Moderna Q1 Revenue Triples to $389M on $311M International Vaccine Sales
Moderna posted Q1 revenue of $389 million, more than tripling year-over-year, driven by $311 million in international COVID vaccine sales versus $78 million domestically. The company beat consensus forecasts and narrowed its net loss to $3.40 per share, as R&D and SG&A expenses declined 24% and 18%, respectively.
1. Q1 Revenue Growth
Moderna recorded $389 million in first-quarter revenue, more than triple the year-earlier total, powered by $311 million from international COVID vaccine deliveries under long-term government partnerships compared to $78 million domestically. This result exceeded the $228 million consensus forecast and drove an almost 8% premarket stock gain.
2. Costs and Litigation Charge
The company reported a net loss of $3.40 per share, beating a $3.96 loss forecast, despite a year-over-year widening of net loss to $1.3 billion from $1.0 billion due to a $0.9 billion litigation settlement with Arbutus Biopharma and Genevant Sciences. Excluding that charge, R&D expenses fell 24% to $649 million and selling, general and administrative costs dropped 18% to $173 million.
3. Outlook and Regulatory Milestones
Moderna maintains its 2026 revenue growth target of up to 10% over 2025, expecting U.S. sales to account for roughly half of total revenue, compared with 62% last year. The company projects second-quarter revenue of $50 million to $100 million and secured European approvals for its mCOMBRIAX flu–COVID combo and mNEXSPIKE COVID vaccines; the U.S. FDA will decide on its flu shot by August 5, 2026.