Moderna Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −2.98%.
Did MRNA Beat Earnings? Q4 2025 Results
Moderna delivered a <a href="https://247wallst.com/investing/2026/02/13/moderna-just-crushed-estimates-while-everyone-was-looking-the-other-way/">stronger-than-expected quarter</a> to close out 2025, reporting Q4 revenue of $678.00 million against a consensus estimate of $612.28 million — a 10.73% beat — even as sales fell 29.1% year-over-year amid continued weakness in COVID vaccine demand. The loss per share of $2.11 came in well ahead of the $2.62 consensus estimate, a 19.47% positive surprise, as the company's aggressive cost-cutting drove roughly $2.20 billion in annual operating expense reductions that significantly exceeded management's own targets. For the full year, revenue totaled $1.94 billion — a 40% decline from 2024 — though the net loss narrowed to $2.82 billion from $3.56 billion. Pipeline momentum added a constructive backdrop, with the European Medicines Agency recently recommending approval of Moderna's combination COVID and flu vaccine, a first-of-its-kind milestone that underscores the company's push into international markets. Looking ahead, management is targeting up to 10% revenue growth in 2026, with year-end cash and investments projected between $5.50 billion and $6.00 billion.
- COVID vaccine sales remained primary revenue driver but declined 30% year-over-year in Q4
- Approximately $2.2 billion reduction in annual operating expenses, surpassing cost-reduction targets
- R&D expenses declined 31% from wind-down of Phase 3 respiratory programs and portfolio prioritization
- Three international manufacturing sites brought online during 2025
- Stand-ready manufacturing revenue from long-term strategic partnerships began in 2025
“In 2025, we sharpened our commercial execution, launched our third product and brought online three international manufacturing sites, while advancing our mRNA pipeline. At the same time, we lowered our annual operating expenses by approximately $2.2 billion, significantly surpassing our cost-reduction targets.”
Moderna CEO, on the earnings call
Forward Guidance & Outlook
Moderna is targeting up to 10% revenue growth in 2026 from 2025 levels, with approximately 50% U.S. and 50% international revenue split. Cost of sales is expected at approximately $0.9 billion, R&D expenses at approximately $3.0 billion, and SG&A at approximately $1.0 billion. Capital expenditures are projected at $0.2 to $0.3 billion. Year-end 2026 cash and investments are projected at $5.5 to $6.0 billion, excluding any additional draws on the credit facility. Full-year tax expense is expected to be negligible. Multiple pipeline catalysts are expected in 2026 including potential Phase 3 adjuvant melanoma data, norovirus Phase 3 readout, propionic acidemia registrational data readout, and potential regulatory approvals for the seasonal flu vaccine in the EU, Canada, and Australia.
MRNA YoY Financials
MRNA Revenue by Segment
MRNA Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.