Moderna Reports Q2 2026 Financial Results with $145M Revenue and $782M Net Loss

Moderna, Inc. reported its financial results for the second quarter of 2026, revealing total revenue of $145 million, a slight increase from $142 million in the same period last year. The company's net product sales for the quarter were $94 million, down 18% from $114 million in the second quarter of 2025, primarily due to decreased sales of COVID vaccines in the United States. However, total revenue for the first half of 2026 surged to $534 million, a 114% increase compared to $250 million in the first half of 2025, driven by higher international sales of COVID vaccines and increased collaboration revenue.

The company's operating expenses for the second quarter decreased to $960 million from $1.049 billion in the prior year, reflecting a reduction in costs across various categories, including research and development and selling, general, and administrative expenses. Despite these reductions, Moderna reported a net loss of $782 million for the quarter, slightly less than the $825 million loss recorded in the same period last year. For the first half of 2026, the net loss widened to $2.125 billion, compared to $1.796 billion in the first half of 2025, largely due to significant litigation-related expenses.

In terms of strategic developments, Moderna received marketing authorization from the European Commission for its flu and COVID combination vaccine, mCOMBRIAX, in April 2026. The company also expanded its collaboration with the Coalition for Epidemic Preparedness Innovations (CEPI) to develop a vaccine against the Bundibugyo ebolavirus, with CEPI committing up to $50 million for the project. Additionally, Moderna is advancing its investigational cancer therapy, mRNA-4157, in collaboration with Merck, with multiple clinical trials currently underway.

Operationally, Moderna's cash and cash equivalents decreased to $1.723 billion as of June 30, 2026, down from $2.595 billion at the end of 2025. The company reported a significant increase in accrued liabilities, primarily due to a $950 million litigation settlement. The total liabilities rose to $4.2 billion, compared to $3.688 billion at the end of the previous fiscal year. Looking ahead, Moderna anticipates continued investment in its research and development pipeline, with expectations of returning to revenue growth in 2026, supported by long-term strategic partnerships and new product launches.