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Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $956M | -66.0% | $-2.91 | -629.1% | -130.3% | -117.2% | $303M |
| FY2025 Q1 | $107M | -35.9% | $-2.52 | +18.2% | -981.3% | -907.5% | $-1.16B |
| FY2025 Q2 | $142M | -35.7% | $-2.13 | +36.0% | -638.7% | -581.0% | $-922M |
| FY2025 Q3 | $1.02B | -45.2% | $-0.51 | -1664.4% | -25.6% | -19.7% | $-880M |
| FY2025 Q4 | $678M | -29.1% | $-2.11 | +27.5% | -126.4% | -121.8% | $912M |
| FY2026 Q1 | $389M | +263.6% | $-3.40 | -34.9% | -356.8% | -345.2% | $-692M |
| FY2026 Q2 | $145M | +2.1% | $-1.96 | +8.0% | -562.1% | -539.3% | $-563M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Moderna reported revenue of $235 million with COVID and RSV vaccines both at seasonal lows, while operating losses continued narrowing as cost reduction measures took full effect with total operating expenses declining 20% year-over-year. Management reiterated FY2026 revenue guidance of $3.5-4.5 billion and confirmed the multi-product commercial strategy, with the flu-COVID combination vaccine on track for regulatory submission and the CMV vaccine advancing toward a potential 2027 approval.
Innovation & R&D | Regulation Policy | Revenue Growth | Cost Pressure | Product Launch | Guidance Reliability | Demand | Competitive Dynamics | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 12 | 8 | 1 | 3 | 2 | 2 | ||
| 2025Q1 | 6 | 4 | 1 | 2 | 1 | 2 | 1 | |
| 2025Q2 | 5 | 2 | 1 | 1 | 1 | 1 | 1 | |
| 2025Q3 | 6 | 3 | 2 | 1 | 1 | 2 | 1 | |
| 2025Q4 | 3 | 3 | 1 | 1 | 1 | |||
| 2026Q1 | 9 | 1 | 3 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 12 | 6 | 5 | 6 | 3 | 9 |
| Regulation Policy | 8 | 2 | 3 | 1 | ||
| Revenue Growth | 1 | 4 | 1 | 3 | 3 | |
| Cost Pressure | 3 | 1 | 1 | 2 | 1 | 1 |
| Product Launch | 2 | 2 | 1 | 1 | 2 | |
| Guidance Reliability | 2 | 1 | 1 | 1 | ||
| Demand | 2 | 1 | 2 | |||
| Competitive Dynamics | 1 | 1 | 1 | 1 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Gena Wang | Barclays | 8 (13%) |
| Courtney Breen | Bernstein | 6 (17%) |
| Salveen Richter | Goldman Sachs | 6 (0%) |
| Luca Issi | RBC Capital Markets | 6 (17%) |
| Mike Yee | UBS | 6 (17%) |
| Cory Kasimov | Evercore ISI | 6 (17%) |
| Jessica Fye | JPMorgan | 5 (20%) |
| Terence Flynn | Morgan Stanley | 5 (0%) |
| Eliana Merle | Barclays | 4 (0%) |
| Greg Wiessner | TD Cowen | 4 (0%) |
| Goldman Sachs | 1 | 6 (0%) |
| Evercore ISI | 1 | 6 (17%) |
| RBC Capital Markets | 1 | 6 (17%) |
| JPMorgan | 1 | 5 (20%) |
What MRNA and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“excluding the previously announced Arbutus litigation settlement”
Moderna's Q1 loss excludes a large settlement resolving worldwide litigation with Arbutus (LNP patent dispute), a ~$950M charge.
“We and our partner, Merck, have been really excited by the clinical data that we've seen with Intismeran to date, including the Phase II.”
Moderna and partner Merck are jointly advancing Intismeran (INT) individualized cancer therapy, expanding into a Phase III lung-cancer monotherapy; positive read-through for Merck's oncology collaboration.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MRNA Moderna | 8 | +263.6% | |
| ALNY Alnylam Pharmaceuticals | 9 | +96.4% | |
| INCY Incyte | 9 | +20.9% | |
| INSM Insmed Incorporated | 8 | +229.6% | |
| REGN Regeneron Pharmaceuticals | 7 | +19.0% | |
| TECH Bio-Techne | 4 | -1.5% | |
| VRTX Vertex Pharmaceuticals | 6 | +7.8% |