Moderna, Inc.
Moderna, Inc. Q2 FY26 Results — Earnings Call Analysis
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
What the Q2 FY26 call signalled
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The short version
- Moderna expects up to 10% revenue growth in 2026, driven by strategic partnerships and continued growth of mNEXSPIKE. - International and U.S. - Moderna expects total revenue growth of up to 10% in 2026, driven by international strategic partnerships and continued growth of mNEXSPIKE.
From Moderna, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.
Revenue & Sales Performance
- Moderna expects up to 10% revenue growth in 2026, driven by strategic partnerships and continued growth of mNEXSPIKE.
- International and U.S. markets are anticipated to have a roughly 50-50 revenue split.
- New product approvals in the EU for the flu plus COVID combo vaccine and RSV vaccine are expected to contribute to revenue growth starting in 2027.
- The flu vaccine mRNA-1010 has a PDUFA date set for August 5, 2026, aiming to support future sales.
- Commercial launch of the COVID-flu combination vaccine targeted for 2027 with significant growth expected in 2028.
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Profitability & Margins
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Capital Expenditure Plans
- Moderna projects capital expenditures (capex) between $0.2 billion and $0.3 billion for 2026.
- The company continues to invest in its pipeline while maintaining financial discipline.
- Strategic investments include expanding the mRNA platform to new drug modalities and families of medicines.
- They are investing in AI and robotics to accelerate discovery of new technologies and expand mRNA use.
- The company is focused on geographic expansion and advancement of product pipeline, including new vaccine launches.
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Fundraising & Capital Structure
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Order Book & Pipeline
- The UK spring campaign delivery occurred in Q1 2026; a second campaign (fall booster) is planned for Q3/Q4 2026, implying a potential double order year in the UK.
- Germany's campaigns for respiratory vaccines (flu, COVID, RSV) are also underway with continued deliveries anticipated.
- France is actively engaged in market access and reimbursement processes post-approval of the COVID-flu combination vaccine.
- Across major European markets, securing market access and pricing discussions are ongoing throughout H2 2026.
- The respiratory vaccine market in Europe is estimated at about $2 billion, presenting a large opportunity.
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Frequently Asked Questions
What were Moderna, Inc. Q2 FY26 results?
- Moderna expects up to 10% revenue growth in 2026, driven by strategic partnerships and continued growth of mNEXSPIKE. - International and U.S. - Moderna expects total revenue growth of up to 10% in 2026, driven by international strategic partnerships and continued growth of mNEXSPIKE.
What is Moderna, Inc. share price analysis?
Moderna, Inc. currently shows a neutral. The stock trades at a P/E of -11.2 with a market cap of $18,875. Investors should review the full earnings analysis for detailed insights.
Is Moderna, Inc. planning capital expenditure?
- Moderna projects capital expenditures (capex) between $0.2 billion and $0.3 billion for 2026.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.