Moderna Q2 2026 earnings

Moderna reported second‑quarter 2026 revenue of $145 million, a modest rise from the prior year, with roughly 60 % generated in the United States and the remainder abroad. Product sales fell to $94 million while other revenue, driven by grants, collaborations and standby‑manufacturing fees, increased to $51 million.

The company posted a net loss of $782 million and an operating loss of $815 million, reflecting lower research‑and‑development and SG&A expenses but sizable inventory write‑downs and unused manufacturing capacity costs. Cash and investments stood at $6.9 billion.

Analysts noted the earnings beat on revenue but highlighted the continued large loss, cutting FY2028 EPS estimates and adjusting price targets. Moderna’s CEO reiterated reliance on a pending FDA decision on a flu vaccine (and a future COVID‑flu combination) to offset declining pandemic‑era COVID‑19 vaccine sales, while an experimental norovirus vaccine failed to meet its trial endpoint.

Overall, the quarter showed slight revenue growth, ongoing heavy losses, cost‑reduction measures, and a focus on new vaccine approvals to stabilize future earnings.