Moderna Shares Fall 6% Premarket After Q2 Revenue Rises to $145 Million and Norovirus Trial Misses Endpoint
Key Takeaways
- •Moderna's second-quarter revenue edged up to $145 million from $142 million a year earlier, while its quarterly net loss narrowed to $782 million from $825 million.
- •The company's norovirus vaccine candidate did not meet the prespecified efficacy endpoint in a Phase 3 interim analysis, though the trial will continue under blinded conditions with an additional patient group.
- •Moderna lowered its full-year cost of sales forecast to $1.7 billion and its R&D spending projection to $2.9 billion as part of broader cost-reduction efforts.
- •As of June 30, Moderna held $6.9 billion in cash and marketable securities, with year-end balances expected to fall between $4.7 billion and $5.2 billion after a $950 million litigation payment.
- •The FDA has set an Aug. 5 action date for mRNA-1010, Moderna's seasonal flu vaccine candidate, marking a key test of its strategy to diversify beyond COVID-19 vaccines.
Moderna shares fell 6.09% in premarket trading to $54.39 after the company reported second-quarter results and disclosed a setback in its norovirus vaccine program. The biotech company posted modest revenue growth and a narrower quarterly loss, but investors focused on the clinical trial disappointment. The premarket decline extends a broader trend for Moderna, whose revenue has fallen sharply from peak pandemic levels as COVID-19 vaccine demand contracts and the company works to commercialize a wider range of mRNA-based products.
Second-Quarter Revenue and Loss Narrow
Moderna reported second-quarter revenue of $145 million, up slightly from $142 million in the same period of 2024. U.S. operations contributed $87 million, while international markets generated $58 million. Revenue from UK contracts and collaborative partnerships helped offset weaker COVID-19 vaccine demand in several regions.
Manufacturing costs fell 22% year over year to $93 million, reflecting improved operational efficiency. That figure included $41 million related to inventory adjustments and $23 million tied to underutilized production capacity. Research and development expenses declined 7% to $651 million after the company discontinued certain pipeline programs.
General and administrative expenses decreased 6% to $216 million as management continued to apply tighter spending discipline. Moderna reported a quarterly net loss of $782 million, compared with a loss of $825 million a year earlier. On a per-share basis, the loss narrowed to $1.97 from $2.13.
2026 Outlook and Cash Position
The company reaffirmed its outlook for revenue growth of up to 10% in fiscal 2026, with management expecting balanced contributions from domestic and international operations. Moderna said it expects 55% of second-half revenue to be generated in the third quarter.
The company lowered its cost of sales forecast to $1.7 billion from $1.8 billion. It also reduced its research and development spending projection to $2.9 billion from $3.0 billion. General and administrative expenses are still expected to be about $1.0 billion.
As of June 30, Moderna held $6.9 billion in cash and marketable securities, down from $7.5 billion at the end of the first quarter. The company also made a $950 million payment in July to settle litigation. Management expects year-end cash balances to fall between $4.7 billion and $5.2 billion. The declining cash balance underscores the importance of the cost reductions and pipeline advancements to investors monitoring how long Moderna's reserves can sustain its operations before new products generate meaningful commercial revenue.
Pipeline Updates and Regulatory Milestones
Moderna said it expanded market access through new supply contracts and regulatory clearances across Europe, Asia and Latin America. The European Commission finalized arrangements for up to 24 million doses of mRESVIA for six member states. Regulators also granted marketing authorization for mRESVIA and mNEXSPIKE in four additional countries.
The U.S. Food and Drug Administration has set an Aug. 5 action date for mRNA-1010, the company's seasonal flu candidate. Moderna is also awaiting a regulatory decision on mFLUSIVA, which could become its fifth commercialized product. European authorities have already approved mCOMBRIAX, a combination flu and COVID-19 vaccine, for distribution in the region. These upcoming regulatory decisions represent key tests of Moderna's strategy to diversify beyond COVID-19 vaccines using its mRNA platform across respiratory and combination vaccines.
The company's norovirus vaccine candidate did not meet the prespecified efficacy endpoint in a planned interim analysis of its Phase 3 trial. The study will continue under blinded conditions, and Moderna plans to enroll an additional patient group. Norovirus is a leading cause of acute gastroenteritis outbreaks worldwide, and no vaccine is currently approved for the virus, making the program's outcome relevant to the broader competitive landscape among companies pursuing norovirus vaccines.
Moderna said data from its melanoma and propionic acidemia programs are expected before the end of 2026.