Moderna Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.54%.
Did MRNA Beat Earnings? Q2 2025 Results
Moderna delivered a notably cleaner quarter than Wall Street had feared, posting a second-quarter loss of $2.13 per share against a consensus estimate of $2.97, a 28.34% beat, while revenue of $142.00 million topped expectations by 25.71% — even as that top line fell 35.8% year-over-year amid persistently soft COVID vaccine demand outside of peak seasonal windows. The primary driver behind the better-than-expected performance was aggressive cost discipline: R&D expenses dropped 43% to $700.00 million and the net loss narrowed to $825.00 million from $1.28 billion a year ago, a meaningful improvement that suggests the company's restructuring efforts — including a 10% workforce reduction targeting under 5,000 employees by year-end — are beginning to take hold. Still, the backdrop remains complicated; political headwinds around mRNA vaccine funding have rattled investor confidence in recent months, adding uncertainty to an already challenging commercial transition. Moderna updated its 2025 revenue guidance to $1.50–$2.20 billion, trimming the high end by $300.00 million due to U.K. delivery timing shifts, while <a href="https://247wallst.com/investing/2026/02/13/moderna-just-crushed-estimates-while-everyone-was-looking-the-other-way/">reducing full-year operating expenses</a> by roughly $400.00 million to $5.90–$6.10 billion.
- COVID vaccine sales remain primary revenue driver but declining year-over-year
- Seasonal demand concentration in H2 as COVID vaccine transitions to seasonal respiratory product
- 43% reduction in R&D expenses from lower clinical trial and manufacturing spending
- 14% SG&A reduction from broad-based cost discipline
- Interest income of $81 million partially offsetting operating losses
“In the last three months, we advanced our pipeline with positive Phase 3 flu vaccine efficacy data and expanded our commercial portfolio with three new U.S. FDA approvals to drive future sales growth. Today, we are updating our 2025 financial framework, reducing the high end of this year's expected revenue range by $300 million due to the timing of shipments. We continue to operate with financial discipline and are improving expected annual operating expenses in 2025 by approximately $400 million. Looking forward, we have important catalysts over the next six months across our infectious disease and oncology programs that will help us deliver on the promise of our mRNA platform for patients.”
Moderna CEO, on the earnings call
Forward Guidance & Outlook
Moderna updated its 2025 revenue guidance to $1.5–$2.2 billion, reducing the high end by $300 million primarily due to timing shifts of contracted U.K. deliveries into Q1 2026. For H2 2025, revenue is expected to split 40-50% in Q3 with the balance in Q4. Full-year GAAP operating expenses were improved by approximately $400 million to $5.9–$6.1 billion, with R&D expenses lowered to $3.6–$3.8 billion (from ~$4.1 billion), SG&A projected at ~$1.1 billion, cost of sales at ~$1.2 billion, and capex reduced to ~$0.3 billion (from ~$0.4 billion). Year-end cash and investments are projected at approximately $6 billion. Tax expense is expected to be negligible. Key upcoming catalysts include CMV Phase 3 final analysis expected in 2025, FDA approval filing for the flu vaccine, and continued enrollment of oncology trials.
MRNA YoY Financials
MRNA Revenue by Segment
MRNA Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.