Moderna, Inc.

Moderna reported Q2 2026 revenue of $145 million, up 2% year over year, and said it came in above the guidance range from the prior quarter call. Cost of sales was $93 million, down 22% year over year; R&D was $651 million, down 7%; and SG&A was $216 million, down 6%. The company posted a net loss of $782 million, improving by $43 million, or 5%, versus last year, with loss per share of $1.97 versus $2.13. Cash and investments were $6.9 billion at quarter-end versus $7.5 billion at the end of Q1. For 2026, Moderna reiterated revenue growth of up to 10%, said it now expects cost of sales of $1.7 billion, R&D of $2.9 billion, SG&A of about $1 billion, total GAAP operating expenses of $4.7 billion excluding the $0.9 billion litigation charge, and cash and investments of $4.7 billion to $5.2 billion at year-end. It also said capital expenditures are expected to be between $0.2 billion and $0.3 billion.

Stéphane Bancel framed the quarter as one of disciplined execution in a seasonally light period for vaccines. He emphasized the company’s readiness for the 2026 and 2027 vaccination seasons, pointed to the VRBPAC recommendation for mRNA-1010, and highlighted progress across respiratory, oncology, rare disease, and global partnerships. His tone was constructive and confident, while still stressing that success in the back half depends on execution and multiple pending regulatory and clinical milestones.

Jamey Mock focused on the financial discipline story: revenue beat the prior guidance range, cash cost in Q2 fell 10% versus last year, and several expense lines declined year over year. He lowered full-year cost of sales by $0.1 billion to $1.7 billion and R&D by $0.1 billion to $2.9 billion, while keeping SG&A at about $1 billion. He also said the updated 2026 framework implies $4.7 billion of GAAP operating expenses excluding the litigation charge, $4 billion of cash costs, and year-end cash and investments of $4.7 billion to $5.2 billion, with the $950 million litigation settlement payment to show up in Q3 cash.

Analysts pressed for more detail on the Intismeran melanoma interim, including timing, the possibility of accelerated review, and how a positive read-through could extend to lung and other tumors. Management repeatedly declined to disclose the statistical plan or timing specifics, but said the study was designed with Merck to assess the product’s full commercial profile and that there are subsequent planned analyses. They also said a positive result could support accelerated review and that manufacturing capacity in Massachusetts should be able to support an initial launch. On norovirus, management said the study remains blinded, the interim was delayed because cases came more slowly than expected, and they are now preparing an additional cohort for the next winter season. On flu, they said FDA and advisory committee discussions included the possibility of late strain selection, but actual handling would depend on public health bodies.