Moderna Inc
MRNA - Insider Information
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+ FollowMarket Cap$102.32B
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Earnings Call Q2 2026
July 31, 2026 - AI Summary
Q2 2026 financials: weak headline profitability but improved cost discipline
- Revenue $145M, +2% YoY, above the guided range from the prior quarter call.
- Net loss $782M (EPS -$1.97), improving $43M (+5%) YoY.
- Cost of sales $93M (-22% YoY) driven by lower unutilized manufacturing capacity and improved efficiency.
- R&D $651M (-7% YoY) due to wind-down of several late-stage programs; SG&A $216M (-6% YoY) via continued cost discipline.
- Cash & investments $6.9B (down from $7.5B at end of Q1), mainly from ongoing R&D investment and cash outflow for litigation.
2026 outlook/forecast framework reaffirmed, with a more favorable cost outlook
- Company reiterates revenue growth up to ~10% in 2026, with an expected ~50/50 split between U.S. and international full-year.
- Quarter/seasonality: Q3 expected to be ~55% of second-half revenue.
- Guidance assumptions include potential future COVID vaccination rate declines and no revenue assumed from mFLUSIVA and mCOMBRIAX.
- Costs: lowering cost of sales by $0.1B to $1.7B (includes $0.9B litigation settlement expense) and lowering R&D by $0.1B to $2.9B.
- Cash cost discipline: expects ~$4.0B of cash costs (excluding certain non-cash items), and overall aims for “new lowered cash cost guidance” around $4B.
- Liquidity: cash & investments projected $4.7B–$5.2B end of 2026; does not assume additional draw from remaining $0.9B undrawn credit facility.
Upcoming regulatory/commercial catalysts (big opportunities)
- Seasonal flu mRNA-1010: received positive VRBPAC recommendation; milestone ahead of Aug 5 PDUFA for potential U.S. approval. Company also expects approvals/reviews in EU/Canada/Australia.
- Norovirus mRNA-1403: interim analysis did not meet early success criteria; company is preparing to enroll an additional cohort in Phase III (still blinded)—investors should expect more uncertainty on effect size/timing.
- Respiratory and platform expansion: mRNA products are expanding internationally via approvals/label expansions (e.g., mNEXSPIKE ongoing uptake strength; mRESVIA label expansion milestones).
- Business emphasis on building toward the 2026–2027 vaccination season and strengthening commercial footprint via long-term partnerships.
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$-3.19
101.2% downside
Current Fair Value
101.2% downsideOvervalued by 101.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $102.32 Billion |
|---|---|
| Enterprise Value | $102.13 Billion |
| Earnings per Share | $-7.26 |
| Beta | 0.9 |
| Outstanding Shares | 396,000,000 |
Return
| Return on Equity | -46.61% |
|---|---|
| Return on Assets | -28.75% |
| Return on Invested Capital | -38.70% |
Valuation & Multiples
| P/E Ratio | -27.78 |
|---|---|
| PEG | 533.07 |
| Price to Sales | 51.68 |
| Price to Book Ratio | 15.2 |
| Enterprise Value to Revenue | 45.84 |
| Enterprise Value to EBIT | -31.32 |
| Enterprise Value to Net Income | -33 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.23 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 7, 2026
EPS Estimate
$-2.10
Consensus analyst estimateRevenue Estimate
$106.95 M
Consensus analyst estimateNext Earnings Call
Expected Date
November 5, 2026
EPS Estimate
$-1.10
Consensus analyst estimateRevenue Estimate
$892.40 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.50, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.5007▼ 50.92% |
|---|---|
| Total Calls | 19,012▼ 99.91% |
| Total Puts | 9,520▼ 99.96% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.07%▼ 80.17% |
|---|---|
| Total Invested | $1.58B▼ 93.03% |
| Investors Holding | 362▼ 504.00% |
About Moderna Inc
4,700 employees
CEO: Stephane Bancel
Moderna, Inc. is a pioneering biotechnology firm dedicated to the discovery, development, and commercialization of messenger RNA (mRNA) therapeutics and vaccines. Operating across the United States, Europe, and other international market...