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Sep 30
Moderna Q3 2025 Earnings Report
Moderna reported a net loss and a decline in revenue in Q3 2025 compared to the prior year.
Key Takeaways
Moderna posted a net loss of $200 million and revenue of $1.0 billion in Q3 2025, reflecting reduced COVID vaccine sales, though the company improved its cost structure and narrowed its full-year outlook.
Q3 2025 revenue was $1.0 billion, down from $1.9 billion in Q3 2024
Net loss of $200 million, compared to net income of $13 million last year
COVID vaccine sales totaled $971 million, led by mNEXSPIKE in the U.S.
R&D and SG&A expenses saw double-digit declines due to cost discipline
Moderna
Moderna
Moderna Revenue by Segment
Moderna Revenue by Geographic Location
Revenue by Segment
Net Product Sales Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Moderna narrowed its 2025 revenue outlook and reduced expected operating expenses, projecting a stronger year-end cash position.
Positive Outlook
- Raised expected year-end 2025 cash balance to $6.5–$7.0 billion
- Lowered 2025 cost of sales forecast to $0.8–$0.9 billion
- Reduced R&D spending outlook to $3.3–$3.4 billion
- Continued momentum with mNEXSPIKE COVID vaccine approvals
- Steady pipeline progress across infectious disease and oncology assets
Challenges Ahead
- Revenue guidance narrowed downward to $1.6–$2.0 billion
- Q3 revenue declined 45% YoY due to lower COVID vaccine demand
- Inventory write-downs of $67 million impacted gross margin
- Net loss of $200 million in the quarter
- Ongoing dependence on seasonal vaccine sales for topline