MRNA · 10-Q · 2026Q2 · Full report

Market Demand Trends

Moderna, Inc. · 2026-07-31 · Importance 69 · Surprise 64

Second-quarter net product sales declined 18% year over year, primarily because of lower COVID vaccine sales in the United States and South America, partially offset by deliveries in the United Kingdom. For the first six months of 2026, net product sales increased 123%, driven primarily by higher international COVID vaccine sales under long-term strategic partnerships with government entities. Moderna expects product sales to return to growth in 2026, supported by the full-year impact of those partnerships. The company also reported $41 million of inventory write-downs in the second quarter, primarily related to finished and semi-finished vaccine inventory and raw materials based on updated demand forecasts, shelf-life expiration and other adjustments.

Key facts

• The accompanying notes state the results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of full fiscal year results and the company anticipates seasonal fluctuations in demand for COVID and RSV vaccines with higher sales expected during fall and winter. source