Moderna (MRNA) Q4 2025 earnings summary

Executive summary

• 2025 revenue was $1.9 billion, primarily from COVID vaccine sales, with mNEXSPIKE becoming the leading U.S. product after its mid-year launch and approval in multiple countries.

• Net loss for 2025 was $2.8 billion, an improvement from $3.6 billion in 2024, with loss per share improving to $(7.26) from $(9.28).

• Operating expenses fell by 30% year-over-year, exceeding cost reduction targets by over $1 billion and achieving $2.2 billion in annual savings.

• Ended 2025 with $8.1 billion in cash and investments, down from $9.5 billion in 2024, supported by working capital improvements and a $600 million credit facility draw.

• Three products on the market, with strong commercial execution, pipeline progress, and strategic agreements in rare diseases and vaccine supply.

Financial highlights

• Q4 2025 revenue was $700 million, with $300 million from the U.S. and $400 million international; full-year revenue declined 40% year-over-year.

• Full-year cost of sales dropped 41% to $868 million, driven by productivity and lower inventory write-downs.

• R&D expenses decreased 31% to $3.1 billion, with continued investment in late-stage trials and oncology.

• SG&A expenses declined 13% to $1 billion.

• Q4 net loss was $826 million, down from $1.1 billion in Q4 2024; loss per share improved to $(2.11) from $(2.91).

Outlook and guidance

• 2026 revenue expected to grow up to 10%, with a more balanced U.S./international mix due to local manufacturing and strategic partnerships.

• Revenue guidance assumes no contribution from flu or flu-COVID combo vaccines in 2026.

• Cost of sales projected at $900 million, with gross margin improvement expected.

• R&D and SG&A expenses anticipated to be $3 billion and $1 billion, respectively, both flat or slightly down year-over-year.

• Year-end 2026 cash and investments expected at $5.5–$6 billion, with capital expenditures forecasted at $200–$300 million.