Moderna beats Q1 revenue estimates despite $1.3B net loss

Moderna (NASDAQ:MRNA) reported first-quarter 2026 financial results that exceeded Wall Street's top-line expectations, posting revenue of $389 million.

While significantly higher than the $224 million analysts had projected, the figure still reflects the ongoing transition to an endemic market for respiratory vaccines.

The company reported a GAAP net loss of $1.34 billion, or $3.40 per diluted share.

A primary driver of the quarterly loss was a non-recurring $950 million litigation settlement charge.

Excluding this and other specific items, the adjusted loss was $1.18 per share, which was better than the $3.02 loss anticipated by the market.

Moderna ended the quarter with a strong liquidity position, holding $7.5 billion in cash and investments, and noted that the $950 million settlement payment is not expected to impact cash reserves until the third quarter of 2026.

Operationally, Moderna reached several regulatory milestones in Europe.

The European Commission granted marketing authorization for mCOMBRIAX, the world’s first combination seasonal influenza and COVID-19 vaccine, for adults aged 50 and older.

Additionally, the company received EU approvals for mNEXSPIKE (its next-generation COVID-19 vaccine) and mRESVIA (its RSV vaccine).

These launches are central to Moderna's strategy to expand its seasonal franchise from three to potentially six approved products by 2028.

On the clinical front, Moderna initiated a Phase 3 study of intismeran (mRNA-4157), its individualized neoantigen therapy developed with Merck, for patients with high-risk Stage 1 non-small cell lung cancer (NSCLC).

This adds to the growing "INTerpath" program, which is already evaluating the therapy in melanoma and later-stage lung cancer.