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← Moderna

Moderna — 2026Q3 earnings

reported 2026-07-31

EPS -$1.97 vs -$2.06 est — beat

next session +0.6% (close 2026-07-31 → 2026-08-03)

Source

8-K filing ↗

Summary

Moderna beat consensus EPS for a fourth straight quarter while still losing money at scale. The quarter's positives are financial discipline and a pending fifth approval; the negative is a norovirus candidate that failed its interim success criteria and now needs an additional cohort. No call transcript is available for this quarter, so this review covers the reported results only.

Review

From the report

An EPS beat that is a cost story, not a demand story: revenue was about $0.1 billion against a $(0.8) billion GAAP net loss, and what improved was the expense outlook and the year-end cash range, while full-year growth guidance was only reiterated. The release pairs a near-term approval catalyst (mFLUSIVA's August 5 PDUFA date, which would be a fifth approved product) with a Phase 3 interim miss on norovirus — and puts both in the headline block rather than burying the setback.

  • The quarter was a GAAP loss on ~$0.1bn of revenue — the top line, not the cost line, is the problem. show quote
    “Reports second quarter revenue of $0.1 billion, GAAP net loss of $(0.8) billion and GAAP EPS of $(1.97)”
    source ↗
  • Full-year growth guidance was reiterated rather than raised. show quote
    “Reiterates plan to deliver up to 10% revenue growth in 2026”
    source ↗
  • The good news is cost and cash, not demand: opex outlook improved ~$0.2bn and the year-end cash range moved up. show quote
    “Improves 2026 GAAP operating expense outlook by approximately $0.2 billion from previous estimate and improves expected 2026 year-end cash balance to $4.7 - 5.2 billion”
    source ↗
  • A fifth approved product was in reach at the PDUFA date days after this release. show quote
    “Anticipates potential approval of Moderna's fifth product with the August 5th PDUFA date for mFLUSIVA, the Company's seasonal influenza vaccine candidate”
    source ↗
  • The pipeline setback is stated in the headline block, not buried: norovirus missed its Phase 3 interim bar. show quote
    “Announces that mRNA-1403, Moderna's norovirus vaccine candidate, did not meet statistical criteria for early success at the Phase 3 interim analysis and the Company is preparing to enroll an additional cohort”
    source ↗

as of 2026-07-31