The biopharmaceutical company beat quarterly revenue expectations and improved parts of its cost outlook, but shares fell after its norovirus vaccine candidate mRNA-1403 missed criteria for early success in an interim Phase 3 analysis.
Moderna narrowed its second-quarter loss and posted a modest rise in revenue, helped by deliveries under a long-term U.K. government partnership, while improving parts of its cost outlook for 2026. The company reported a net loss of $782 million, or $1.97 a share, for the three months ended June 30, compared with a loss of $825 million, or $2.13 a share, a year earlier. Revenue rose to $145 million from $142 million and topped analyst expectations, but the earnings update was overshadowed by news that Moderna's Phase 3 norovirus vaccine candidate, mRNA-1403, did not meet the statistical criteria for early success at a planned interim analysis. Shares fell about 5.7% in premarket trading to $54.61. Moderna said the trial remains blinded and enrollment is continuing with an additional cohort. The company also lowered its projected 2026 cost of sales and research and development spending, raised its expected year-end cash balance range, and reiterated that it still expects revenue growth of as much as 10% for the full year. Investors are now focused on an Aug. 5 U.S. Food and Drug Administration decision on mFLUSIVA, also known as mRNA-1010, Moderna's seasonal influenza vaccine candidate.