Moderna posts steep second-quarter GAAP loss, targets up to 10% 2026 revenue growth

Moderna said it delivered second-quarter 2026 financial results marked by low revenue and a large GAAP loss, even as the company reiterated a longer-term goal to grow sales in 2026 and adjusted its outlook for operating expenses on a GAAP basis.

In the company’s reported quarter, Moderna posted revenue of about $0.1 billion. On a GAAP basis, it recorded a net loss of about $0.8 billion, translating to GAAP earnings per share of negative $1.97, according to the update carried by Yahoo Finance.

Alongside the financial figures, Moderna reiterated its plan for 2026 revenue growth of up to 10%. The company also said it improved its 2026 GAAP operating expense outlook, indicating that it expects the rate of GAAP spending to be more contained than previously forecast.

The update indicates that Moderna is trying to balance near-term losses with a cost-management message tied to future growth. For investors and analysts, the key question is whether the company’s expected 2026 revenue ramp can come at a pace that meaningfully offsets ongoing profitability pressure reflected in the quarter’s GAAP loss.

While Moderna’s announcement included “business updates,” the information provided in the published item does not specify which programs, products, or milestones drove the changes, nor does it detail any guidance beyond the revenue-growth target and the improved GAAP operating expense outlook.

In general, for biopharmaceutical companies operating without consistent, mature product revenue streams, reported GAAP results can be heavily affected by research and development costs and other expenses. Moderna’s statements about operating expense outlook suggest management is focused on how quickly it can reduce or slow GAAP spending relative to any future sales improvement.

A caveat for readers is that the publicly circulated summary does not include the underlying drivers of the quarter’s performance, such as the breakdown of revenue by product, any changes in assumptions used for expense forecasts, or the specific “business updates” referenced in the headline. Without those details, it is not possible to determine which parts of the portfolio are progressing fastest or how management expects to translate the 2026 growth goal into specific revenue sources.

Looking ahead, the next items to watch are any additional disclosure that explains what is behind the updated operating expense outlook and the concrete steps supporting the 2026 up-to-10% revenue growth target, including any new guidance, pipeline milestones, or progress toward commercialization for the company’s programs.