Moderna earnings
Moderna's next results are expected on November 6, 2026. Watch whether the main autumn selling quarter turns approved vaccines into paid demand.
What has Moderna guided for 2026?
At $236.50 a share, Moderna’s price outcome hinges on replacing COVID sales with durable products and converting its pipeline through approval, manufacturing, reimbursement and adoption. Management guides to up to 10% revenue growth in 2026, $2,900 million of R&D expense and $4,700–$5,200 million of year-end cash and investments. The outlook assumes no mFLUSIVA or mCOMBRIAX sales and targets cash breakeven in 2028.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Revenue — growth from 2025 | Year to Dec 2026 | 10.0% | 2026-07-31 | |
| Research and Development Expenses | Year to Dec 2026 | 2,900 | 2,900 | 2026-07-31 |
| Capital Expenditures | Year to Dec 2026 | 200 | 300 | 2026-07-31 |
| Cash and Investments | Year to Dec 2026 | 4,700 | 5,200 | 2026-07-31 |
What this means. Cash costs are lower than total expenses because they leave out stock-based compensation and depreciation and amortization.
Did Moderna keep its past promises?
The annual bonus rewarded more than sales. Moderna missed its sales target, but reduced operating expenses by approximately US$2.2 billion and achieved vaccine approvals. The board therefore set the overall performance factor at 170% of target, producing Bancel’s US$4.3 million cash bonus. That may make sense when preserving cash and advancing products are urgent, but it also means executives can be rewarded before the broader medicines business proves itself commercially.
What has Moderna's revenue and profit been doing?
Gross margin improved and the operating loss narrowed, but the quarter still produced a large net loss. Lower research and selling expenses helped, while an earlier $62 million benefit had flattered the comparison. Cost control is real, but vaccine gross profit remained too small to fund the organization.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 145 | 389 | 678 | 1,016 | 142 | 108 | 966 | 1,862 |
| Gross margin | 35.9% | -145.5% | 33.3% | 79.6% | 16.2% | 16.7% | 23.5% | 72.4% |
| Operating income | -815 | -1,388 | -857 | -260 | -907 | -1,050 | -1,246 | -70 |
| Net income | -782 | -1,343 | -826 | -200 | -825 | -971 | -1,120 | 13 |
| EPS, diluted | -1.97 | -3.40 | -2.11 | -0.51 | -2.13 | -2.52 | -2.91 | 0.03 |
What this means. The negative gross margin in March 2026 means an unusual legal settlement made the direct costs of sales larger than sales that quarter.
What should I watch in Moderna's next results?
The next decisive evidence is whether clinical progress becomes regulatory progress and whether approved vaccines become paid demand. The November 6, 2026 results call should show how the main autumn selling quarter performed, while the November 12 Analyst Day should clarify spending and launch priorities.