CAMBRIDGE, Massachusetts, May 1, 2026, 10:12 EDT
- Moderna posted a sharp jump in first-quarter revenue, climbing to $389 million as international Covid vaccine sales gave the figures a boost.
- The company stuck with its 2026 growth target. Still, that patent settlement charge pushed the quarterly loss deeper.
- Investors are once again weighing the classic Moderna dilemma—can fresh vaccine launches and cancer drug projects make up for a shrinking U.S. Covid market?
Moderna Inc. topped first-quarter revenue forecasts Friday, with international Covid-19 vaccine sales outpacing what the U.S. market delivered—setting the biotech up for a stronger 2026 kickoff than many investors had penciled in. Revenue hit $389 million, a jump from $108 million the previous year, and of that, $311 million was generated outside the U.S.
Timing is key here. Moderna needs to show it can restart growth after the Covid vaccine surge faded. Investors, stung by years of cost reductions, regulatory hurdles and patent disputes, have started to zero in on the company’s cash burn instead of the science.
U.S. revenue landed at just $78 million for the quarter, a figure that highlights how quickly the company’s focus has tilted abroad. Chief Financial Officer Jamey Mock described Moderna as now “more balanced international versus U.S. story” in comments to Reuters, pointing to partnerships spanning the UK, Canada, and Australia. Reuters
Moderna shares bounced around in early U.S. trading, slipping 2.7% to $44.70. Earlier, the stock hit an intraday high of $51.03.
The earnings beat wasn’t enough to offset the litigation hit. Moderna reported a net loss of $1.34 billion, or $3.40 per share, factoring in a one-time charge of about $900 million from settling with Arbutus Biopharma and Genevant Sciences over the lipid nanoparticle technology—the fat-based shell that delivers mRNA into cells.
Moderna stuck to its 2026 revenue growth target—still aiming for as much as 10%. For this year, the company projects that sales will end up roughly balanced between U.S. and overseas markets. Expenses are trending lower: research and development spend dropped 24%, while selling, general and administrative costs fell 18% from a year ago.
Chief Executive Stéphane Bancel told investors the company is looking for a “return to sales growth in 2026” and is anticipating “several additional approvals around the world.” That includes its seasonal flu vaccine. Moderna said the FDA has put an Aug. 5, 2026, decision on the calendar for that candidate, labeled mRNA-1010. Investing News Network (INN)
Timing remains a concern. According to RBC Capital’s Luca Issi, as cited by Reuters, Moderna’s revenue this year is expected to be backloaded—just 15% is projected for the first half of 2026. For the second quarter, Moderna anticipates bringing in between $50 million and $100 million, leaving a lean stretch until the fall respiratory season kicks in.
Europe is playing an increasingly important role for the company. Back in April, the European Commission signed off on mCombriax—Moderna’s dual flu and Covid-19 vaccine for people 50 and up—marking the first approval anywhere for a combo shot in this group. Until now, this age bracket has had to get their Covid and flu vaccines separately.
The race is tight. Moderna put its combo shot up against standalone doses of Spikevax and standard flu vaccines from GSK and Sanofi in a big trial, while Pfizer and BioNTech, still Moderna’s chief mRNA Covid competitors, are locked in ongoing patent disputes.
Moderna is looking past respiratory vaccines, aiming to prove its mRNA technology in cancer and rare diseases. The company announced it’s begun a Phase 3 trial for intismeran autogene, its personalized cancer vaccine, testing it alone and paired with Merck’s Keytruda QLEX in patients with high-risk Stage 1 non-small cell lung cancer.
The risks? They’re clear: U.S. vaccine uptake stays sluggish, regulatory timelines might stretch, and that crucial second-half boost in sales could miss Moderna’s window. Mock told Reuters the company is optimistic that most of the turbulence in U.S. policy is “behind us,” though that doesn’t guarantee stability has returned to the market. Reuters
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