Moderna (MRNA) official guidance

Capital expenditures are still projected to be between $0.2 billion-$0.3 billion.

Capital Expenditures: Capital expenditures for 2026 are expected to be $0.2 to $0.3 billion.

Capital expenditures are projected to be between $200 million and $300 million.

Capital Expenditures: Capital expenditures for 2026 are expected to be $0.2 to $0.3 billion.

We expect to end 2026 with between $4.5 billion-$5 billion of cash and investments.

Cash and Investments: Year-end cash and investments for 2026 are now projected to be $4.5 to $5.0 billion, which excludes any further drawdowns from the Company's remaining $0.9 billion available under its credit facility.

We expect to end 2026 with $5.5 billion to $6 billion of cash and investments.

Cash and Investments: Year-end cash and investments for 2026 are projected to be $5.5 to $6.0 billion. Excludes any additional draw down from the Company's credit facility.

In aggregate, excluding the $0.9 billion litigation charge, we are expecting total GAAP operating expenses of $4.9 billion and cash costs of $4.2 billion, which excludes stock-based compensation, depreciation, and amortization.

In aggregate, we are expecting total GAAP operating expenses of $4.9 billion and $4.2 billion of cash costs, which excludes stock-based compensation, depreciation, and amortization.

Our cost of sales projection has increased from $0.9 billion-$1.8 billion and now includes the $0.9 billion litigation settlement charge.

Cost of sales for 2026 is now expected to be approximately $1.8 billion, including the $0.9 billion non-recurring litigation settlement charge.

Cost of sales is projected to be approximately $900 million.

Cost of Sales: Cost of sales for 2026 is expected to be approximately $0.9 billion.

We expect taxes to be negligible in 2026.

Income Taxes: The Company expects its full-year tax expense to be negligible.

We expect taxes to be negligible in 2026.

Income Taxes: The Company expects its full-year tax expense to be negligible.

In aggregate, excluding the $0.9 billion litigation charge, we are expecting total GAAP operating expenses of $4.9 billion and cash costs of $4.2 billion, which excludes stock-based compensation, depreciation, and amortization.

Reiterates plan to deliver up to 10% revenue growth and GAAP operating expense reductions in 2026, excluding the non-recurring litigation settlement charge

In aggregate, we are expecting total GAAP operating expenses of $4.9 billion and $4.2 billion of cash costs, which excludes stock-based compensation, depreciation, and amortization.

The Company expects GAAP operating expenses of approximately $4.9 billion in 2026.

R&D expenses are still anticipated to be approximately $3 billion as we continue to invest in our pipeline while maintaining financial discipline.

Research and Development Expenses: Research and development expenses for 2026 are anticipated to be approximately $3.0 billion.

R&D expenses are anticipated to be approximately $3 billion as we continue to invest in our late-stage pipeline while maintaining financial discipline.

Research and Development Expenses: Research and development expenses for 2026 are anticipated to be approximately $3.0 billion.

The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international. Moderna expects approximately 55% of its second half 2026 revenue to be recognized in the third quarter.

As mentioned earlier, we expect total revenue to grow up to 10% in 2026, with a geographic mix of roughly 50% from the U.S. market and 50% from international markets.

The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international.

We expect total revenue growth of up to 10% in 2026.

Revenue: The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international.

We expect this approach to support up to 10 percent revenue growth in 2026, as we further reduce costs, expand our commercial portfolio with approvals of additional seasonal vaccines, and anticipate multiple clinical data catalysts driven by our late-stage oncology pipeline.

The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international. Moderna expects approximately 55% of its second half 2026 revenue to be recognized in the third quarter.

As mentioned earlier, we expect total revenue to grow up to 10% in 2026, with a geographic mix of roughly 50% from the U.S. market and 50% from international markets.

The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international.

Revenue: The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international.

The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international. Moderna expects approximately 55% of its second half 2026 revenue to be recognized in the third quarter.

As mentioned earlier, we expect total revenue to grow up to 10% in 2026, with a geographic mix of roughly 50% from the U.S. market and 50% from international markets.

The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international.

Revenue: The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international.

The Company is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and approximately 50% international. Moderna expects approximately 55% of its second half 2026 revenue to be recognized in the third quarter.

SG&A expenses are still expected to be approximately $1 billion, flat versus the prior year.

Selling, General and Administrative Expenses: Selling, general and administrative expenses for 2026 are projected to be approximately $1.0 billion.

SG&A expenses are expected to be approximately $1 billion, flat versus the prior year.

Selling, General and Administrative Expenses: Selling, general and administrative expenses for 2026 are projected to be approximately $1.0 billion.

While this is flat year-over-year in absolute terms, we are expecting gross margin rate improvement from manufacturing efficiency gains and volume leverage.

Litigation settlement-related expenses recognized in the first quarter of 2026 did not impact cash during the period, as the related payment of $950 million is expected to be made in the third quarter of 2026.