Moderna Q1 Revenue Triples to $389M with $311M International COVID Sales
Moderna’s Q1 revenue rose to $389 million, more than tripling year-over-year and topping the $228 million consensus, driven by $311 million in international COVID vaccine sales versus $78 million domestically. The company reported a $3.40 per-share net loss, beating the $3.96 expected, despite a $0.9 billion litigation charge, while R&D and SG&A expenses fell 24% and 18%, respectively.
1. Revenue Beat Driven by International Demand
Moderna posted Q1 revenue of $389 million, surpassing the $228 million analyst consensus as international COVID vaccine sales of $311 million accounted for roughly 80% of total revenue, dwarfing the $78 million generated in the U.S. This surge was linked to long-term government partnerships and the first shipment under its U.K. alliance.
2. Improved Loss Per Share Amid One-Off Charge
The company reported a net loss of $3.40 per share, outperforming the $3.96 expected, despite a $0.9 billion litigation settlement tied to lipid nanoparticle technology. Excluding that charge, costs of sales and operating expenses declined year-over-year.
3. Expense Reductions and Cost Trends
Research and development expenses decreased by 24% to $649 million, while selling, general, and administrative costs fell 18% to $173 million. The company highlighted efficiency gains and lower trial-related spending as key drivers of the reductions.
4. Outlook, Regulatory Milestones, and Market Rebalance
Moderna maintained its 2026 revenue growth target of up to 10% over 2025, projecting domestic markets to contribute about half of total sales, down from 62% last year. The company received European approval for its mCOMBRIAX flu-plus-COVID vaccine and mNEXSPIKE COVID vaccine, and awaits an FDA decision on its flu mRNA vaccine by Aug. 5, 2026.