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Moderna Inc reported first-quarter 2026 revenue that exceeded Wall Street expectations, but the company posted a wider-than-expected net loss and missed earnings estimates, partly due to a significant one-time litigation settlement charge.
Moderna generated revenue of $389 million for the quarter, compared with consensus estimates of about $251.8 million.
Revenue increased by $281 million versus the same period a year earlier, driven primarily by higher COVID-19 vaccine sales in international markets and deliveries under long-term government partnerships. Approximately 80% of quarterly revenue came from outside the United States.
Despite the top-line beat, Moderna reported a GAAP net loss of $1.3 billion, compared with a loss of $1.0 billion a year earlier. The consensus expectation was about $1.1 billion.
The company reported GAAP loss per share of $3.40, slightly worse than analysts’ expectations of $3.35.
Results were significantly affected by a non-recurring $0.9 billion litigation settlement charge recorded in cost of sales. Excluding the charge, Moderna said its cost of sales declined year over year due to lower manufacturing capacity costs and reduced losses on purchase commitments, partially offset by higher sales volume and inventory adjustments.
Moderna’s cash, cash equivalents and investments totaled $7.5 billion as of March 31, down from $8.1 billion at the end of 2025. The decline was attributed mainly to ongoing operating losses and pipeline investment.
The company said the $950 million cash payment related to the litigation settlement is expected in the third quarter of 2026.
On the commercial and pipeline front, Moderna highlighted recent regulatory approvals in Europe for several products, including mNEXSPIKE and mCOMBRIAX, its flu and COVID-19 combination vaccine. The company also reported continued international rollout of mRESVIA for adults aged 18 and older.
Moderna CEO Stéphane Bancel said the company made “a great start to the year,” citing progress on cost reductions, new product approvals in Europe, and advancement of its clinical pipeline, including a Phase 3 study of its cancer therapy candidate intismeran autogene in non-small cell lung cancer.
For 2026, Moderna reiterated its expectation for up to 10% revenue growth and continued reductions in operating expenses, excluding the impact of the litigation settlement. The company also pointed to upcoming regulatory decisions and clinical trial readouts across its infectious disease and oncology programs later this year.
Shares of Moderna edged 0.3% lower to about $46 on Friday morning.
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