Moderna, Inc. (MRNA) Earnings Call Transcripts
Moderna, Inc.'s Latest Earnings Call - Q2 FY2026
In the second quarter of 2026, Moderna, Inc. reported revenues of $145 million, exceeding guidance and reflecting a 2% increase year-over-year. The company experienced a net loss of $782 million, an improvement from the previous year's loss of $825 million. Management reiterated its revenue growth expectation of up to 10% for the fiscal year, while also lowering cost of sales and R&D expense projections due to improved operational efficiencies.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | $145 million (beat) |
| Net Loss | $782 million (positive) |
| Cash and Investments | $6.9 billion (neutral) |
| Cost of Sales | $93 million (positive) |
| R&D Expenses | $651 million (positive) |
| SG&A Expenses | $216 million (positive) |
Guidance from management
Management reiterated its expectation for revenue growth of up to 10% in 2026, while lowering cost of sales and R&D expense projections by $0.1 billion each, reflecting improved operational efficiencies.
What management said
And Salveen, maybe on your first question, just to fill in a little bit. As David said, we haven't disclosed statistical analysis plan. But suffice it to say, it's an interim analysis, and there are still subsequent planned analyses. And ourselves with our partner, Merck designed the overall study to evaluate the full commercial profile of the product. And so we do think that there's a commercially valuable product t...
Tyler, good to hear from you. So we're not going to disclose any more details around the specific timing aside from that second half in terms of powering. I think in terms of confidence, the fact that we had this very strong randomized Phase II data that had consistent efficacy in all the subsets was very promising to me. And the fact, as I mentioned, that the translational data confirms the mechanism of action. I do...
What analysts pressed on
Analysts expressed concerns regarding the potential decline in COVID vaccination rates impacting future revenues. There were also questions about the timeline for the Phase III interim analysis of Intismeran and its implications for other tumor types.
Main topics on the call
- Revenue Performance — Moderna reported total revenue of $145 million for Q2 2026, exceeding the guidance range provided in the previous quarter. This marks a 2% increase from the prior year, indicating resilience in revenue generation despite...
- Cost Management — The company successfully reduced cash costs by 10% compared to Q2 2025, with cost of sales decreasing by 22% to $93 million. This reflects improved manufacturing efficiency and disciplined financial management.
- Pipeline Developments — Moderna's mRNA-1010 flu vaccine received a positive recommendation from the U.S. VRBPAC, with a PDUFA date set for August 5, 2026. This milestone is critical as it could lead to a new revenue stream from seasonal flu vac...
- Oncology Progress — The Phase II update of Intismeran in combination with KEYTRUDA showed continued durability of clinical benefits in melanoma. Management expressed confidence in the upcoming Phase III interim analysis, which is expected i...
Read the full Moderna, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Moderna, Inc.
Moderna, Inc. (MRNA) is a publicly listed company in the Biotechnology industry, within the Health Care sector. It trades on NasdaqGS and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 145 calls on record spanning January 10, 2020 to July 31, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 145 Moderna, Inc. earnings call transcripts on record, spanning January 10, 2020 to July 31, 2026. Based on this history, Moderna, Inc. reports quarterly. The most recent call on file is dated July 31, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- MRNA
- Exchange
- NasdaqGS
- Country
- US
- Sector
- Health Care
- Industry
- Biotechnology
- Calls on record
- 145
- First call
- January 10, 2020
- Most recent
- July 31, 2026
- Reporting cadence
- quarterly