MRNA
FY2026 Q1 · Calendar Q2 2026
Moderna, Inc.
Moderna's first quarter of FY2026 beat consensus on both revenue and EPS, with $389M in revenue (a 65% surprise) driven by international partnerships, particularly the UK. A $950M Arbutus litigation settlement inflated the reported net loss to $1.3B, but the underlying loss narrowed to $0.5B as cost discipline held. Management maintained its 2026 revenue growth target of up to 10%, with EU approvals for the flu-COVID combo vaccine and upcoming oncology readouts as the next catalysts. The stock's muted reaction (-1.5% abnormal) suggests investors are looking past the headline beat toward pipeline execution and regulatory milestones later in the year.
EPS surprise+23.6%
Market move-1.2%
