Q2 2026 Moderna Inc Earnings Call Transcript
Key Points
- Moderna Inc (MRNA) exceeded its second-quarter revenue guidance, reporting $145 million in revenue, which was above the top of its projected range.
- The company demonstrated strong financial discipline, reducing cash costs by 10% year-over-year in Q2 and lowering its full-year 2026 cash cost guidance to approximately $4 billion.
- Moderna Inc (MRNA)'s seasonal flu vaccine (mRNA-1010) received a unanimous positive recommendation from the FDA's VRBPAC, moving it closer to a potential August 5 PDUFA approval date.
- The 5-year Phase II update for its individualized neoantigen therapy (INT) in adjuvant melanoma, presented at ASCO 2026, highlighted continued durability of clinical benefit and validated the mechanism of action.
- Moderna Inc (MRNA) is expanding its pipeline, having begun dosing in two new cancer antigen therapy programs (mRNA-4194 for Lynch syndrome and mRNA-4200 for solid tumors) and strengthening its balance sheet with a $6.9 billion cash position.
- The company's next-generation COVID vaccine (mNEXSPIKE) is gaining market traction, capturing approximately 24% of the US retail market and showing promising real-world effectiveness data in older adults.
- Moderna Inc (MRNA) reported a net loss of $782 million for the second quarter, though this was an improvement of 5% compared to the prior year.
- The Phase III trial for its norovirus vaccine (mRNA-1403) did not meet the statistical criteria for early success at its interim analysis, requiring the enrollment of an additional cohort and delaying a potential readout.
- The company's 2026 revenue guidance of up to 10% growth factors in potential future declines in COVID vaccination rates, particularly in the US market, which remains a key variable.
- Moderna Inc (MRNA) paid $950 million in July related to a litigation settlement, which will significantly impact its third-quarter cash balance.
- The timing for the Phase III interim analysis of its lead oncology asset, INT in adjuvant melanoma, remains uncertain, with the company only committing to a second-half 2026 readout and not disclosing statistical powering details.
- The company's rare disease program for methylmalonic acidemia (MMA) has been deferred pending the readout of its propionic acidemia (PA) study, adding uncertainty to the pipeline timeline.
Good day, and thank you for standing by. Welcome to the Moderna second quarter 2026 conference call. (Operator Instructions) Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lavina Talukdar. Please go ahead.
Thank you, Kevin. Good morning, everyone, and thank you for joining us on today's call to discuss Moderna's second quarter 2026 financial results and business update. You can access the press release issued this morning as well as the slides that we'll be reviewing by going to the Investors section of our website. On today's call are Stephane Bancel, our Chief Executive Officer; Stephen Hoge, our President; Jamey Mock, our Chief Financial Officer; and David Berman, our Chief Development Officer. Before we begin, please note that this conference call will include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
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