Moderna (NASDAQ:MRNA) Announces Earnings Results

Key Points

• Moderna reported GAAP EPS of $(3.40), beating estimates, and revenue of $389 million (up ~260% YoY) driven by international COVID‑vaccine sales, but the company still shows negative margins and GAAP losses.
• The company took an $878 million cost‑of‑sales charge and expects a $950 million lump‑sum payment in Q3 2026 with a possible additional contingent payment up to $1.3 billion if Section 1498 liability is affirmed, although Moderna plans to appeal and views further payment as not probable.
• Management reiterated up to 10% revenue growth for 2026, ended the quarter with $7.5 billion in cash/investments and a 26% reduction in adjusted cash costs, while highlighting regulatory catalysts (EU approvals for mCOMBRIAX and Spikevax; U.S. PDUFA Aug 5 for mRNA‑1010) and advancing late‑stage pipeline programs.

Moderna (NASDAQ:MRNA - Get Free Report) released its earnings results on Friday. The company reported ($3.40) EPS for the quarter, beating the consensus estimate of ($4.44) by $1.04, Briefing.com reports. The company had revenue of $389.00 million during the quarter, compared to analysts' expectations of $236.37 million. Moderna had a negative return on equity of 30.15% and a negative net margin of 145.16%.The business's revenue was up 260.2% on a year-over-year basis. During the same period in the prior year, the business posted ($2.52) EPS.

Here are the key takeaways from Moderna's conference call:

• Q1 revenue of $400 million (driven by U.K. strategic partnerships) and a reiteration of up to 10% revenue growth for 2026, alongside a 26% year‑over‑year reduction in adjusted cash cost and ending cash/investments of $7.5 billion.
• Moderna recorded an $878 million cost‑of‑sales charge from a settlement and will make a lump sum payment of $950 million in Q3 2026, with a contingent additional payment of up to $1.3 billion if the Federal Circuit affirms liability under Section 1498; the company plans to appeal and views further payment as not probable.
• Regulatory and commercial momentum in Europe with EU approvals for mCOMBRIAX (the world's first flu+COVID combo) and Spikevax, and a U.S. PDUFA date of August 5 for the seasonal flu vaccine mRNA‑1010, expected to help drive EU growth in 2027.
• Pipeline advancement with initiation of a phase III intismeran trial in high‑risk stage 1 non‑small cell lung cancer (including a monotherapy arm), an interim 5‑year update for intismeran in adjuvant melanoma due at ASCO, a fully enrolled phase III norovirus study and a pivotal readout for propionic acidemia expected in 2026.

Moderna Stock Performance

Shares of MRNA stock traded down $0.57 on Friday, hitting $45.37. 10,215,449 shares of the stock traded hands, compared to its average volume of 9,738,576. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.29 and a quick ratio of 3.22. The company has a market capitalization of $17.92 billion, a PE ratio of -6.24 and a beta of 1.33. Moderna has a 1-year low of $22.28 and a 1-year high of $59.55. The company's fifty day moving average is $51.84 and its 200 day moving average is $39.29.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. UBS Group reiterated a "neutral" rating and set a $36.00 target price on shares of Moderna in a research note on Monday, February 16th. Evercore set a $35.00 target price on Moderna in a research note on Tuesday, February 17th. Royal Bank Of Canada increased their target price on Moderna from $25.00 to $30.00 and gave the company a "sector perform" rating in a research note on Tuesday, February 17th. Leerink Partners reiterated an "underperform" rating on shares of Moderna in a research note on Friday, January 30th. Finally, The Goldman Sachs Group increased their target price on Moderna from $36.00 to $41.00 and gave the company a "neutral" rating in a research note on Tuesday, February 17th. Two analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $34.07.

Insider Activity

In related news, President Stephen Hoge sold 160,009 shares of the company's stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $48.84, for a total transaction of $7,814,839.56. Following the sale, the president directly owned 1,457,427 shares of the company's stock, valued at approximately $71,180,734.68. This represents a 9.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 10.80% of the company's stock.

Institutional Investors Weigh In On Moderna

Several institutional investors and hedge funds have recently made changes to their positions in MRNA. AQR Capital Management LLC acquired a new stake in shares of Moderna during the 1st quarter valued at approximately $415,000. NewEdge Advisors LLC raised its position in shares of Moderna by 732.7% during the 1st quarter. NewEdge Advisors LLC now owns 11,575 shares of the company's stock valued at $328,000 after acquiring an additional 10,185 shares in the last quarter. United Services Automobile Association acquired a new stake in Moderna in the first quarter worth $230,000. Focus Partners Wealth increased its position in Moderna by 58.7% in the first quarter. Focus Partners Wealth now owns 23,547 shares of the company's stock worth $668,000 after buying an additional 8,706 shares during the period. Finally, American Century Companies Inc. increased its position in Moderna by 5.2% in the second quarter. American Century Companies Inc. now owns 48,859 shares of the company's stock worth $1,348,000 after buying an additional 2,410 shares during the period. 75.33% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Moderna

Here are the key news stories impacting Moderna this week:

• Positive Sentiment: Q1 revenue sharply exceeded estimates — $389M (+~260% YoY) driven by strong international COVID‑19 vaccine sales, showing demand outside the U.S. and a meaningful top‑line rebound. Article Title
• Positive Sentiment: Pipeline and upcoming regulatory catalysts remain market drivers — the mRNA‑1010 seasonal flu PDUFA (Aug. 5) and advancing oncology programs give upside optionality beyond COVID vaccines. Article Title
• Neutral Sentiment: Company reiterated 2026 outlook (up to ~10% revenue growth) and signaled continued operating expense reductions excluding the non‑recurring settlement — suggests management expects sustainable margin improvements over time. Article Title
• Neutral Sentiment: Revenue concentration shifted heavily to ex‑U.S. markets (~80% of Q1 revenue), which helped the beat but increases sensitivity to international procurement cycles and government deals. Article Title
• Negative Sentiment: A $0.9B one‑time litigation settlement was recorded in Q1, producing a wider GAAP loss (GAAP EPS of $(3.40)) and negative gross/net margins — this sizable charge weighed on the earnings print despite the revenue beat. Article Title
• Negative Sentiment: Stock reaction was volatile — shares initially rallied on the revenue beat but later moved lower as investors digested the settlement, continued unprofitability, and reliance on a few government contracts. Article Title

Moderna Company Profile

Moderna, Inc is a biotechnology company headquartered in Cambridge, Massachusetts, specializing in messenger RNA (mRNA) therapeutics and vaccines. The company's platform leverages synthetic mRNA to instruct cells to produce proteins that can prevent or treat diseases. Since its founding in 2010, Moderna has advanced from early-stage research into a broad pipeline of vaccine and therapeutic candidates designed to address infectious diseases, rare genetic disorders and chronic illnesses.

Moderna's flagship product is its mRNA-based COVID-19 vaccine, which was the first of its kind to receive emergency use authorization and later full approval in multiple jurisdictions.

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