Moderna Inc. (Moderna (MRNA)) shares slipped on Friday after the company reported a quarterly net loss tied to a litigation settlement, even as its revenue handily beat Wall Street's expectations.
The COVID-19 vaccine maker posted a first-quarter adjusted loss of $1.18 per share, far better than the $3.81 loss analysts had predicted. That adjusted figure excludes litigation-related expenses of $2.22 per share, which dragged the reported net income into the red.
Revenue came in at $389 million, crushing the consensus estimate of $227.97 million. The boost came from higher COVID vaccine sales, especially in international markets, driven by deliveries under long-term strategic partnerships with government entities.
"The Moderna team delivered a great start to the year, driving significant revenue growth and substantial cost reductions, building on actions taken in 2025," said CEO Stéphane Bancel. "Building on this strong first-quarter momentum, we are excited to return to sales growth in 2026 and expect several additional approvals around the world, including for our seasonal flu vaccine, which would be Moderna's fifth approved product. We also look forward to important pivotal readouts this year for our norovirus, intismeran in melanoma, and propionic acidemia programs."
Moderna reiterated its goal of up to 10% revenue growth in 2026, up from $1.94 billion in 2025. The company expects the 2026 revenue split to be roughly 50% U.S. and 50% international.
On the pipeline front, Moderna last week dosed the first participants in the U.S. and U.K. for a Phase 3 study of its investigational mRNA-based H5 pandemic influenza vaccine candidate, mRNA-1018. In December 2025, the Coalition for Epidemic Preparedness Innovations (CEPI) committed up to $54.3 million to help advance the candidate toward licensure.
As of Friday's market close, Moderna shares were down 2.05% at $45.00, according to market data.
