MRNA · 10-Q · 2026Q2

Moderna, Inc.

Filed 2026-07-31 · Healthcare · View original filing on EDGAR

Ranked Events

• Liquidity and Cash PositionImportance 73 · Surprise 66
  Cash, cash equivalents and investments totaled $6.91 billion at June 30, 2026, down $1.2 billion, or 15%, from December 31, 2025, primarily due to $1.2 billion of operating cash outflows and $99 million of property and…
• Litigation Settlement ExposureImportance 71 · Surprise 60
  Moderna recorded $884 million of third-party royalty and amortization expense during the six months ended June 30, 2026 related to the Arbutus and Genevant litigation settlement. The company accrued a $950 million…
• Revenue Performance and MixImportance 69 · Surprise 64
  Second-quarter 2026 total revenue was $145 million, up 2% from $142 million in the second quarter of 2025. Net product sales declined $20 million, or 18%, primarily because of lower COVID vaccine sales in the United…
• Guidance / OutlookImportance 69 · Surprise 60
  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…
• Market Demand TrendsImportance 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…
• Outstanding IndebtednessImportance 64 · Surprise 42
  Moderna’s November 2025 Credit and Guaranty Agreement provides a senior secured term-loan facility with aggregate commitments of $1.5 billion. The initial term loan matures on November 24, 2030, and the facility…
• Gross Margin DriversImportance 59 · Surprise 48
  Second-quarter 2026 cost of sales was $93 million and included $41 million of inventory write-downs, $23 million of unutilized manufacturing capacity costs, and $11 million of third-party royalties. Cost of sales…
• Operating Expense TrendsImportance 59 · Surprise 48
  Second-quarter 2026 research and development expense decreased $49 million, or 7%, while six-month expense decreased $256 million, or 16%, year over year. Six-month R&D reductions included $119 million less clinical…
• Income Tax Rate ChangesImportance 56 · Surprise 46
  Provision for income taxes increased $8 million, or 114%, in the second quarter of 2026 and $10 million, or 71%, in the first six months. The effective tax rates were negative 1.9% for the quarter and negative 1.1% for…
• Licensing / Collaboration DealsImportance 52 · Surprise 42
  In January 2026, Moderna entered into a worldwide exclusive, royalty-bearing license with Recordati S.p.A. for the investigational propionic acidemia therapeutic mRNA-3927. Moderna received an upfront payment in the…
• Capital ExpendituresImportance 41 · Surprise 48
  Moderna purchased $99 million of property and equipment during the first six months of 2026. The purchases supported facilities, manufacturing and laboratory equipment, and computer equipment and software. Capital…
• Regulatory Approval MilestonesImportance 38 · Surprise 60
  The European Commission authorized mCOMBRIAX, Moderna’s influenza-plus-COVID vaccine, for individuals aged 50 and older in April 2026. The authorization is valid across all 27 European Union member states, Iceland,…
• Product / Drug Pipeline ProgressImportance 23 · Surprise 24
  Moderna reported 26 development candidates across 36 clinical development programs spanning infectious disease vaccines, oncology therapeutics and rare disease therapeutics. Its intismeran autogene program, mRNA-4157,…
• Supply Chain And InventoryImportance 20 · Surprise 24
  Moderna held inventory for its COVID and RSV vaccines, including raw materials, work in progress and finished goods, as of June 30, 2026. Inventory write-downs were primarily related to inventory exceeding expected…
• Manufacturing And CapacityImportance 16 · Surprise 6
  Moderna describes its integrated manufacturing capabilities as enabling rapid clinical and commercial production at scale. The company manufactures across its mRNA platform while developing medicines in infectious…
• Distribution ChannelsImportance 6 · Surprise 6
  Moderna sells its COVID and RSV vaccines to commercial customers, governments and international organizations. In the United States, sales are primarily made through wholesalers and distributors, with a smaller portion…

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