Investing.com -- Moderna Inc (NASDAQ: MRNA) on Friday reported first quarter results that exceeded revenue expectations but posted a wider-than-expected loss, driven by a $0.9 billion non-recurring litigation settlement charge.

Shares surged 10.4% following the announcement as investors focused on the company’s revenue beat and reaffirmed growth outlook.

The biotech company reported a loss of -$3.40 per share for the quarter, compared to the analyst consensus estimate of -$2.02. Revenue reached $389 million, beating the consensus estimate of $251.76 million and representing a 260% increase from $108 million in the same quarter last year.

Approximately 80% of revenue came from international markets, primarily from deliveries under long-term strategic partnerships with government entities.

"The Moderna team delivered a great start to the year, driving significant revenue growth and substantial cost reductions building on actions taken in 2025," said Stéphane Bancel, Chief Executive Officer of Moderna.

"Building on this strong first quarter momentum, we are excited to return to sales growth in 2026 and expect several additional approvals around the world, including for our seasonal flu vaccine, which would be Moderna’s fifth approved product."

The company’s GAAP net loss was $1.3 billion for the quarter, compared to a net loss of $971 million in the first quarter of 2025. Excluding the litigation settlement charge related to Arbutus Biopharma Corporation and Genevant Sciences GmbH, the loss would have been significantly lower. The settlement payment of $950 million is expected to be made in the third quarter of 2026.

Moderna reiterated its plan to deliver up to 10% revenue growth in 2026 and maintained its GAAP operating expense reduction targets, excluding the non-recurring litigation settlement charge. The company projects year-end cash and investments of $4.5 billion to $5.0 billion.