Moderna posted a smaller loss per share this quarter, but its stock still dipped a bit as the results showed the company is still depending on its pandemic-era business.
In the second quarter, revenue grew 2% to $145 million, beating analyst estimates of $103 million. Moderna reported a loss of $1.97 per share, which was better than the $2.01 loss Wall Street expected and an improvement over last year’s $2.13 loss.
Moderna confirmed its forecast for 10% revenue growth this year, with sales expected to be evenly split between the U.S. and international markets. The company also said it expects to recognize 55% of its second-half revenue in the third quarter. Jefferies called it a straightforward quarter, pointing out that revenue came from Moderna’s two approved Covid-19 vaccines. The drop from the previous quarter was seen as normal seasonal variation before stronger sales later in the year.
After the report, Moderna’s shares dropped 1.9%, while the S&P 500 saw a small gain.
Moderna is trying to move beyond its reputation as a Covid-focused company by expanding into areas like cancer treatment. However, this quarter still relied mostly on strong Covid-19 vaccine sales in the U.K. The company said that lower vaccine sales in the U.S. and South America were balanced out by deliveries under a long-term supply deal with the U.K. government. Its main product, Spikevax, remains the biggest contributor to its financial results.
This ongoing dependence on Covid vaccine sales shows the challenges Moderna faces with its other products. Recently, the company had a setback in a late-stage trial for its norovirus vaccine candidate. The vaccine did not meet the early success criteria in an interim review of safety and effectiveness data. Moderna now plans to enroll more patients as the study continues, and the trial remains blinded to keep the data reliable.
Company president Stephen Hoge said during the earnings call that results have taken longer than expected. He explained that an unexpected outbreak of different norovirus strains during the first season of the trial slowed progress toward the main goal. Hoge compared this to flu vaccine trials, which often need data from several seasons to gather enough cases. He said Moderna plans to keep the trial going for another season.
Even with ongoing questions about its future products and direction, Moderna has been one of the stronger performers this year. Its shares have almost doubled in 2026 as of Friday’s session.
