Moderna Reports $389M Q1 Revenue, EU Approvals, $1.3B Net Loss
Moderna reported Q1 revenue of $389 million—80% from international markets—and a GAAP net loss of $1.3 billion including a $0.9 billion litigation charge. It won EU approvals for mNEXSPIKE and flu-COVID combo mCOMBRIAX and launched a Phase 3 trial of intismeran in Stage 1 lung cancer.
1. First Quarter Financial Results
Moderna posted Q1 revenue of $389 million, up $281 million year-over-year, with $78 million from U.S. and $311 million from international markets. GAAP net loss was $1.3 billion, including a $0.9 billion litigation settlement charge, EPS was $(3.40), and cash plus investments totaled $7.5 billion as of March 31.
2. 2026 Financial Outlook
The company targets up to 10% revenue growth in 2026 and plans to reduce GAAP operating expenses excluding the litigation settlement. Cost of sales is projected at $1.8 billion including the settlement charge, R&D expenses at $3.0 billion, SG&A at $1.0 billion, capital expenditures at $0.2–0.3 billion, and year-end cash of $4.5–5.0 billion.
3. Regulatory and Commercial Updates
In Q1, Moderna secured EU approval for mNEXSPIKE, its flu plus COVID combination vaccine mCOMBRIAX, and mRESVIA for adults 18 and older, and delivered its first shipment under the UK strategic partnership. International markets accounted for approximately 80% of total revenue.
4. Pipeline Progress and Milestones
The company initiated a Phase 3 trial of intismeran as monotherapy and in combination with KEYTRUDA QLEX for high-risk Stage 1 non-small cell lung cancer. Additional pivotal readouts are expected in 2026 for norovirus, intismeran in melanoma, and propionic acidemia programs.