Moderna beats estimates on international Covid shot sales

Moderna reported first-quarter 2026 revenue of $389 million, beating estimates on stronger international Covid vaccine sales.

The company said international markets generated $311 million of revenue in the quarter, compared with $78 million in the United States. Moderna said about 80% of total revenue came from overseas, reflecting continued demand for its Covid shot in international markets.

The results came with a large loss. Moderna reported a GAAP net loss of $1.3 billion for the quarter, including a roughly $900 million litigation settlement charge.

Reuters reported earlier in the day that the revenue beat was driven by stronger international vaccine sales, and The Wall Street Journal later echoed the same conclusion. The company’s release confirms that the sales mix remains heavily international even as the U.S. market stays smaller.

The quarter shows a familiar tension for Moderna: sales can still outpace estimates when overseas demand is firm, but the company remains under pressure from legal costs and a still-loss-making business model.