Moderna Q2 Earnings Call Highlights Cost Cuts and Pipeline Milestones

MRNA Keeps 2026 Growth Target Intact

Chief financial officer James Mock reiterated Moderna’s target for up to 10% revenue growth in 2026. First-half revenues were about $0.5 billion, with strategic partnerships supporting international sales.

Mock expects full-year revenues to be split roughly 50% U.S. and 50% international, with the third quarter representing about 55% of second-half revenues.

The outlook assumes potential declines in COVID vaccination rates and no revenues from mFLUSIVA or mCOMBRIAX. In Q&A, Mock told a Citigroup analyst that the U.S. vaccination market remains the biggest second-half variable.

Moderna Tightens Cost and Cash Outlook

Management cut 2026 cost-of-sales guidance to $1.7 billion from $1.8 billion and R&D guidance to $2.9 billion from $3 billion. SG&A remains projected at about $1 billion.

Excluding the $0.9 billion litigation settlement charge, Moderna now expects $4.7 billion of GAAP operating expenses and about $4 billion of cash costs, each $0.2 billion better than prior guidance.

Year-end cash and investments are projected at $4.7 billion to $5.2 billion. Mock said the forecast assumes no further draw on the remaining $0.9 billion credit facility.

MRNA Builds Around Flu and mNEXSPIKE

President Stephen Hoge highlighted mRNA-1010’s unanimous U.S. advisory committee recommendation ahead of its Aug. 5 PDUFA date. The seasonal flu vaccine is also under review in Europe, Canada and Australia.

Hoge said mNEXSPIKE captured about 24% of the U.S. retail COVID vaccine market in the 2025-2026 season and about 34% among adults age 65 and older.

A Morgan Stanley analyst asked about flu pricing. Hoge said discussions are ongoing and positioned mRNA-1010 in the enhanced-vaccine category based on its Phase III profile, with pricing dependent on approval and payer discussions.

Moderna Centers the Second Half on Key Readouts

Chief development officer David Berman said the Phase III adjuvant melanoma study of intismeran is fully enrolled, with an interim analysis expected in the second half of 2026.

The propionic acidemia registrational study is also fully enrolled. Berman told a Citigroup analyst that roughly 20 patients were enrolled and the primary endpoint uses 12 months of follow-up, placing the expected readout in the fourth quarter.

The broader intismeran program spans nine Phase II and Phase III studies. Berman said the renal cell carcinoma event threshold may be reached this year or next, while the muscle-invasive bladder cancer readout is currently expected in 2027.

MRNA Q&A Tests Intismeran and Norovirus Timing

Analysts from Goldman Sachs, TD Cowen, UBS and JPMorgan pressed for more detail on the intismeran melanoma interim. Berman declined to disclose statistical thresholds but emphasized that the Phase III design requires at least 18 months of follow-up.

Hoge added the interim analysis is expected in the second half and that Moderna will issue a press release when data are available. He also said the Massachusetts manufacturing facility can support the initial commercial indication.

Norovirus drew separate scrutiny. Hoge told a Bernstein analyst that primary-endpoint cases accrued more slowly than planned and Moderna is preparing another cohort for the coming winter.

Moderna Stays Focused on Execution

Chief executive officer Stéphane Bancel framed the second half around cost discipline, the flu regulatory decision, mNEXSPIKE expansion and major oncology and rare-disease readouts.

Management’s stated priorities are to deliver up to 10% revenue growth, reach the lowered cash-cost target and advance late-stage programs while broadening the commercial portfolio.

Zacks Signals Show a Mixed Setup for MRNA

MRNA carries a Zacks Rank #3 (Hold). Its Growth Score of A is the strongest style reading, while the Value Score of F is weak and the Momentum Score and VGM Score are both C, producing a mixed style profile. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Style Scores complement the Zacks Rank, with A and B representing stronger grades. A Zacks Rank #3 can still pair with varied style characteristics, but the current mix is not uniformly favorable. The Zacks Rank can change as earnings estimates are revised after the just-reported results.

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