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

Moderna’s first quarter results were met with a negative market reaction, as revenue fell short of Wall Street expectations and declined sharply versus the prior year. Management attributed the performance primarily to the seasonal nature of respiratory vaccine sales and lower overall COVID vaccination rates, which have become more routine rather than urgent. CEO Stephane Bancel pointed to progress in cost reduction efforts, highlighting a 19% reduction in combined cost of sales, research and development, and selling, general and administrative expenses as a sign of ongoing financial discipline.

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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 Moderna’s Q1 Earnings Call

• Salveen Richter (Goldman Sachs) pressed for detail on the FDA’s requirement for additional flu vaccine efficacy data and its impact on the timing for the flu/COVID combination, to which CEO Stephane Bancel explained the scientific rationale and anticipated review extension.
• Jasmine (UBS, for Eliana Merle) sought clarity on whether Phase 3 data for individualized neoantigen therapy (INT) remains on track for 2026, and inquired about trial expansion plans. President Stephen Hoge reiterated timelines are event-driven but remain possible, with further updates pending.
• Tyler Van Buren (TD Cowen) asked about the likelihood of approval for the next-generation COVID vaccine given recent regulatory leadership changes. Hoge responded that interactions with the FDA have been “business as usual,” with no change in review process observed.
• Courtney Breen (Bernstein) questioned the drivers and flexibility behind the expanded cost-cutting program. CFO Jamey Mock explained that cost reductions are largely tied to the winding down of large Phase 3 trials and ongoing process improvements, rather than specific revenue signals.
• Gena Wang (Barclays) asked about U.S. COVID vaccine market share and future prospects, to which Mock replied that script data supports a stable market position and attributed lower reported revenue to customer inventory management rather than underlying loss of share.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will closely monitor (1) regulatory decisions for Moderna’s next-generation COVID, RSV, and flu vaccines, (2) the pace and impact of ongoing cost reduction efforts as major clinical trials wind down, and (3) progress in late-stage pipeline programs—especially new data readouts for oncology and non-respiratory vaccines. Execution on product launches and continued market expansion will be key indicators of strategic progress.

Moderna currently trades at $26.84, down from $28.58 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it’s free).

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