Moderna Q2 FY26 net loss narrows 5% to $0.8 billion; revenue rises to $145 million

Moderna posted Q2 revenue of USD 145 million, up 2.11% year over year, on lower U.S. and South America COVID sales.

GAAP net loss narrowed 5% to USD 0.8 billion; GAAP loss per share improved to USD 1.97.

GAAP cost of sales fell 22% to USD 93 million, including USD 41 million of inventory write-downs and USD 23 million of unutilized capacity costs.

R&D expenses slipped 7% to USD 651 million; SG&A declined 6% to USD 216 million as the company cited continued discipline.

Moderna reiterated up to 10% 2026 revenue growth, flagged an Aug. 5 PDUFA date for mFLUSIVA, and said its Phase 3 norovirus interim analysis missed early success criteria.