Moderna's Q1 revenues rocket, thanks to ex-US sales
Stéphane Bancel, Moderna's chief executive.
Moderna saw its first-quarter revenues nearly triple to $389 million compared to the same period of 2025, with international markets driving the increase and now accounting for 80% of its turnover.
The mRNA specialist said the result – which came in ahead of analyst expectations – puts it on track for a return to sales growth in 2026, after years of declining revenues from a peak of nearly $20 billion in 2022, due to lower take-up of its COVID-19 vaccines. It is predicting sales will rise 10% this year from a level of $1.9 billion last year.
"Net product sales increased due to higher COVID-19 vaccine sales, primarily in international markets, as a result of deliveries under long-term strategic partnerships with government entities," said the company. That includes a strategic-level agreement with the UK government, which saw the first vaccines delivered during the first quarter.
The importance of ex-US markets to Moderna has become apparent since anti-vaccine sentiment has gathered pace in the US under the direction of HHS Secretary Robert F Kennedy Jr, who cut $500 million in federal funding for mRNA vaccines last year and has questioned their efficacy and safety.
First-quarter sales in the US came in at $80 million, which is nevertheless a gain on the $29 million recorded a year ago, and investors will be encouraged by Moderna's prediction that the US will account for around 50% of its full-year revenues in 2026. That suggests the impact of a more challenging operating environment in the US for vaccines is tapering off and reaching a new equilibrium.
Chief executive Stéphane Bancel said the company is anticipating gains for updated COVID-19 vaccine mNEXSPIKE and its new first-in-class combined flu/COVID-19 shot, mCombriax, which was approved by the European Commission in April and is under review in Canada and Australia.
Moderna withdrew its marketing application in the US for the candidate last year, after the FDA said it would have to see the data from a large-scale phase 3 trial first, and said in the first-quarter update that it is "awaiting further guidance from the […] FDA on refiling" the vaccine.
"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," said Bancel.
He is also anticipating readouts this year for MSD-partnered melanoma immunotherapy intismeran autogene (mRNA-4157), trivalent norovirus vaccine mRNA-1403, and mRNA-3927 for rare disease propionic acidaemia (PA) that was licensed earlier this year to Recordati.
Shares in the company were up more than 6% following the results announcement.
