Moderna (MRNA) Company Report

Moderna guided $1.6–$2.0 billion COVID vaccine revenue for 2025, comprising $1.0–$1.3 billion U.S. and $600–$700 million ex-U.S., with vaccination rates down ~27–28% Y/Y.
Seasonal vaccine filings include mRNA flu submissions by January targeting a 2027 launch, and a COVID/flu combination vaccine under review in Europe aiming for 2026–2027 approval.
RSV vaccine mRESVIA has seen a slow start amid market contraction and channel inventory ahead of revaccination guidance expected in the next 1–2 years ; norovirus candidate mRNA-1403 is in phase III, with a new cohort running into spring 2026 and an interim efficacy analysis planned next year.
Oncology programs include a 50/50 partnership with Merck on individualized neoantigen therapy, phase III melanoma enrollment completed Sept 2024 with a 2026 data readout ; off-the-shelf 4359 vaccine showed a 67% response rate in phase I, and T-cell engager and in vivo cell therapy studies are underway.
Financial position: ended Q3 2025 with $6.6 billion cash, secured a $1.5 billion five-year credit facility with Ares (drawing $600 million upfront at ~1% interest) to support operations toward break-even in 2028.

6 days ago

Transcript

Moderna outlines commercial outlook and pipeline at Healthcare Conference

MRNA

Guidance Update

Product Launch

Debt Issuance

2025 COVID vaccine revenue guidance of $1.6–$2.0 billion, including $1.0–$1.3 billion in the US and $0.6–$0.7 billion ex-US, with vaccination rates down ~28% supporting confidence in the full-year outlook.
Seasonal flu filings to be completed by January for a 2027 market launch, with Phase III data showing 26.6% higher efficacy vs. standard-dose vaccines.
Pipeline advancement: norovirus vaccine mRNA-1403 Phase III resumed with an interim efficacy readout expected in 2026 ; oncology 50/50 Merck partnership individualized neoantigen therapy targets Phase III melanoma data and Phase II RCC readout in 2026.
Secured a $1.5 billion five-year credit facility with Ares, drawing $600 million upfront of non-dilutive financing to support R&D and operations en route to breaking even by 2028.

6 days ago

Transcript

Moderna outlines 2025 guidance and pipeline progress

MRNA

Guidance Update

Debt Issuance

New Projects/Investments

Moderna guides $1.6–2.0 B in 2025 COVID vaccine revenue (US $1–1.3 B; ex-US $600–700 M) and maintains confidence despite a 27% drop in vaccination rates.
MNEXP Spike (new COVID booster) captures 55% market share vs Spikevax’s 45% after June approval, prompting doubled production for 2025.
Moderna will file its mRNA seasonal flu vaccine globally by January for a 2027 launch; its combination COVID/flu vaccine is under EU review with potential 2026/27 approval.
Pipeline milestones include Phase 3 melanoma cancer vaccine data with Merck expected in 2026, and propionic acidemia gene therapy readout in 2026/27 targeting a 2028 launch.
The company drew $600 M on a $1.5 B credit facility with Ares at low cost to extend its cash runway, still targeting breakeven in 2028.

6 days ago

Transcript

Moderna enters $1.5 billion Credit and Guaranty Agreement

MRNA

Debt Issuance

On November 19, 2025, Moderna, Inc. and certain subsidiary guarantors executed a $1.5 billion Credit and Guaranty Agreement with a syndicate of lenders led by Ares Capital Corporation and Ares Capital Management LLC.
Ares Capital Corporation will serve as Administrative Agent and Collateral Agent, and Ares Capital Management LLC as Sole Lead Arranger and Sole Bookrunner for the facility.
The facility includes initial term loans issued at an original issue discount under Sections 1272–1275 of the Internal Revenue Code.
The agreement is filed as Exhibit 10.1 to the 8-K report on November 24, 2025.

Nov 24, 2025, 9:29 PM

8-K

Moderna Analyst Day 2025 Update

MRNA

Guidance Update

Debt Issuance

Product Launch

Moderna projects 2025 revenue of $1.6–2.0 billion, with U.S. sales $1.0–1.3 billion, and anticipates >10% revenue growth in 2026 driven by geographic expansion and new products.
Cash costs have been cut to $4.6 billion in 2025 (down from $5.5 billion), targeting $3.7 billion in 2027, paving the way for cash break-even in 2028.
The mNEXSPIKE COVID booster, approved mid-2025, has secured 23% of U.S. retail shots YTD (≈33% in ≥65 age group); EU, Canada, Australia, Japan, and Taiwan approvals are pending for 2026 launches.
Long-term manufacturing and supply partnerships in the U.K. (69 M lives), Canada (41 M), and Australia (27 M) begin delivering in 2025–26, with EU market entry and Brazil collaboration slated for 2027.
Moderna secured a $600 million delayed-draw term loan (5-year facility, ~10% spread), boosting 2025 year-end liquidity to ~$8 billion for strategic flexibility.

Nov 20, 2025, 2:00 PM

Transcript

Moderna outlines 2025 Analyst Day strategy

MRNA

Debt Issuance

New Projects/Investments

Moderna’s seasonal respiratory vaccine franchise, now with three approved products, is positioned to leverage mRNA speed and scale to serve the growing ≥65 population and improve gross margins through increased volume and productivity gains.
Manufacturing network consolidation: mRNA drug substance is produced at Norwood (MA) and by Rovi (Spain), with new drug product (DP) capacity added in Norwood; three identical DP sites in Lavelle (Canada), Harwell (UK), and Clayton (Australia) enhance cost efficiency and supply reliability.
Financial guidance: 2025 revenue narrowed to $1.6 billion–$2.0 billion, with cash R&D and operating costs cut to $4.6 billion, further reduced to $3.7 billion by 2027, targeting cash break-even by 2028.
Balance sheet strengthened via a $1.5 billion non-dilutive term loan (initial draw $600 million at SOFR + 550 bp), boosting year-end 2025 liquidity to over $8 billion and preserving strategic flexibility.
Cash flow from vaccines to fund pipeline growth: Intismeran (oncology IO) pivotal data expected in 2026 for a potential 2027 launch, and Propionic Acidemia rare disease study fully enrolled for a 2028 launch.

Nov 20, 2025, 2:00 PM

Transcript

Moderna outlines growth strategy and financial outlook at 2025 Analyst Day

MRNA

Guidance Update

Product Launch

Debt Issuance

Moderna will build a seasonal respiratory vaccine franchise targeting high-risk populations—leveraging three approved products (flu, flu + COVID, RSV) to generate cash flow for oncology and rare disease R&D.
Strategic on-shoring deals in the U.K. (69 M lives), Canada (41 M lives) and Australia (27 M lives) begin delivering in 2026, including $0.2 B revenue in Q1 2026, with disciplined expansion into Europe thereafter.
mNEXSPIKE captured 23% of U.S. retail COVID shots in its first year, and Moderna plans flu monovalent launches in 2027 plus flu + COVID combo and norovirus pivotal data in 2026.
Moderna’s cash costs are guided down from $5.1 B in 2025 to $3.7 B in 2027, aiming for cash-flow break-even by 2028, and has secured a $600 M delayed-draw term loan (SOFR + 550 bps) to bolster liquidity above $8 B into 2026.

Nov 20, 2025, 2:00 PM

Transcript

Moderna targets 2026 revenue growth and outlines pipeline expansion

MRNA

Guidance Update

Product Launch

New Projects/Investments

Moderna is aiming for up to 10% revenue growth in 2026, fueled by its marketed vaccines and new long-term partnerships in the UK, Canada and Australia.
The company plans to expand its seasonal vaccine franchise from three to as many as six approved products by 2028, including influenza, flu/COVID combination and Norovirus vaccines.
Moderna targets readouts from nine ongoing Phase 2 and Phase 3 oncology studies, notably three Phase 3 trials for its intismeran autogene program.
It expects to reduce GAAP operating expenses by approximately $0.5 billion in both 2026 and 2027, with a path to cash breakeven by 2028.

Nov 20, 2025, 12:12 PM

8-K

Moderna expands U.S. drug manufacturing facility

MRNA

New Projects/Investments

$140 million investment to integrate Drug Product manufacturing at its Norwood, MA center, completing end-to-end domestic mRNA production
Construction is underway, with the facility slated to be operational by 1H 2027, boosting capacity for commercial and clinical supply
Project will create hundreds of skilled biomanufacturing jobs in the region, strengthening the local workforce
Despite a -141.51% net margin and declining revenue growth, Moderna’s strong liquidity (cash exceeds debt; current ratio of 3.93) underpins this expansion

Nov 19, 2025, 2:41 PM

Morningstar

Moderna reports Q3 2025 results

MRNA

Earnings

Guidance Update

Q3 2025 revenue was $1.0 billion, with a net loss of $200 million and ending cash and investments of $6.6 billion; year-to-date revenue reached $1.3 billion (including $900 million from the U.S.)
2025 revenue guidance narrowed to $1.6 billion–$2.0 billion; U.S. revenue now projected at $1.0 billion–$1.3 billion and international at $600 million–$700 million; year-end cash balance raised to $6.5 billion–$7.0 billion
Cost efficiency measures drove a 34% reduction in cost of sales, R&D, and SG&A versus Q3 2024 and delivered $2.1 billion of cost savings over the last four quarters
Commercial and pipeline highlights include mNEXSPIKE approval in 40 countries (U.S. and Canada included) now representing 55% of COVID vaccine volume, positive Phase 3 flu data for mRNA 1010/1083, and discontinuation of the CMV vaccine program after a Phase 3 failure

Nov 6, 2025, 1:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Moderna.

Q3 2025

Nov 6, 2025

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Q2 2025

Aug 1, 2025

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Q1 2025

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