HighGravityData
Companies / Biopharma / MRNA

Moderna

MRNA · Biopharma sector group
Guidance from Moderna’s last 8 earnings releases. Every value links to its sentence in the filing. See something wrong? Tell us.
Current guidance
26 items
Releases tracked
8
Latest release
Jul 31, 2026
Data checked
Jul 31, 2026
On this page:Latest changes·Current guidance·Your sector group·History

What changed in the Jul 31, 2026 release

Each item compared with the same item in the previous release (May 1, 2026). Values in quotation marks are the company’s words.

New — first stated in this releaseRaised / Lowered / Narrowed / Widened — changed from the prior releaseRevised — wording changed, direction not determinableChanged — value changed; the comparison couldn’t be parsed to a directionReiterated — restated unchangedNot restated — stated before, absent nowRaised and lowered describe the number, not whether the change is favorable.
ChangeMetricPeriodPreviousNowSource
NewRevenue splitfor FY2026—“approximately 50% U.S. and approximately 50% international”Filing ↗
NewRevenue split - internationalfor FY2026—“approximately 50%”Filing ↗
NewSecond half 2026 revenue recognizedfor Q3 FY2026—“approximately 55%”Filing ↗
NewShare of second half 2026 revenue recognized in the third quarterfor Q3 FY2026—“approximately 55%”Filing ↗
LoweredCost of salesfor FY2026“approximately $1.8 billion, including the $0.9 billion non-recurring litigation settlement charge”“approximately $1.7 billion”Filing ↗
RevisedIncome Taxesfor FY2026“full-year tax expense to be negligible”“negligible”Filing ↗
LoweredResearch and development expensesfor FY2026“approximately $3.0 billion”“approximately $2.9 billion”Filing ↗
RaisedYear-end cash and investmentsfor FY2026“$4.5 to $5.0 billion”“$4.7 to $5.2 billion”Filing ↗
ReiteratedRevenue growthfor FY2026“up to 10% growth from 2025 revenue”“up to 10% growth from 2025 revenue”Filing ↗
ReiteratedCapital expendituresfor FY2026“$0.2 to $0.3 billion”“$0.2 to $0.3 billion”Filing ↗
ReiteratedSelling, general and administrative expensesfor FY2026“approximately $1.0 billion”“approximately $1.0 billion”Filing ↗
ReiteratedTax expensefor FY2026“negligible”“negligible”Filing ↗
Show 7 items not restated in this release
ChangeMetricPeriodPreviousNowSource
Not restatedCash breakevenfor FY2028“targeted cash breakeven”—Filing ↗
Not restatedCost reduction / breakeven targetfor FY2028“breakeven in 2028”—Filing ↗
Not restatedGAAP operating expensesfor FY2027“$4.2 – $4.6 billion”—Filing ↗
Not restatedAdditional 2026 cost reductionsfor FY2026“$0.5 billion”—Filing ↗
Not restatedAdditional cash cost savingsfor FY2026“$0.5 billion”—Filing ↗
Not restatedEstimated GAAP operating costsfor FY2026“$5.4 to $5.7 billion”—Filing ↗
Not restatedGAAP operating expensesfor FY2026“approximately $4.9 billion”—Filing ↗

Current guidance

Guidance for periods that have not yet ended, at its most recent value, grouped by horizon.

Current fiscal year
MetricCurrent valuePeriodMeasureFirst statedTimes statedSource
Revenue geographic split“approximately 50% U.S. and approximately 50% international”for FY2026GAAP-tiedMay 1, 20261Filing ↗
Revenue growth“up to 10% growth from 2025 revenue”for FY2026GAAP-tiedMay 1, 20262Filing ↗
Revenue growth target“up to 10%”for FY2026GAAP-tiedJan 12, 20261Filing ↗
Revenue split“approximately 50% U.S. and approximately 50% international”for FY2026GAAP-tiedJul 31, 20261Filing ↗
Revenue split - international“approximately 50%”for FY2026GAAP-tiedJul 31, 20261Filing ↗
Revenue split - International“approximately 50%”for FY2026GAAP-tiedMay 1, 20261Filing ↗
Revenue split - U.S.“approximately 50%”for FY2026GAAP-tiedMay 1, 20261Filing ↗
Second half 2026 revenue recognized“approximately 55%”for Q3 FY2026GAAP-tiedJul 31, 20261Filing ↗
Share of second half 2026 revenue recognized in the third quarter“approximately 55%”for Q3 FY2026GAAP-tiedJul 31, 20261Filing ↗
Additional 2026 cost reductions“$0.5 billion”for FY2026Company-definedJan 13, 20251Filing ↗
Additional cash cost savings“$0.5 billion”for FY2026Company-definedJan 13, 20251Filing ↗
Capital expenditures“$0.2 to $0.3 billion”for FY2026Company-definedMay 1, 20262Filing ↗
Cost of sales“approximately $1.7 billion”for FY2026GAAP-tiedMay 1, 20262Filing ↗
Estimated GAAP operating costs“$5.4 to $5.7 billion”for FY2026Company-definedMay 1, 20251Filing ↗
GAAP operating expenses“approximately $4.9 billion”for FY2026GAAP-tiedJan 12, 20261Filing ↗
Income Taxes“negligible”for FY2026Company-definedMay 1, 20262Filing ↗
Litigation settlement payment“$950 million”for Q3 FY2026Company-definedMay 1, 20261Filing ↗
Research and development expenses“approximately $2.9 billion”for FY2026GAAP-tiedMay 1, 20262Filing ↗
Selling, general and administrative expenses“approximately $1.0 billion”for FY2026GAAP-tiedMay 1, 20262Filing ↗
Tax expense“negligible”for FY2026Company-definedMay 1, 20262Filing ↗
Year-end cash and investments“$4.7 to $5.2 billion”for FY2026Company-definedMay 1, 20262Filing ↗
Next year and medium term
MetricCurrent valuePeriodMeasureFirst statedTimes statedSource
Cash breakeven“targeted cash breakeven”for FY2028Company-definedJan 12, 20261Filing ↗
Cost reduction / breakeven target“breakeven in 2028”for FY2028Company-definedJan 13, 20251Filing ↗
GAAP operating cost estimate“$4.7 to $5.0 billion”for FY2027Company-definedMay 1, 20251Filing ↗
GAAP operating expenses“$4.2 – $4.6 billion”for FY2027GAAP-tiedJan 12, 20261Filing ↗
Reduction in estimated GAAP operating costs“$1.4 to $1.7 billion”for FY2027Company-definedMay 1, 20251Filing ↗

How one item moved

Cost of sales, for FY2026 — every statement across the year, each linked to its filing.

May 1, 2026
New
“approximately $1.8 billion, including the $0.9 billion non-recurring litigation settlement charge”
Filing ↗
Jul 31, 2026
Lowered
“approximately $1.7 billion”
Filing ↗

How your Biopharma sector group guides

12 companies in Biopharma. What they guide on, and who reported this season.

Most-guided metric families
Revenue
11
Adjusted EPS
6
GAAP EPS
5
Tax rate
5
Buybacks
5
Gross margin
4
Capex
3
Dividends
3
This season’s releases
BioMarin PharmaceuticalAug 6, 202619 changes
Halozyme TherapeuticsAug 6, 20266 changes
Eli LillyAug 5, 20265 changes
AmgenAug 4, 20265 changes
Gilead SciencesAug 4, 202615 changes
ModernaJul 31, 20268 changes
Neurocrine BiosciencesJul 30, 202616 changes
Regeneron PharmaceuticalsJul 30, 202622 changes
Get this for your own peer set — Peer Guidance Briefing, $3,000.

Full history

Every metric, every release, eight quarters — the complete record as one table.

MetricFY2028FY2027FY2026FY2025FY2024No period
Expected revenue———2 statements——
First half 2025 revenue———1 statement——
Net Sales————1 statement—
Projected revenue range———2 statements——
Revenue geographic split——1 statement———
The full record for Moderna and its Biopharma peers, delivered as a Peer Guidance Briefing — PDF and Excel, every value linked to its filing.

Filings

The 8 earnings releases this page is built from.

FiledFiscal periodAccessionGuidance items
Jul 31, 2026FY2026 Q20001682852-26-00014712Open filing ↗
May 1, 2026FY2026 Q10001682852-26-00005712Open filing ↗
Jan 12, 2026FY2025 Q40001682852-26-0000076Open filing ↗
Nov 6, 2025FY2025 Q30001682852-25-00007310Open filing ↗
Aug 1, 2025FY2025 Q20001682852-25-00004115Open filing ↗
May 1, 2025FY2025 Q10001682852-25-00003115Open filing ↗
Jan 13, 2025FY2024 Q40001682852-25-00000211Open filing ↗
Nov 7, 2024FY2024 Q30001682852-24-00005711Open filing ↗
Values in quotation marks are the company’s words; the classification and filing links are HighGravityData’s. HighGravityData does not score or rank companies or give investment advice.
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