2Q26平淡无奇，等待INT三期中期数据

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M

Update

July 31, 2026 05:27 PM GMT

Morgan Stanley & Co. LLC

Moderna Inc | North America

Terence C Flynn, Ph.D.

Equity Analyst

Uneventful 2Q26, as we await

INT Ph3 interim

Chris Yu, J.D., Ph.D.

Equity Analyst

Connor M Massari

Equity Analyst

Alexander Yevdokimov, Ph.D.

AlphaSignals Earnings Reaction

Research Associate

Unchanged

Modest upside

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Hailey Horowitz

Source: Company data, Morgan Stanley Research

Research Associate

Damien H Kerner

Uneventful quarter as we continue to await the INT Ph3

adjuvant melanoma trial interim analysis, which is still expected

by MRNA to occur this year. The company will issue a press

release on the outcome of the interim.

2Q26 GAAP diluted EPS of -$1.97 vs. MSe/cons -$1.85/-$2.03 (see our first take

HERE). Total revenues were $145mn, in between MSe/cons $172mn/$103mn.

Product revenues were $94mn vs. MSe/VA cons. $168mn/$81mn.

Research Associate

Morgan Stanley India Company Private Limited+

Saket Agarwal

Research Associate

Moderna Inc (MRNA.O, MRNA US)

Biotechnology | United States of America

2026 revenue split to be ~50% U.S. and ~50% international. MRNA expects 3Q

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

Mkt cap, curr (mm)

52-Week Range

revenue to be 55% of 2H26 revenue. US COVID vaccination rate remains the largest

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

swing factor in the guidance.

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

(4.95)

NM

(7.98)

0.0

2026 revenue guidance reiterated: Revenue increase by up to 10% YoY, implying

up to $2.14bn (vs. MSe new/old/con $2.15bn/$2.14bn/$2.03bn). MRNA still expects

MRNA expects YE cash balance at $4.7-$5.2bn from $4.5-$5bn prior. This

expectation excludes any further drawdowns from the company's remaining $0.9bn

available under its credit facility. See Exhibit 1 for the updated guidance.

Additional takeaways:

INT Cancer Program (mRNA-4157; partnered with MRK): (1) For the Ph3 adjuvant

Equal-weight

Attractive

$39.00

$57.92

$22,878

$85.60-22.28

(3.92)

(4.59)

NM

(8.69)

0.0

…