The company topped Wall Street loss estimates, but its norovirus vaccine missed a key trial goal, sending shares lower
David L. Ryan/The Boston Globe via Getty Images
Moderna $MRNA narrowed its second-quarter net loss to $782 million, or $1.97 a share, from $825 million, or $2.13 a share, a year earlier, the company said. Analysts polled by FactSet had projected a per-share loss of $2.03, according to The Wall Street Journal.
In premarket trading Friday, Moderna's stock price dropped to $54.61, a decline of about 5.7%.
The decline came after Moderna said its norovirus vaccine candidate, mRNA-1403, did not meet statistical criteria for early success at a Phase 3 interim analysis. "The trial is ongoing and remains blinded as the Company works toward enrolling an additional cohort," Moderna said in a statement.
"The second quarter marked another period of strong execution for Moderna as we advanced our pipeline and strengthened our financial profile with an improved 2026 operating expense outlook," Chief Executive Stéphane Bancel said in a statement.
Total revenue for the quarter rose to $145 million from $142 million a year earlier, the company said. Moderna attributed the increase to deliveries under a long-term government partnership in the U.K. that offset lower COVID-19 vaccine sales in the U.S. and South America.
Cost of sales fell 22% to $93 million, while research and development expenses dropped 7% to $651 million and selling, general and administrative expenses declined 6% to $216 million, according to the company's earnings release.
As of June 30, Moderna held $6.9 billion in cash, cash equivalents, and investments. Moderna improved its 2026 outlook, lowering its expected cost of sales for the year to about $1.7 billion from a prior estimate of $1.8 billion and raising its projected year-end cash balance to $4.7 billion to $5.2 billion. The company reiterated that it still expects revenue to grow as much as 10% for the year, with about 55% of second-half revenue recognized in the third quarter.
Moderna also said it anticipates a decision from the U.S. Food and Drug Administration on mFLUSIVA (also known as mRNA-1010), its seasonal influenza vaccine candidate, by an Aug. 5 goal date. An approval would mark the company's fifth approved product.
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