease programs

• Melanoma Phase 3 data possibly in 2026: Phase 3 adjuvant melanoma data for intismeran are expected potentially in 2026. Source
• Five-year melanoma data show 49% reduction: Five-year Phase 2b adjuvant melanoma data presented at ASCO showed a 49% reduction in risk of recurrence or death with intismeran plus KEYTRUDA. Source
• Nine intismeran trials underway: Nine Phase 2 and Phase 3 intismeran trials are underway across melanoma, lung, bladder and kidney cancer. Source
• MRNA-4359 Phase 1/2 study ongoing: The Phase 1/2 study of mRNA-4359, an investigational wholly-owned cancer antigen therapy, continues. The first-quarter release had expected a Phase 2 data readout in 2026. Source
• MMA pivotal decision deferred: The decision on a pivotal trial for mRNA-3705 in methylmalonic acidemia is deferred until PA registrational data reads out. Source

Cash, balance sheet and litigation payment

• Cash and investments $6.9 billion: Cash, cash equivalents and investments were $6.9 billion at June 30, 2026, down from $7.5 billion at March 31, 2026. Source
• Decline funded operations and R&D: The cash decrease was attributed to cash used to fund operations, R&D investment and pipeline advancement. Source
• $950 million litigation payment made in July: The company paid $950 million in July 2026 related to the litigation settlement announced in the first quarter of 2026. Source
• $0.9 billion credit facility remains available: The remaining $0.9 billion under the credit facility is excluded from the year-end cash range. Source

2026 framework and timing

• Up to 10% growth target reiterated: Management reiterated the plan to deliver up to 10% revenue growth in 2026. Source
• Third quarter to carry 55% of H2 revenue: About 55% of second-half 2026 revenue is expected in the third quarter. Source
• Tax expense expected negligible: Full-year 2026 tax expense is expected to be negligible, given the global valuation allowance. Source
• Capex guided at $0.2 to $0.3 billion: Capital expenditures for 2026 are expected at $0.2 to $0.3 billion. Source

Leadership and governance

• Chief Commercial Officer appointed: Ester Banque was appointed Chief Commercial Officer effective June 15, 2026. Source
• Former Biogen CFO joins board: Michael McDonnell, former Chief Financial Officer of Biogen, was appointed to the Board of Directors effective July 8, 2026. Source
• TIME ranks Moderna first: TIME ranked Moderna no. 1 on its list of the World's Most Impactful Companies. Source

Coming up, as management said on 31 July 2026

• Analyst Day on November 12: Moderna's next scheduled investor event is its Analyst Day on November 12, 2026. Source
• MFLUSIVA decision due August 5: Management anticipates potential U.S. approval of its seasonal influenza vaccine on the August 5 PDUFA date. Source
• Propionic acidemia data expected in 2026: The PA candidate mRNA-3927 is in a registrational study with target enrollment reached, and potential data are expected in 2026. Source
• Additional norovirus cohort being enrolled: Moderna is working toward enrolling an additional cohort in the norovirus Phase 3 study, which remains blinded. Source

Figures management reported

Risks management discussed

• Financial: The $950 million litigation settlement payment was made in July 2026, after the June 30 cash balance date. Source
• Financial: Year-end cash guidance excludes any drawdowns on the remaining $0.9 billion credit facility. Source
• Demand: Lower COVID vaccine sales in the U.S. and South America reduced second-quarter revenue, partly offset by UK deliveries. Source
• Regulatory: Refiling of the U.S. flu plus COVID combination vaccine depends on further FDA guidance, which is still pending. Source
• Operational: The norovirus Phase 3 interim analysis did not meet early-success criteria, so the program needs an additional enrollment cohort. Source

Earlier plans management reported on

• Not stated: Management reiterated the plan to deliver up to 10% revenue growth in 2026 from the prior framework. Source
• Not stated: Management continues to expect Phase 3 adjuvant melanoma data potentially in 2026. Source
• Not stated: The first-quarter release expected the payment in the third quarter; the second-quarter release reports payment in July 2026. Source
• Not stated: The norovirus trial continues and remains blinded, with an additional cohort being enrolled. Source

Other quarters

• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.