Moderna (MRNA) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $142 million, down 41% year-over-year, mainly due to lower COVID vaccine sales; net loss improved to $825 million, with EPS of $(2.13), and operating expenses reduced by 35%.

• Three new FDA approvals: mNEXSPIKE (next-gen COVID), mRESVIA (RSV for high-risk adults), and expanded Spikevax for children, expanding the commercial portfolio.

• Workforce reduction of 10% announced to align costs with business conditions, targeting under 5,000 employees by year-end.

• Strong progress in late-stage pipeline, including positive Phase 3 flu vaccine data and ongoing oncology and rare disease programs.

• Cash and investments totaled $7.5 billion at quarter-end, down from $8.4 billion in Q1, supporting ongoing R&D and pipeline advancement.

Financial highlights

• Net product sales were $114 million, down 38% year-over-year; total revenue was $142 million, a 41% decrease; other revenue was $28 million, down 51%.

• Cost of sales was $119 million (105% of net product sales), including $38 million in inventory write-downs and $52 million in unutilized manufacturing costs.

• R&D expenses dropped 43% to $700 million; SG&A expenses fell 14% to $230 million.

• Operating expenses for Q2 2025 were $1.05 billion, down from $1.6 billion in Q2 2024.

• Cash used in operating activities for the first half of 2025 was $2.0 billion; capital expenditures were $120 million.

Outlook and guidance

• 2025 revenue guidance updated to $1.5–$2.2 billion, with a $300 million reduction at the high end due to U.K. shipment timing shift; 40–50% expected in Q3.

• U.S. product sales expected at $1.0–$1.5 billion; international at $400–$600 million; other revenues at $100 million.

• R&D expense forecast lowered to $3.6–$3.8 billion; SG&A expected at $1.1 billion; cost of sales guidance at $1.2 billion.

• Capital expenditures reduced to $300 million for 2025; year-end 2025 cash and investments projected at ~$6 billion.

• Targeting cash breakeven by 2028, with continued cost reductions through 2027.