Moderna

Q2 FY2026 EarningsQ2 FY2026 outperformed consensus expectations on both the top and bottom lines. Revenue of $145M beat the $103.9M estimate, driven by strategic international partnerships. GAAP EPS loss of $(1.97) was narrower than the expected $(2.06) as cost discipline led to lower-than-expected R&D and SG&A expenses. Management improved the FY2026 operating expense outlook by ~$0.2B and raised the year-end cash guidance to $4.7B–$5.2B, despite the norovirus vaccine failing to meet early success criteria in Phase 3.