Moderna (MRNA) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was $1.0 billion, down 45–47% year-over-year, primarily due to lower COVID vaccine sales and reduced vaccination rates in the U.S. and internationally.

• Net loss for Q3 2025 was $200 million, or $0.51 per share, compared to net income of $13 million ($0.03 per share) in Q3 2024.

• Three commercial products—Spikevax, mNEXSPIKE, and mRESVIA—were approved and launched in multiple countries, with expanded global reach and regulatory approvals in 40 countries.

• Strategic partnerships and new manufacturing facilities in Canada, the U.K., and Australia are expected to drive future growth and pandemic preparedness.

• Cost reduction initiatives led to a 34% decrease in combined cost of sales, R&D, and SG&A year-over-year, improving expected 2025 operating expenses and cash outlook.

Financial highlights

• Year-to-date revenue reached $1.3 billion, with $900 million from the U.S. and the rest from international markets.

• Q3 2025 revenue was $1.0–$1.02 billion, down 45–47% year-over-year, with net loss of $200 million.

• Cost of sales for Q3 2025 was $207 million (21% of net product sales), down 60% year-over-year.

• R&D expenses fell 30% to $801 million; SG&A expenses decreased 5% to $268 million.

• Cash and investments totaled $6.6–$6.65 billion at quarter-end, down from $7.5 billion in Q2 2025.

Outlook and guidance

• 2025 revenue guidance narrowed to $1.6–$2.0 billion, with U.S. revenue expected at $1–$1.3 billion and international revenue at $600–$700 million.

• Cost of sales guidance lowered to $0.8–$0.9 billion; R&D expense range reduced to $3.3–$3.4 billion; SG&A expected at $1.1 billion.

• Capital expenditures for 2025 projected at $300 million.

• Year-end 2025 cash and investments projected at $6.5–$7.0 billion, up from prior guidance.

• Targeting cash break-even by 2028.