Dive Brief:

• Moderna topped Wall Street analysts’ expectations in reporting higher-than-expected revenue in the first quarter, adding to an ongoing turnaround that’s helped the company nearly double its market value since late last year.  
• The vaccine maker reported first-quarter sales of $389 million, more than tripling its total during the same period a year ago — a surge primarily fueled by international sales of its COVID-19 vaccine. The company did, however, report a net loss of $1.3 billion, about $1 billion more than a year ago, due to charges related to a litigation settlement with Arbutus Biopharma and Genevant Sciences. 
• Moderna’s shares were up as much as 7% in early Friday before those gains disappeared. But the company’s stock price now sits at about $45 apiece, levels not seen since late 2024, thanks in part to progress cutting costs and growing investor interest in Moderna’s cancer work.

Dive Insight:

Moderna has been under acute pressure during the second Trump administration. Intense regulatory scrutiny of vaccines, as well as the messenger RNA technology the biotech is known for, led to multiple setbacks that depressed Moderna’s stock price. Shares bottomed out around $23 apiece in September. 

Since then, though, Moderna has begun to bounce back. The company beat consensus sales expectations over the last couple quarters and, over that time, continued to affirm a 10% revenue growth estimate for 2026. In February, the company got an endorsement from European drug regulators of a combination flu and COVID-19 shot that’s important to its financial future. After an unusual scuffle with the Food and Drug Administration, it’s also secured a coming Aug. 5 decision date on an mRNA-based flu shot that could provide a revenue boost. 

The company has taken important steps in cutting costs as well. Excluding the litigation charge, quarterly operating expenses declined compared to the same period in 2025. Research and development costs also dropped to $649 million, a 24% decline, while other general expenses fell by 18% to $173 million. 

But one of the biggest forces driving Moderna’s stock surge is its oncology pipeline, which is led by a melanoma vaccine it’s working on with Merck. Moderna could report Phase 3 results this year, and will disclose long-term data from a mid-stage trial at the coming annual meeting of the American Society of Clinical Oncology.

In a Friday note to clients, Leerink Partners analyst Mani Foroohar noted that Moderna’s cancer work is being valued at more than $18 billion. The stock has “tread water” since reaching around $50 per share, and coming data will “dictate whether shares re-test the $30s” or climb past $70, he wrote. 

The company additionally expects possible readouts this year for a norovirus vaccine and an immunotherapy being tested against multiple solid tumors.