Moderna Posts Q2 2026 Revenue of $145 Million with $815 Million Loss

Moderna reported second‑quarter 2026 revenue of $145 million, up slightly from $142 million a year earlier. Product sales fell to $94 million while other revenue rose to $51 million, driven by grants, collaborations and standby‑manufacturing fees. The company generated $87 million in the United States and $58 million from international markets.

Despite the modest revenue increase, Moderna recorded an operating loss of $815 million, an improvement of $92 million from the prior year, as research and development expenses fell to $651 million and selling, general and administrative costs dropped to $216 million. Inventory write‑downs and unused manufacturing capacity cost $64 million, representing about 44 % of quarterly revenue. Net loss narrowed to $782 million, or a loss per share of $0.53.

Analysts at Brookline Capital Markets cut their FY2028 earnings‑per‑share estimate for Moderna to $0.53 from $0.68, while the consensus full‑year EPS outlook remains a loss of $6.41 per share. Several firms adjusted price targets, ranging from $25 to $77 per share.