MRNA · 8-K · 20260731PR000147
Gross Margin Drivers
Moderna, Inc. · 2026-07-31 · Importance 73 · Surprise 66 · From source text
Second-quarter 2026 cost of sales was $93 million, equal to approximately 64% of revenue. Cost of sales decreased 22% year over year from $119 million, primarily because lower unutilized manufacturing capacity costs reflected manufacturing productivity improvements and operational efficiencies. The quarter included $41 million of inventory write-downs, $23 million of unutilized manufacturing capacity costs, and $11 million of third-party royalties. Full-year 2026 cost of sales is expected to be approximately $1.7 billion, including a $0.9 billion non-recurring litigation settlement charge.
Key facts
- Cost of sales for 2026 is expected to be approximately $1.7 billion, lowered from approximately $1.8 billion, and including the $0.9 billion non-recurring litigation settlement charge. source
- Cost of sales decreased by 22% compared to the same period in 2025. source
- Inventory write-downs included in cost of sales for the second quarter of 2026 were $41 million. source
- Cost of sales for the second quarter of 2026 was $93 million. source
- Third-party royalties included in cost of sales for the second quarter of 2026 were $11 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | committed | +58.6% | Cost of sales for 2026 is expected to be approximately $1.7 billion, lowered from approximately $1.8 billion, and including the $0.9… |
| operating_income | negative | realized | -28.3% | Inventory write-downs included in cost of sales for the second quarter of 2026 were $41 million. |
| operating_income | positive | realized | — | Cost of sales decreased by 22% compared to the same period in 2025. |
| operating_income | negative | realized | — | Cost of sales for the second quarter of 2026 was $93 million. |