The company posted $389 million in first-quarter revenue, well above analyst expectations, with 80% coming from international markets
Strong international COVID vaccine demand pushed Moderna $MRNA's first-quarter revenue past what analysts had forecast, more than tripling year over year.
International sales of $311 million dwarfed the $78 million generated domestically, accounting for roughly 80% of total quarterly revenue. The company said the increase was driven by COVID vaccine deliveries under long-term strategic partnerships with government entities, including a first shipment under its U.K. partnership.
The $389 million result handily topped the roughly $228 million consensus estimate, per LSEG data cited by Reuters. On the bottom line, a net loss of $3.40 per share beat the $3.96 loss that analysts had penciled in.
The quarterly net loss widened to $1.3 billion from $1.0 billion a year earlier, weighed down by a $0.9 billion charge tied to a litigation settlement with Arbutus Biopharma and Genevant Sciences over lipid nanoparticle technology used in its COVID vaccine. Excluding that charge, cost of sales and operating expenses declined compared to the prior year.
Research and development expenses fell 24% to $649 million, while selling, general, and administrative expenses dropped 18% to $173 million, the company said.
In a Reuters interview, Jamey Mock, Moderna $MRNA's chief financial officer, described the quarter as reflecting a geographic rebalancing of the company's sales base. "We hope much of that is behind us," Mock told Reuters, referring to disruptions in the U.S. COVID vaccine market, adding that the company expects a more stable domestic market in 2026.
Moderna left its 2026 outlook unchanged, still targeting revenue growth of as much as 10% over 2025, with the domestic market projected to contribute about half of total sales — a meaningful shift from the 62% share it held in the prior year. Moderna expects second-quarter revenue of $50 million to $100 million.
On the regulatory front, Moderna received European Commission approval for mCOMBRIAX, its flu-plus-COVID combination vaccine, and for mNEXSPIKE, a COVID vaccine, during the quarter. The U.S. FDA has set an Aug. 5, 2026, decision date for the company's mRNA-based flu vaccine, a milestone reached after Moderna resolved an earlier dispute with regulators who had initially flagged trial design flaws in its application.
Moderna stock was up almost 8% in premarket trading.
