Moderna Q2 Earnings Meet Estimates but Stock Falls on Norovirus Vaccine Setback

Earnings

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Summary · why it matters

Moderna reported a second-quarter 2026 loss of $1.97 per share, matching the Zacks Consensus Estimate, while total revenues of $145 million beat expectations of $126.7 million. However, shares declined in pre-market trading after the company announced that a phase III study of its norovirus vaccine failed to meet statistical criteria for early success at an interim analysis. The loss narrowed 7.5% from $2.13 a year ago, and revenues rose 2% year over year, driven by higher sales in ex-U.S. markets. Product sales fell 17.5% to $94 million due to lower COVID-19 vaccine sales in the United States and South America, while other revenues climbed 82% to $51 million. Moderna lowered its 2026 cost-of-sales forecast to approximately $1.7 billion and R&D expenses to approximately $2.9 billion, and raised its year-end cash and investments range to $4.7–$5.2 billion.

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