What is Moderna's R&D?

Moderna (MRNA) reported R&D of $649M in Q1 2026.

How has Moderna's R&D changed year-over-year?

Moderna's R&D decreased by 24.2% year-over-year, from $856M to $649M.

What is the long-term trend for Moderna's R&D?

Over 4 years (2021 to 2025), Moderna's R&D has grown at a 12.0% compound annual growth rate (CAGR), from $1.99B to $3.13B.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Moderna MRNA R&D

R&D at other companies

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$95.47M+7.3%

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$413.13M+27.7%

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$187M+12.7%

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Viridian Therapeutics, Inc.VRDN

$77.63M+1.0%

Other financials

Income statement

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Revenue$389.0M+260%

Gross profit-$566.0M-3,244%

Operating income-$1.4B-32.2%

Net income-$1.3B-38.3%

EPS (diluted)-$3.40-34.9%

Balance sheet

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Cash & equivalents$1.9B+17.4%

Total debt$1.3B+71.9%

Total equity$7.4B-26.4%

Total assets$11.5B-9.6%

Cash flow

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Operating cash flow-$630.0M+39.2%

CapEx$62.0M-47.0%

Free cash flow-$692.0M+40.0%

Valuation

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Market cap$22.14B+75.3%

Enterprise value$21.56B+77.9%

P/S10×+5.8×

Profitability

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Gross margin22.1%-32.0pp

Operating margin-153.3%+67.8pp

Net margin-143.6%+80.2pp

FCF margin-132.4%—

Returns & leverage

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Return on equity-36.6%+11.9pp

Debt / equity0.2×+0.1×

Current ratio2.4×-1.8×

Where this comes from

Reported directly by Moderna in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The official record: Moderna’s 10-Q, filed May 1, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Moderna's R&D?: Moderna (MRNA) reported R&D of $649M in Q1 2026.
How has Moderna's R&D changed year-over-year?: Moderna's R&D decreased by 24.2% year-over-year, from $856M to $649M.
What is the long-term trend for Moderna's R&D?: Over 4 years (2021 to 2025), Moderna's R&D has grown at a 12.0% compound annual growth rate (CAGR), from $1.99B to $3.13B.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.