Companies /Healthcare

Moderna Inc

NASDAQ: MRNA Biotechnology
$145.55
▼ $3.32 (−2.23%) today
Markets closed · 8:10pm ET

Q3 2025 Earnings

Reported Nov 6, 2025, 7:03am ET · SEC source
$-0.51
Beat +76.60%
EPS · est. $-2.18
$1.0B
Beat +16.80%
Revenue · est. $869.9M
+14.2%
Beating market
MRNA vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%Nov 6Nov 7report 7:03am ETearnings−2.1%−3.9%
−3%0+3%Nov 6Nov 7earnings−2.1%−3.9%
MRNA −3.9%S&P 500 −2.1%
−3%0+3%Nov 6Nov 7report 7:03am ETearnings−3.5%−3.9%
−3%0+3%Nov 6Nov 7earnings−3.5%−3.9%
MRNA −3.9%NASDAQ −3.5%
−4%0+4%+8%Nov 5Nov 14report 7:03am ETearnings−2.0%−1.8%
−4%0+4%+8%Nov 5Nov 14earnings−2.0%−1.8%
MRNA −1.8%S&P 500 −2.0%
−4%0+4%+8%Nov 5Nov 14report 7:03am ETearnings−4.0%−1.8%
−4%0+4%+8%Nov 5Nov 14earnings−4.0%−1.8%
MRNA −1.8%NASDAQ −4.0%
+3.27%
Day of report
+0.86%
Next session
+2.59%
One week
+16.07%
30 days

S&P 500 over the same 30 days: +1.90%.

Did MRNA Beat Earnings? Q3 2025 Results

Moderna delivered a notably stronger-than-expected third quarter, with the biotech posting a loss of $0.51 per share against a consensus estimate of -$2.18 — a 76.60% beat — as disciplined cost management and a solid early start to the respiratory virus season combined to lift results well above the bar Wall Street had set. Revenue came in at $1.02 billion, beating the $869.89 million consensus by 16.80%, though the figure still represents a 45.2% decline year-over-year as the company continues navigating a post-pandemic reset in COVID vaccination demand. The primary engine was $971 million in COVID vaccine sales, with the U.S. accounting for $781 million of that total. Cost of sales fell sharply to just 21% of net product sales, down from 28% a year ago, underscoring the <a href="https://247wallst.com/investing/2026/02/13/moderna-just-crushed-estimates-while-everyone-was-looking-the-other-way/">cost discipline driving the beat</a>. Looking ahead, Moderna narrowed its full-year 2025 revenue guidance to $1.60–$2.00 billion while raising its year-end cash projection to $6.50–$7.00 billion, bolstered by a recently secured $1.5 billion credit facility as the company targets cash breakeven by 2028.

Key Takeaways
  • COVID vaccine sales of $971 million driven by successful launch of mNEXSPIKE for 2025-2026 respiratory virus season
  • Cost of sales as percentage of net product sales improved to 21% from 28% due to manufacturing productivity gains
  • R&D expenses decreased 30% year-over-year through investment prioritization and clinical trial efficiencies
  • Ongoing cost-reduction initiatives improved expected 2025 operating expenses by $0.7 billion

“We delivered strong commercial and financial performance in the third quarter, supported by COVID vaccine sales following the successful launch of mNEXSPIKE and a significant improvement in expected 2025 operating expenses from our ongoing cost-reduction initiatives.”

Moderna CEO, on the earnings call

Forward Guidance & Outlook

Moderna narrowed its 2025 projected revenue range to $1.6–$2.0 billion (from $1.5–$2.2 billion). The company improved 2025 expected GAAP operating expenses by $0.7 billion to $5.2–$5.4 billion, with cost of sales expected at $0.8–$0.9 billion (down from $1.2 billion), R&D at $3.3–$3.4 billion (from $3.6–$3.8 billion), and SG&A at approximately $1.1 billion. Year-end cash and investments are now projected at $6.5–$7.0 billion, an increase of $0.5–$1.0 billion from prior expectations. Capital expenditures are expected at approximately $0.3 billion and tax expense is expected to be negligible.

MRNA YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$600.0M$1.2B$1.8B$1.9B$1.0BRevenue$1.3B$809.0MGross Profit
$0$600.0M$1.2B$1.8BRevenueGross Profit

MRNA Revenue by Segment

COVID Vaccines$971.0M
International Product Sales
U.S. Product Sales
Spikevax
mRESVIA$2.0M

MRNA Revenue by Geography

United States$781.0M
Rest of World$190.0M

Figures from SEC filings and company reports. Not investment advice.