Moderna’s first quarter was marked by a sharp increase in revenue, driven by the fulfillment of large international contracts, particularly through a strategic partnership in the United Kingdom. Management attributed the strong year-over-year growth to international demand for its COVID vaccine products, with CEO Stéphane Bancel noting, “We grew year-over-year revenues significantly to $0.4 billion, driven primarily by execution of our long-term strategic partnership in the U.K.” Despite these gains, the market reacted negatively, largely due to the impact of a significant litigation settlement and ongoing operating losses. The company also emphasized cost discipline, with adjusted cash costs down 26% year-over-year, but acknowledged that the litigation charge weighed heavily on bottom-line results.

Is now the time to buy MRNA? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Moderna’s Q1 Earnings Call

• Salveen Richter (Goldman Sachs) asked about the rationale and market opportunity for initiating a Phase III trial of Intismeran as monotherapy in early-stage lung cancer. President Stephen Hoge explained that improved safety profiles and the potential to intervene earlier in the disease course motivated the decision, with an aim to prevent relapses and expand the addressable market.

• Jessica Fye (JPMorgan) questioned whether the strong first quarter sales in the U.K. were a one-off event or if there could be a double order year. Hoge clarified that the spring shipment was part of a recurring campaign, with another delivery planned for the fall, suggesting sustained partnership-driven revenue.

• Luca Issi (RBC) inquired about the likelihood and timing of the additional $1.3 billion legal charge related to the patent litigation. CFO James Mock stated that management does not consider the additional charge probable and expects a final ruling late next year or in 2028, but declined to provide specifics about the legal proceedings.

• Tyler Van Buren (TD Securities) asked about the statistical powering and clinical success criteria for the Intismeran adjuvant melanoma trial. Hoge responded that while powering specifics were not disclosed, management is confident in the trial design and will consider a range of positive outcomes meaningful for commercial advancement.

• Eliana Merle (Barclays) sought clarity on the timing and benchmarks for late-stage data in renal cell carcinoma and muscle invasive bladder cancer. Hoge indicated that these event-driven trials are fully enrolled, with interim results expected within the next year, and that positive data could accelerate further development or registration.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be monitoring (1) regulatory progress and commercial launch timing for the flu and combination vaccines, especially the U.S. FDA’s decision on mRNA-1010, (2) clinical updates from late-stage oncology and rare disease trials, including Intismeran and propionic acidemia, and (3) the resolution of the outstanding litigation, which could impact future cash flows. Execution on international partnerships and the pace of cost reductions will also be important factors.

Moderna currently trades at $48.62, up from $45.94 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free).

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