Moderna Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.74%.
Did MRNA Beat Earnings? Q1 2025 Results
Moderna posted a deeply challenged first quarter, with revenue falling to $108.00 million from $167.00 million a year ago and a loss per share of $2.52, as the respiratory vaccine maker navigated its sharpest seasonal trough since commercialization. The numbers tell a story of structural pressure: cost of sales consumed 104% of net product sales — up from 58% a year earlier — driven by $42.00 million in inventory write-downs, $21.00 million in unutilized manufacturing capacity, and $10.00 million in losses on purchase commitments. Yet beneath the headline miss, aggressive cost discipline is reshaping the company, with R&D expenses falling 19% to $856.00 million and SG&A declining 23% to $212.00 million, narrowing the net loss to $971.00 million from $1.18 billion. Management reiterated full-year revenue guidance of $1.50 billion to $2.50 billion, with demand heavily weighted toward the second half, and expanded its cost-reduction targets to achieve $1.40 billion to $1.70 billion in savings by 2027 — a transformation that investors will measure against a pipeline <a href="https://247wallst.com/investing/2026/02/13/moderna-just-crushed-estimates-while-everyone-was-looking-the-other-way/">advancing toward 10 approvals</a>, including PDUFA dates for its next-generation COVID and RSV vaccines in late May and June.
- Revenue decline driven by lower vaccination rates and normalization of COVID into a seasonal market
- Demand expected to be concentrated in the second half of the year
- R&D expenses decreased 19% due to lower clinical development costs across respiratory programs
- SG&A decreased 23% from broad-based cost reductions across digital, facility, marketing, and personnel
- Cost of sales as percentage of net product sales increased to 104% from 58% due to lower sales volume
“In the first quarter, we continued to execute with financial discipline, significantly reducing our operating expenses, and further prioritized our investments in oncology. Looking ahead, we are reiterating our 2025 financial framework and announcing a cost structure that is expected to reduce our annual operating expenses by approximately $1.5 billion by 2027. With several Phase 3 readouts approaching and continued momentum toward 10 product approvals, we remain confident in Moderna's long-term outlook.”
Moderna CEO, on the earnings call
Forward Guidance & Outlook
Moderna reiterated its 2025 revenue guidance of $1.5 to $2.5 billion, with approximately $0.2 billion expected in the first half of the year and demand concentrated in the second half due to respiratory seasonality. Full-year 2025 cost of sales is expected to be approximately $1.2 billion, R&D expenses approximately $4.1 billion, SG&A approximately $1.1 billion, capital expenditures approximately $0.4 billion, and year-end cash and investments approximately $6 billion. The company announced expanded cost-reduction targets with estimated GAAP operating costs of $5.4 to $5.7 billion in 2026 (reduced from $5.9 billion) and $4.7 to $5.0 billion in 2027, representing a $1.4 to $1.7 billion reduction by 2027 versus 2025. The company is advancing up to 10 products toward approval, with PDUFA dates for next-gen COVID (May 31, 2025) and RSV for high-risk adults (June 12, 2025), and multiple Phase 3 readouts expected.
MRNA YoY Financials
MRNA Revenue by Segment
MRNA Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.