Moderna's stock opened sharply lower, falling over 6% to $54.39 in premarket trading after the biotech revealed its second-quarter financial results alongside disappointing trial news for its norovirus vaccine candidate.
The company reported $145 million in revenue for Q2, a slight increase from $142 million a year earlier. Domestic sales accounted for $87 million while international markets contributed $58 million, with contract revenues from the UK and partners partly offsetting weaker demand for COVID-19 vaccines globally.
Operationally, Moderna cut manufacturing costs by 22%, down to $93 million. These savings included $41 million in inventory write-downs and $23 million from underused production capabilities. Research and development expenses dropped 7% to $651 million, as some pipeline programs were halted. General and administrative costs also declined 6%, settling at $216 million due to tighter cost controls. Despite these efficiencies, Moderna posted a net loss of $782 million, an improvement over the $825 million loss in the year-ago quarter. Loss per share narrowed to $1.97 from $2.13.
Clinical and Financial Outlook
The norovirus vaccine, however, failed to meet its interim efficacy endpoint in phase 3 trials, dampening investor sentiment. This setback contrasts with expectations for an August 5 regulatory decision on Moderna’s seasonal influenza vaccine programs, which could provide a near-term boost if approved.
Looking ahead, Moderna lowered its 2026 operating expense and R&D budget forecasts by around $200 million, revising cost of sales estimates from $1.8 billion to $1.7 billion. The company remains confident in a revenue growth target of up to 10% for fiscal 2026, anticipating a balanced contribution from domestic and worldwide markets. It expects 55% of second-half revenue to be realized in the third quarter.
This material is for informational purposes only and does not constitute financial advice.
