Moderna Inc. (NASDAQ: MRNA) reported first-quarter revenue of $389 million, surpassing analyst expectations, as international sales of its Covid-19 vaccine provided a significant boost. The figure marks a substantial increase from $108 million in the same period last year, with non-U.S. markets contributing $311 million of the total.
Revenue Breakdown and Market Shift
U.S. revenue fell to just $78 million, underscoring the rapid shift in Moderna's geographic focus. CFO Jamey Mock described the company as now a "more balanced international versus U.S. story," highlighting partnerships in the UK, Canada, and Australia. The company reiterated its 2026 revenue growth target of up to 10% and expects sales to be roughly evenly split between domestic and overseas markets this year.
Patent Settlement Weighs on Bottom Line
Despite the revenue beat, Moderna posted a net loss of $1.34 billion, or $3.40 per share, driven by a one-time charge of approximately $900 million from a settlement with Arbutus Biopharma and Genevant Sciences over lipid nanoparticle technology used in its mRNA vaccines. Shares fell 2.7% in early trading to $44.70, after hitting an intraday high of $51.03.
Cost Controls and Pipeline Progress
Expenses are trending lower, with research and development spending down 24% and selling, general, and administrative costs falling 18% year-over-year. CEO Stéphane Bancel said the company is targeting a "return to sales growth in 2026" and expects "several additional approvals around the world." Among these is the seasonal flu vaccine candidate mRNA-1010, for which the FDA has set a decision date of August 5, 2026.
European Combo Vaccine Approval
In April, the European Commission approved mCombriax, Moderna's combined flu and Covid-19 vaccine for adults aged 50 and older—the first such approval globally for this age group. The company is also advancing its personalized cancer vaccine, intismeran autogene, into a Phase 3 trial, testing it alone and in combination with Merck's Keytruda in patients with high-risk Stage 1 non-small cell lung cancer.
Revenue Timing and Investor Concerns
Analysts note that Moderna's 2026 revenue is heavily backloaded, with only 15% expected in the first half. The company forecasts second-quarter revenue of $50 million to $100 million, leaving a lean period until the fall respiratory season. RBC Capital's Luca Issi highlighted this timing risk. CFO Mock expressed optimism that most U.S. policy turbulence is "behind us," but acknowledged that stability is not guaranteed.
Competitive Landscape
Moderna continues to face patent disputes with Pfizer and BioNTech, its chief mRNA competitors. The company's ability to launch new vaccines and advance its oncology pipeline will be critical as the U.S. Covid market shrinks. Investors remain focused on cash burn and the pace of product launches.
