Moderna 8-K
EarningsGuidance loweredImpairment / charge
Norovirus vaccine misses Phase 3 interim early-success criteria, with another cohort planned; cost and R&D outlook lowered.
Filed 2026-07-31 07:03 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results and updated 2026 financial outlook. Revenue was nearly flat Y/Y, while net loss narrowed; Moderna lowered its cost of sales and R&D outlook and improved its year-end cash projection. Its norovirus vaccine candidate did not meet the Phase 3 interim criteria for early success, and the trial continues with an additional cohort planned.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $145M | $142M | +2.1% |
| Operating loss | $(815)M | $(907)M | 10% narrower |
| Net loss | $(782)M | $(825)M | 5% narrower |
| Diluted EPS | $(1.97) | $(2.13) | 7.5% narrower |
- Revenue growth reflected UK deliveries under a government partnership and higher stand-ready manufacturing and collaboration revenue, offsetting lower COVID vaccine sales in the U.S. and South America. Cost of sales was $93M, down 22% Y/Y, including $41M of inventory write-downs; R&D was $651M, down 7%, and selling, general and administrative expense was $216M, down 6%.
- For H1 2026, net loss was $(2.13)B vs $(1.80)B in H1 2025; operating cash flow was $(1.16)B vs $(1.96)B. Cash, cash equivalents and investments were $6.9B at 6/30/2026, down from $7.5B at 3/31/2026, primarily reflecting operating cash use and R&D investment. Moderna paid $950M in July for its previously announced litigation settlement.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue growth | FY2026 | Up to 10% Y/Y | — | Reaffirmed |
| Revenue by geography | FY2026 | ≈50% U.S.; ≈50% international | — | — |
| Revenue recognition | Q3 2026 | ≈55% of H2 2026 revenue | — | — |
| Cost of sales (GAAP) | FY2026 | ≈$1.7B, including $0.9B non-recurring litigation settlement charge | ≈$1.8B | Lowered |
| Research and development expense (GAAP) | FY2026 | ≈$2.9B | ≈$3.0B | Lowered |
| Selling, general and administrative expense (GAAP) | FY2026 | ≈$1.0B | — | — |
| Income tax expense | FY2026 | Negligible | — | — |
| Capital expenditures | FY2026 | $0.2B-$0.3B | — | — |
| Cash and investments | Year-end 2026 | $4.7B-$5.2B | — | Improved by ≈$0.2B |
Investor Takeaways
- Watch the August 5, 2026 PDUFA date for mFLUSIVA and whether it receives U.S. approval.
- Moderna expects potential 2026 data from its Phase 3 adjuvant melanoma study and its propionic acidemia registrational study.
- The ongoing norovirus Phase 3 trial will enroll an additional cohort after missing statistical criteria for early success at interim analysis.
The summary is written by an AI model reading the filing.
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