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Jun 30
Moderna Q2 2025 Earnings Report
Moderna reported a significant year-over-year decline in revenue and a narrower net loss in Q2 2025.
Key Takeaways
Moderna's Q2 2025 results reflected a continued downturn in COVID-19 vaccine sales, leading to a 41% drop in revenue. Despite the decline, the company reduced its net loss compared to last year and achieved cost savings in R&D and SG&A. Multiple new FDA approvals and pipeline progress are expected to drive future performance.
Revenue fell to $142 million, down 41% year-over-year due to lower COVID-19 vaccine sales.
Net loss narrowed to $800 million from $1.3 billion in Q2 2024.
FDA approvals and positive Phase 3 results are expected to support future growth.
Operating expenses were reduced by $400 million for the full year.
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CapyFin.com Forward Guidance
Moderna updated its 2025 financial outlook, lowering expected revenue due to shipment timing but improved its cost outlook and expects cash reserves of $6 billion by year-end.
Positive Outlook
- Improved 2025 GAAP operating expense outlook by $400 million
- Reaffirmed $6 billion expected year-end cash balance
- Three new FDA approvals announced
- Positive Phase 3 efficacy data for flu vaccine
- Product demand expected to rise in the second half of 2025
Challenges Ahead
- Lowered 2025 revenue forecast by $300 million
- Q2 revenue dropped 41% year-over-year
- Negligible RSV vaccine sales in Q2
- Inventory write-downs and underutilized manufacturing costs impacted gross margin
- Ongoing decline in COVID-19 vaccine demand