MRNA · 10-Q · 2026Q2 · Full report

Guidance / Outlook

Moderna, Inc. · 2026-07-31 · Importance 69 · Surprise 60 · In source text

Moderna expects product sales to return to growth in 2026, supported by the full-year effect of long-term strategic partnerships with government entities. For 2026, management anticipates a modest decrease in cost of sales from manufacturing productivity and operational efficiencies, excluding the $884 million Arbutus and Genevant settlement-related expense recorded in the first half and additional amortization expected later in the year. Research and development expense is expected to decline modestly as late-stage programs wind down, while selling, general and administrative expense is expected to remain relatively consistent with 2025. Management expects investments in global commercial and regulatory activities to be offset largely by efficiency initiatives and disciplined resource allocation.

Key facts

• Moderna, Inc. anticipates a modest decrease in cost of sales in 2026 compared to 2025, excluding the impact of the settlement with Arbutus and Genevant, and expects additional amortization expense related to that settlement in the remainder of the year. source
• Moderna, Inc. expects a modest reduction in research and development expenses in 2026 compared to 2025, primarily driven by the wind-down of several late-stage programs and disciplined cost management. source
• Product sales are expected by Moderna, Inc. to return to growth in 2026, supported by the full-year impact of long-term strategic partnerships with government entities. source
• Moderna, Inc. expects selling, general and administrative expenses in 2026 to remain at a level relatively consistent with 2025. source

Impact estimates