Key Highlights

  • Shares climbed approximately 8% during premarket hours following stronger-than-expected Q1 performance
  • First-quarter revenue reached $389 million, representing over 3x growth compared to the prior year, surpassing the $228 million consensus
  • Overseas markets generated $311 million in sales, with significant contributions from UK, Canadian, and Australian agreements
  • Loss per share of $3.40 came in better than the anticipated $3.96, factoring in approximately $900 million in patent settlement costs
  • The biotech company reaffirmed expectations for revenue expansion reaching 10% in 2026

Shares of Moderna rose approximately 8% during Friday’s premarket session following the release of first-quarter financial results that exceeded analyst projections across key metrics.


MRNA Stock Card
Moderna, Inc., MRNA

First-quarter revenue totaled $389 million, representing a substantial increase from the $108 million recorded in the same period last year. This figure surpassed Wall Street’s consensus estimate of approximately $228 million, based on LSEG data.

The primary catalyst behind this performance was COVID-19 vaccine sales across international territories. Revenue from overseas markets reached $311 million, while U.S. sales contributed $78 million.

The company capitalized on established government contracts across the United Kingdom, Canada, and Australia to drive these results. CFO Jamey Mock noted that the business has evolved into “a more balanced international versus U.S. story.”

This represents a significant development in Moderna’s trajectory. During earlier reporting periods, the company had signaled concerns about weakening COVID vaccine demand. The current quarter demonstrates a reversal of that trend.

Challenges persist in the domestic market. Policy shifts implemented under Health Secretary Robert F. Kennedy Jr. have contributed to reduced vaccine uptake across the United States. Mock expressed optimism that the company anticipates “a more stable COVID market in 2026 in the U.S.” and believes much of the current uncertainty has passed.

Financial Performance Shows Improvement Despite Settlement Impact

The company reported a net loss of $1.34 billion, translating to $3.40 per share. This result exceeded analyst expectations, which had projected a loss of $3.96 per share.

The loss figure incorporates approximately $900 million related to a patent dispute resolution with Genevant Sciences and Arbutus Biopharma. The two entities had claimed Moderna utilized their proprietary lipid nanoparticle delivery platform in the Spikevax COVID vaccine without authorization.

A settlement agreement was finalized in March. This expense also elevated the company’s projected cost of sales for the full 2026 fiscal year to $1.8 billion, an increase from the previous $900 million guidance.

Reductions in both research expenditures and administrative costs during the quarter contributed to improved loss margins.

Development Programs and Forward Guidance

The company maintained its 2026 revenue growth projection of up to 10%, with international markets expected to contribute approximately half of total sales — an increase from the 38% share recorded last year.

Revenue for the second quarter is projected to fall between $50 million and $100 million, with equal distribution anticipated between domestic and international markets.

RBC Capital analyst Luca Issi highlighted that Moderna’s annual revenue profile is backend-loaded for 2026, with the first half of the year accounting for only about 15% of expected totals.

The company’s pipeline extends beyond COVID-19, with late-stage clinical data anticipated for a norovirus vaccine candidate and a personalized cancer vaccine being co-developed with Merck. Regulatory authorities have scheduled an August 5 decision date for Moderna’s mRNA-based influenza vaccine, following the resolution of earlier disagreements with the FDA regarding trial methodology issues.

Additional development efforts include a therapeutic candidate targeting a rare metabolic condition, reflecting the company’s expansion strategy into therapeutic areas beyond infectious disease prevention.