Moderna Guides Q2 Revenue at $50–100M, Faces $1.3B Liability, Launches Phase 3 NSCLC Trial
Moderna faces up to $1.3 billion additional liability pending litigation appeal, while guiding Q2 revenue at $50–100 million, a slowdown from Q1. The company initiated a Phase 3 NSCLC trial for intismeran, secured EU approvals for Spikevax and mCOMBRIAX, and plans spring and fall UK booster deliveries.
1. Earnings Guidance and Legal Liability
Moderna expects Q2 revenue between $50 million and $100 million, marking a potential slowdown from Q1 performance. The company faces up to $1.3 billion in additional liability if its appeal fails, though management considers that outcome improbable and anticipates resolution in late 2027 or 2028.
2. Oncology Pipeline Advances
Moderna and partner Merck have launched a Phase 3 trial of intismeran in non-small cell lung cancer and plan an interim analysis for adjuvant melanoma in 2026 based on event accrual. Phase 2 studies in renal cell carcinoma and muscle invasive bladder cancer are fully enrolled, with event-driven triggers aimed at supporting registrational paths.
3. Vaccine Approvals and UK Booster Plans
The European Union approved Spikevax and mCOMBRIAX, the first combined flu and COVID-19 vaccine, positioning Moderna for growth in Europe in 2027. In the UK, spring booster deliveries have been completed and a planned fall campaign will deliver additional doses in Q3 and Q4 to targeted populations.