Moderna (MRNA) is up after reporting first-quarter 2026 results showing revenue of $389 million, driven by stronger-than-expected COVID-19 vaccine sales outside the U.S. International revenue was $311 million versus $78 million in the U.S., reflecting deliveries tied to long-term government partnership programs and improving mix toward ex-U.S. demand.

Despite the revenue beat, Moderna reported a GAAP net loss of about $1.3 billion (GAAP EPS of -$3.40). Results included a $0.9 billion, non-recurring litigation settlement charge that weighed on profitability, but investors appear focused on the underlying sales performance and the company’s cost discipline as it winds down large Phase 3 respiratory and CMV work.

Alongside the quarter, Moderna pointed to recent European approvals for mNEXSPIKE and its flu/COVID combination vaccine mCOMBRIAX, and it reiterated key forward-looking milestones including an FDA decision date of August 5, 2026 for its mRNA seasonal flu vaccine program (mRNA-1010). Management also reiterated its 2026 framework that targets a return to sales growth, with revenue weighted more heavily to the second half of the year.

Near-term attention shifts to how quickly Moderna can convert international partnership deliveries into steadier recurring demand, and whether U.S. vaccination trends stabilize. Investors will also track regulatory decisions and late-stage pipeline readouts (including vaccines and oncology programs) as Moderna works to offset post-pandemic COVID revenue volatility while managing cash burn.