Moderna swings to revenue rebound on international demand
The biotech firm posted $389 million in first-quarter sales, a 260% jump from a year earlier.
The biotechnology company Moderna (MRNA) reported first-quarter revenue of $389 million, a 260% increase from $108 million a year earlier. The rebound marked a sharp reversal from the 40% annual decline in 2025, when revenue fell to $1.9 billion from $3.2 billion in 2024.
The quarter’s performance reflected a geographic shift, with international markets accounting for 80% of sales, or $311 million, up from 55% of full-year 2025 revenue. The company said the mix change stemmed from stronger demand for its respiratory and combination vaccines outside the U.S.
Losses widened on a GAAP basis, with net income falling to a $1.3 billion deficit from $1.0 billion a year earlier. Earnings per share swung to a loss of $3.40 from $2.52 in the prior-year period, including a $2.22 per-share charge tied to a $0.9 billion litigation settlement with Arbutus Biopharma and Genevant Sciences. Excluding the settlement, the company said net loss improved year over year.
Cost of sales surged to $955 million from $90 million in the first quarter of 2025, driven by $895 million in third-party royalties, nearly all of which stemmed from the litigation settlement. Without the charge, cost of sales declined due to lower unutilized manufacturing capacity costs. Research and development expenses fell 24% to $649 million, continuing a trend of cost reductions that brought full-year 2025 R&D to $3.1 billion, down 31% from 2024. Selling, general and administrative expenses also declined 18% to $173 million.
Cash and equivalents stood at $7.5 billion as of March 31, down from $8.1 billion at year-end 2025. The company reiterated its 2026 revenue guidance of up to 10% growth from 2025, projecting a 50/50 split between U.S. and international sales. It raised its cost-of-sales forecast to approximately $1.8 billion, reflecting the $0.9 billion litigation charge, and lowered its year-end cash projection to $4.5 billion to $5.0 billion.
Moderna added two new approvals in the quarter, securing European clearance for its flu-COVID combination vaccine mCOMBRIAX and mNEXSPIKE, bringing its portfolio to three approved products. The company also initiated a Phase 3 trial for its oncology candidate intismeran autogene in high-risk Stage 1 non-small cell lung cancer and completed enrollment in a registrational study for its propionic acidemia therapeutic mRNA-3927. A Refusal-to-File letter from the U.S. Food and Drug Administration delayed domestic approval of its seasonal flu vaccine mRNA-1010, though filings remain under review in other markets.