Moderna Reports $389 Million Revenue in Q1 2026, Despite $1.343 Billion Net Loss

Moderna, Inc. reported significant financial results for the first quarter of 2026, with total revenue reaching $389 million, a substantial increase from $108 million in the same period of 2025. This growth was primarily driven by net product sales of $352 million, which surged 309% year-over-year, largely due to increased sales of COVID-19 vaccines in international markets. The company also recorded other revenue of $37 million, up from $22 million in the prior year, reflecting higher stand-ready manufacturing revenue from strategic partnerships with government entities.

Despite the revenue growth, Moderna experienced a net loss of $1.343 billion for the quarter, compared to a loss of $971 million in the first quarter of 2025. The increase in net loss was attributed to a significant rise in operating expenses, which totaled $1.777 billion, up 53% from $1.158 billion a year earlier. The cost of sales alone was $955 million, which included $895 million in third-party royalties related to a litigation settlement with Arbutus Biopharma and Genevant Sciences. Research and development expenses decreased by 24% to $649 million, while selling, general, and administrative expenses fell by 18% to $173 million.

In terms of operational developments, Moderna has made strategic advancements, including a collaboration with Recordati S.p.A. to develop and commercialize its investigational propionic acidemia therapeutic, mRNA-3927. The agreement, finalized in March 2026, includes a $50 million upfront payment and potential milestone payments totaling up to $110 million. Additionally, Moderna signed a memorandum of understanding with the Government of Mexico to enhance local mRNA manufacturing capabilities and supply its respiratory vaccine portfolio.

As of March 31, 2026, Moderna's total assets were reported at $11.488 billion, a decrease from $12.338 billion at the end of 2025. The company's cash and cash equivalents also fell to $1.908 billion from $2.595 billion. Current liabilities increased to $2.395 billion, up from $1.987 billion, largely due to accrued liabilities related to the litigation settlement. The company’s working capital decreased by 26% to $3.375 billion, reflecting the impact of cash outflows from operating activities and increased liabilities.

Looking ahead, Moderna anticipates continued growth in product sales, supported by long-term strategic partnerships and the full-year impact of its COVID-19 and RSV vaccine sales. The company remains focused on advancing its pipeline of 35 development programs, including ongoing clinical trials for its oncology and infectious disease therapeutics. However, it also acknowledges the need for substantial capital to support its research and development activities, operational costs, and potential future milestone payments associated with its collaborations.