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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Gena Wang | Barclays | 8 questions · 13% challenging |
| Courtney Breen | Bernstein | 6 questions · 17% challenging |
| Salveen Richter | Goldman Sachs | 6 questions · 0% challenging |
| Luca Issi | RBC Capital Markets | 6 questions · 17% challenging |
| Mike Yee | UBS | 6 questions · 17% challenging |
| Cory Kasimov | Evercore ISI | 6 questions · 17% challenging |
| Jessica Fye | JPMorgan | 5 questions · 20% challenging |
| Terence Flynn | Morgan Stanley | 5 questions · 0% challenging |
| Eliana Merle | Barclays | 4 questions · 0% challenging |
| Greg Wiessner | TD Cowen | 4 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 3 analysts | 14 questions · 7% challenging |
| TD Cowen | 2 analysts | 7 questions · 0% challenging |
| UBS | 1 analyst | 6 questions · 17% challenging |
| Bernstein | 1 analyst | 6 questions · 17% challenging |
| Goldman Sachs | 1 analyst | 6 questions · 0% challenging |
| Evercore ISI | 1 analyst | 6 questions · 17% challenging |
| RBC Capital Markets | 1 analyst | 6 questions · 17% challenging |
| JPMorgan | 1 analyst | 5 questions · 20% challenging |
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Calendar quarter Q1 2026Earnings call May 1, 2026
FY2026 Q1 in brief
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.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Moderna (MRNA), FY2026 Q1: 8/10. Scores: Moderna’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: MRNA daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY +263.6% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
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 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $966M | -65.6% | $-2.91 | -629.1% | -129.0% | -115.9% | $303M |
| FY2025 Q1 | $108M | -35.3% | $-2.52 | +17.9% | -972.2% | -899.1% | $-1.15B |
| FY2025 Q2 | $142M | -41.1% | $-2.13 | +36.0% | -638.7% | -581.0% | $-922M |
| FY2025 Q3 | $1.02B | -45.4% | $-0.51 | -1800.0% | -25.6% | -19.7% | $-880M |
| FY2025 Q4 | $678M | -29.8% | $-2.11 | +27.5% | -126.4% | -121.8% | $891M |
| FY2026 Q1Selected | $389M | +260.2% | $-3.40 | -34.9% | -356.8% | -345.2% | $-692M |
| FY2026 Q2 | $145M | +2.1% | $-1.97 | +7.5% | -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).
What MRNA said about other companies on its FY2026 Q1 call, and what other companies said about MRNA on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. 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 signal for Merck's oncology collaboration.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| MRNAModerna | 8 | +263.6% | Revenue Up 263% Driven By U.K. Strategic Partnership | |
| ALNYAlnylam Pharmaceuticals | 9 | +96.4% | Alnylam surpassed $1 billion in quarterly product revenue for the first time with Q1 sales growing 121% year-over-year, as TTR franchise revenue reached $910 million driven by strengthening first-line AMVUTTRA adoption in ATTR-CM | |
| INCYIncyte | 9 | +20.9% | Strong Q1 Net Sales Growth Across Entire Portfolio | |
| INSMInsmed Incorporated | 8 | +229.6% | Insmed delivered Q1 with BRINSUPRI continuing exceptional sequential growth, accumulating $350 million in revenue across its first two full quarters and outpacing all past specialty respiratory launch analogs | |
| REGNRegeneron Pharmaceuticals | 7 | +19.0% | Regeneron delivered Q1 total revenues up 19% year-over-year with non-GAAP diluted EPS of $9.47 growing 15%, as Dupixent global net sales increased 31% at constant currency to $4.9 billion | |
| TECHBio-Techne | Newest quarter — available with Pro | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| VRTXVertex Pharmaceuticals | 6 | +7.8% | CF franchise delivers steady 6% global growth |
Revenue Up 263% Driven By U.K. Strategic Partnership
Alnylam surpassed $1 billion in quarterly product revenue for the first time with Q1 sales growing 121% year-over-year, as TTR franchise revenue reached $910 million driven by strengthening first-line AMVUTTRA adoption in ATTR-CM
Insmed delivered Q1 with BRINSUPRI continuing exceptional sequential growth, accumulating $350 million in revenue across its first two full quarters and outpacing all past specialty respiratory launch analogs
Newest-quarter details for 1 peer (score, revenue, headline, themes and macro signals) are available with Pro.
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| MRNA | 3 | 2 | 1 | 1 | 3 | 8 |
| ALNY | 8 | 8 | 9 | 9 | 9 | 9 |
| INCY | 10 | 10 | 10 | 10 | 9 | 9 |
| INSM | 9 | 8 | 8 | 9 | 9 | 8 |
| REGN | 6 | 3 | 6 | 4 | 4 | 7 |
| TECH | 7 | 6 | 7 | 4 | 6 | Newest quarter — available with Pro |
| VRTX | 8 | 6 | 8 | 8 | 9 | 6 |
Regeneron delivered Q1 total revenues up 19% year-over-year with non-GAAP diluted EPS of $9.47 growing 15%, as Dupixent global net sales increased 31% at constant currency to $4.9 billion
Newest quarter — available with Pro