Moderna first-quarter revenue jumps on strong overseas COVID vaccine sales

Moderna surpassed Wall Street estimates for first-quarter revenue on Friday, helped by better-than-expected sales of its COVID-19 vaccine in international markets.

The vaccine maker shifted its focus overseas as ‌U.S. immunization policy ⁠has taken ⁠a sharp turn under Health Secretary Robert F. Kennedy Jr., a longtime anti-vaccine activist, creating uncertainty over recommendations for the use of COVID vaccines.

"We hope much of that is behind us," Chief Financial Officer Jamey Mock told Reuters in an interview, adding the company expects a more stable U.S. COVID market in 2026.


Moderna reiterated its 2026 revenue growth forecast of up to 10%, with roughly half of its revenue coming from the U.S., down from 62% last year.

Its first-quarter revenue more than tripled to $389 million from ⁠a year earlier, ‌with nearly 80% coming from international sales driven by partnerships in the UK, Canada and Australia.

Moderna sees second-quarter revenue between $50 million and $100 million, evenly split between the U.S. and ⁠international markets, below analysts' estimate of $130.6 million, according to LSEG data.

Shares fell more than 2% in afternoon trading.

It posted a first-quarter loss per share of $3.40, better than analysts' estimates of a loss of $3.96.

"Near-term, things appear to have stabilized and all eyes will shift to ex-COVID opportunity in oncology," Bernstein analyst Courtney Breen said.

LONG-TERM GROWTH IN FOCUS

Investors are seeking more durable growth drivers beyond COVID vaccines as Moderna cuts costs and works to return to growth in the post-pandemic era, while proving the long-term commercial viability of its mRNA technology, which was used in most ‌COVID shots and credited with saving millions of lives.

"Looking across the three-year horizon, we are building a diversified portfolio, adding a flu vaccine, a combination vaccine, and a norovirus vaccine, as well as late-stage assets in oncology ⁠and rare diseases, and all while expanding our global footprint into new markets," Stephen Hoge, president of Moderna, said on a call with analysts.

Moderna is betting heavily on its respiratory vaccines, including the combination COVID-flu shot, as well as its personalized cancer vaccine being developed with partner Merck.

Last month, Moderna secured European approval for its COVID-flu shot, mCombriax, for adults aged 50 and above. It is under review in Canada and Australia.

Moderna expects to gain "a very large share of that $1.8 billion to $2 billion respiratory vaccines market" in Europe, Hoge said, as it gears up for a 2027 launch of mCombriax.