Moderna shares fell 6.09% in premarket trading to $54.39 after the company reported mixed second-quarter results and disclosed a setback in its vaccine pipeline. Revenue increased slightly, the company narrowed its loss, and several expense forecasts were reduced. However, Moderna's norovirus program missed its interim target. The results come as Moderna continues its transition from a single-product COVID vaccine company toward a diversified mRNA pipeline.

Q2 Revenue Rises as Expenses Decline

Moderna reported second-quarter revenue of $145 million, up from $142 million a year earlier. U.S. revenue came in at $87 million, while international markets contributed $58 million. Deliveries in the United Kingdom and partnership income helped offset weaker COVID vaccine sales in several markets. Revenue remains a fraction of the billions Moderna generated annually during peak pandemic demand, when its Spikevax vaccine was among the world's most widely administered COVID shots.

Cost of sales fell 22% to $93 million as Moderna improved manufacturing efficiency. That figure included $41 million in inventory write-downs and $23 million in unused manufacturing capacity costs. Research and development expenses declined 7% to $651 million after several programs ended.

Selling, general and administrative expenses decreased 6% to $216 million as the company maintained tighter spending controls. Moderna posted a net loss of $782 million, compared with $825 million in the same quarter last year. Loss per share narrowed to $1.97 from $2.13.

Moderna Lowers Cost Forecasts and Updates Cash Outlook

Moderna kept its target for revenue growth of up to 10% in 2026. The company expects revenue to be split evenly between the United States and international markets, and it said 55% of second-half revenue should come in the third quarter.

The company lowered its expected cost of sales to $1.7 billion from $1.8 billion and trimmed projected research spending to $2.9 billion from $3.0 billion. Selling and administrative expenses are expected to remain near $1.0 billion.

Cash and investments totaled $6.9 billion on June 30, down from $7.5 billion in March. Moderna later paid $950 million under a July litigation settlement related to lipid nanoparticle technology used in its COVID vaccine. The company said year-end cash should be between $4.7 billion and $5.2 billion.

Pipeline Advances and Setbacks

Moderna said it expanded commercial access through new agreements and regulatory approvals across Europe, Asia, and Latin America. The European Commission secured up to 24 million mRESVIA doses for six participating countries, and regulators approved mRESVIA and mNEXSPIKE in four additional international markets. Moderna's RSV vaccine mRESVIA entered a respiratory syncytial virus market where GSK's Arexvy and Pfizer's Abrysvo are already established competitors.

In the United States, the FDA set an August 5 decision date for the seasonal influenza candidate mRNA-1010. Moderna also expects a decision on mFLUSIVA, which it described as a possible fifth approved product. European regulators have already authorized the combined flu and COVID vaccine mCOMBRIAX for regional use. Seasonal influenza represents one of the largest vaccine markets globally, with established manufacturers including Sanofi, Seqirus, and GSK supplying the majority of doses.

At the same time, Moderna's Phase 3 norovirus study missed early success criteria during its scheduled interim review. The trial remains blinded, and the company plans to enroll another patient cohort. Norovirus, a leading cause of acute gastroenteritis worldwide, currently has no approved vaccine. Moderna also said melanoma and propionic acidemia data could be available before the end of 2026.