MRNA · 8-K · 20260731PR000147
Operating Expense Trends
Moderna, Inc. · 2026-07-31 · Importance 55 · Surprise 50 · In source text
Second-quarter 2026 research and development expense was $651 million, down 7% from $700 million in the second quarter of 2025. The R&D decline was driven by lower clinical development costs after several late-stage programs were wound down. Selling, general and administrative expense was $216 million, down 6% from $230 million, reflecting continued organizational cost discipline. Moderna lowered its 2026 R&D outlook to approximately $2.9 billion from $3.0 billion and expects 2026 SG&A of approximately $1.0 billion.
Key facts
- Research and development expenses for 2026 are now anticipated to be approximately $2.9 billion, lowered from approximately $3.0 billion. source
- Selling, general and administrative expenses for 2026 are projected to be approximately $1.0 billion. source
- Moderna improved 2026 GAAP operating expense outlook by approximately $0.2 billion from previous estimate. source
- Research and development expenses for the second quarter of 2026 were $651 million, a 7% decrease compared to the same period in 2025. source
- Selling, general and administrative expenses for the second quarter of 2026 were $216 million, a 6% decrease compared to the same period in 2025. source
- Total operating expenses for the three months ended June 30, 2026 were $960 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | committed | +117.2% | Moderna improved 2026 GAAP operating expense outlook by approximately $0.2 billion from previous estimate. |
| operating_income | negative | probable | — | Selling, general and administrative expenses for 2026 are projected to be approximately $1.0 billion. |
| operating_income | positive | realized | — | Research and development expenses for the second quarter of 2026 were $651 million, a 7% decrease compared to the same period in 2025. |
| operating_income | positive | realized | — | Selling, general and administrative expenses for the second quarter of 2026 were $216 million, a 6% decrease compared to the same period… |
| operating_income | negative | realized | — | Total operating expenses for the three months ended June 30, 2026 were $960 million. |