Moderna Inc. (NASDAQ:MRNA) shares fell Friday after the company reported a quarterly net loss driven by a litigation settlement charge, even as revenue topped Wall Street expectations.
Moderna Revenue Beats Despite Litigation Impact
The COVID-19 vaccine maker reported a first-quarter adjusted loss of $1.18 per share, narrower than analysts’ expectations for a loss of $3.81. The adjusted figure excludes litigation-related expenses of $2.22 per share.
Revenue totaled $389 million, exceeding the consensus estimate of $227.97 million.
Net product sales increased due to higher COVID vaccine sales, primarily in international markets, as a result of deliveries under long-term strategic partnerships with government entities.
Management Signals Growth Path Into 2026
“The Moderna team delivered a great start to the year, driving significant revenue growth and substantial cost reductions, building on actions taken in 2025,” said Stéphane Bancel, CEO of Moderna.
“Building on this strong first-quarter momentum, we are excited to return to sales growth in 2026 and expect several additional approvals around the world, including for our seasonal flu vaccine, which would be Moderna’s fifth approved product. We also look forward to important pivotal readouts this year for our norovirus, intismeran in melanoma, and propionic acidemia programs,” Bancel commented.
Moderna reiterated its goal for up to 10% revenue growth in 2026 from $1.94 billion in 2025 and expects the 2026 revenue split to be approximately 50% U.S. and approximately 50% international.
Pipeline Advances With Pandemic Flu Candidate
Last week, Moderna dosed the first participants in the U.S. and U.K. in a Phase 3 study of its investigational mRNA-based H5 pandemic influenza vaccine candidate, mRNA-1018.
In December 2025, the Coalition for Epidemic Preparedness Innovations and Moderna announced that CEPI would invest up to $54.3 million to help advance mRNA-1018 to licensure.
Moderna Price Action
MRNA Price Action: Moderna shares were down 2.05% at $45.00 at the time of publication on Friday, according to Benzinga Pro data.
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