Moderna (MRNA) Company Report

Moderna reported 4Q25 total revenue of $678 M, down 30% year-over-year, with a net loss of $826 M and cash and investments of $8.1 B as of December 31, 2025.
For full-year 2025, revenue was $1.9 B, net loss $2.8 B, and Moderna realized $2.2 B in annual cost savings, ending the year with $8.1 B in cash and investments.
Moderna’s 2026 GAAP financial framework contemplates up to 10% revenue growth, cost of sales of ~$0.9 B, R&D of ~$3.0 B, SG&A of ~$1.0 B, cash cost target of $4.2 B, and year-end cash and investments of $5.5–6.0 B.
Commercially, Moderna achieved a successful mNEXSPIKE launch and secured long-term strategic partnerships (UK, Canada, Australia, Mexico), while advancing its late-stage oncology and infectious disease pipeline with positive data readouts in melanoma and norovirus programs.

6 days ago

Presentation

Moderna announces Q4 and full-year 2025 results

MRNA

Earnings

Guidance Update

Moderna reported Q4 revenue of $700 million and full-year 2025 revenue of $1.9 billion, driven primarily by COVID vaccine sales, with a Q4 net loss of $800 million and full-year net loss of $2.8 billion.
The company ended 2025 with $8.1 billion in cash and investments, down from $9.5 billion at end-2024.
For 2026, Moderna forecasts up to 10% revenue growth, cost of sales of $900 million, R&D spend of $3 billion, SG&A of $1 billion, capital expenditures of $200–300 million, and expects to finish the year with $5.5–6 billion in cash.
Commercially, mNEXSPIKE captured 24% of the US COVID retail market in its launch season, and Moderna secured multi-year manufacturing partnerships in the UK, Canada and Australia to support vaccine supply.
Regulatory filings for its seasonal flu and flu-COVID combination vaccines are under review in Europe, Canada and Australia, with first approvals expected late 2026 or early 2027.

6 days ago

Transcript

Moderna reports Q4 2025 results

MRNA

Earnings

Guidance Update

Product Launch

Total revenue for Q4 was $700 million and full-year 2025 revenue reached $1.9 billion; Q4 net loss was $800 million, with 2025 net loss of $2.8 billion, ending the year with $8.1 billion in cash and investments.
Operating expenses declined by $2.2 billion (30%) in 2025, reflecting productivity gains and cost discipline.
2026 guidance anticipates up to 10% revenue growth, with cost of sales of ~$900 million, R&D spend of ~$3 billion, SG&A of ~$1 billion, and year-end cash projected at $5.5 – 6 billion.
mNEXSPIKE captured 24% of the US retail COVID market (34% in adults ≥ 65) in its launch year, and full-year contributions from manufacturing partnerships in the UK, Canada, and Australia will drive growth in 2026.
Pipeline progress includes flu and flu-COVID combo vaccines under review in Europe, Canada, and Australia, a US refusal-to-file letter on the flu program, positive 5-year phase II melanoma data, and a fully enrolled phase III norovirus trial.

6 days ago

Transcript

Moderna reports Q4 2025 results

MRNA

Earnings

Guidance Update

Product Launch

Moderna delivered $700 million in revenue in Q4 and $1.9 billion for full-year 2025, driven primarily by COVID-19 vaccines; operating expenses were down 31% in Q4 and 30% for the year, resulting in a Q4 net loss of $800 million (versus $1.1 billion in Q4 2024) and a full-year net loss of $2.8 billion (versus $3.6 billion in 2024).
The company ended 2025 with $8.1 billion in cash and investments, down from $9.5 billion at end-2024, and drew $600 million on its $1.5 billion credit facility.
For 2026, Moderna forecasts up to 10% revenue growth, with cost of sales of ~$900 million, R&D of ~$3 billion, SG&A of ~$1 billion, total GAAP operating expenses of $4.9 billion, cash costs of $4.2 billion, and expects to finish the year with $5.5 billion–$6 billion in cash.
Commercial momentum includes mNEXSPIKE capturing 24% of the U.S. retail COVID market (34% among adults 65+) in its launch year, new strategic partnerships in the U.K., Canada, and Australia, and ongoing regulatory reviews for its flu and flu-COVID vaccines, while the pipeline advanced with full enrollment in multiple late-stage oncology and a phase III norovirus trial.

6 days ago

Transcript

Moderna reports Q4 sales drop, reiterates 10% growth target

MRNA

Earnings

Guidance Update

Demand Weakening

Fourth-quarter revenue fell to $678 million and GAAP loss was $2.11 per share, beating analyst expectations despite a ~30% y/y decline in Covid-19 vaccine demand.
Reiterated a 10% revenue growth target for 2026, with an anticipated ~50/50 U.S./international split and 85% of revenue weighted to H2.
Midyear U.S. launch of mNEXSPIKE lifted U.S. retail Covid-19 vaccine market share to 24%, alongside $2.2 billion in annual cost reductions.
Plans $3 billion in R&D investments by 2026, added three international manufacturing sites, and is pursuing a COVID–flu combo approval in Europe.

6 days ago

Bloomberg

Moderna reports Q4 and FY 2025 financial results

MRNA

Earnings

Guidance Update

New Projects/Investments

Moderna reported Q4 revenue of $0.7 billion and a GAAP net loss of $0.8 billion, while full-year 2025 revenue was $1.9 billion with a GAAP net loss of $2.8 billion.
The company reduced annual operating expenses by approximately $2.2 billion in 2025, surpassing its cost-reduction targets.
For 2026, Moderna targets up to 10% revenue growth and projects cost of sales of ~$0.9 billion, R&D expenses of ~$3.0 billion, and SG&A expenses of ~$1.0 billion.
Key pipeline and regulatory highlights include acceptance of the influenza vaccine filing in the EU, Canada and Australia (FDA Refusal-to-File and Type A meeting requested), full enrollment of Norovirus Phase 3 and intismeran autogene Phase 2 bladder cancer trials with data readouts expected in 2026.

7 days ago

8-K

Moderna receives FDA refusal-to-file letter for flu vaccine

MRNA

On Feb. 3, FDA issued a refusal-to-file letter for Moderna’s mRNA-1010 seasonal influenza vaccine, citing its Phase 3 trial’s use of a standard-dose comparator rather than the high-dose comparator recommended for older adults.
Moderna said this is the first refusal-to-file letter received in a vaccine review and noted the trial met endpoints showing 26.6% greater effectiveness versus the standard vaccine.
The company has requested a meeting with the FDA to seek a pathway forward and warned the refusal could hinder U.S. vaccine innovation; shares fell 7% in after-hours trading.

Feb 11, 2026, 12:13 AM

Bloomberg

Moderna receives FDA Refusal-to-File Letter for mRNA-1010 influenza vaccine

MRNA

The FDA’s CBER issued an RTF letter for the BLA of mRNA-1010, citing the use of a licensed standard-dose comparator instead of a best-available standard-of-care comparator, without raising any safety or efficacy concerns.
This decision conflicts with prior CBER guidance during pre-Phase 3 and pre-submission consultations, which had agreed to Moderna’s comparator choice; the company has requested a Type A meeting to clarify the basis for the refusal.
mRNA-1010 is still under review in the EU, Canada, and Australia, with additional filings planned in 2026 and potential approvals expected in late 2026 or early 2027.
Moderna does not expect the RTF letter to affect its 2026 financial guidance.

Feb 10, 2026, 11:02 PM

8-K

Moderna reports 5-year melanoma trial follow-up

MRNA

FDA is accelerating precision biologics, favoring mRNA platforms, with multiple January 2026 breakthrough designations fueling the shift in oncology.
Moderna’s Phase 2b KEYNOTE-942/mRNA-4157-P201 five-year follow-up shows a 49% reduction in risk of recurrence or death versus KEYTRUDA alone in high-risk melanoma.
The safety profile of intismeran autogene plus KEYTRUDA remains consistent with previous reports.
Moderna and Merck are advancing eight Phase 2/3 trials across melanoma, non-small cell lung, bladder and renal cancers, with the Phase 3 INTerpath-001 melanoma study now fully enrolled.

Feb 5, 2026, 2:26 PM

Press Release

Moderna pulls back from Phase III vaccine trials

MRNA

Layoffs

New Projects/Investments

Demand Weakening

Moderna will not fund new late-stage (Phase III) infectious-disease vaccine trials, citing a shrinking U.S. market, regulatory slowdowns and rising anti-vaccine sentiment.
The company is reallocating resources to oncology and rare-disease mRNA programs, planning to invest COVID-19 vaccine earnings into these areas and highlighting personalized cancer vaccine intismeran with Merck’s Keytruda as a near-term revenue driver.
Moderna has discontinued programs for congenital cytomegalovirus, herpes simplex virus, Varicella-Zoster virus and Von Gierke disease, and cut ~10% of its workforce (~5,000 employees), aiming to reduce annual operating expenses by $1.5 billion by 2027.
U.S. vaccine policy shifts under HHS Secretary Robert F. Kennedy Jr. — including removing COVID-19 from routine immunization guidelines and cancelling 22 mRNA projects — have compounded market headwinds.

Jan 23, 2026, 12:58 AM

Bloomberg

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Earnings Transcripts

Quarterly earnings call transcripts for Moderna.

Q4 2025

Feb 13, 2026

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Q3 2025

Nov 6, 2025

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Q2 2025

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Moderna (MRNA)

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