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Jun 30, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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