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Dec 31, 2025
Moderna Q4 2025 Earnings Report
Moderna reported fourth quarter 2025 results with lower revenue year-over-year and a narrower net loss compared to the prior year period.
Key Takeaways
Moderna generated 678000000 in revenue in Q4 2025, driven primarily by COVID vaccine sales, and reported a net loss of 826000000 as the company continued investing in R&D while reducing operating expenses year-over-year.
Revenue was 678000000, down 30% compared to Q4 2024.
Net loss improved to 826000000 compared to 1100000000 in Q4 2024.
R&D expenses declined 31% year-over-year to 775000000.
SG&A expenses decreased 12% year-over-year to 308000000.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, Moderna targets up to 10% revenue growth, approximately 900000000 in cost of sales, 3000000000 in R&D expenses, 1000000000 in SG&A expenses, and year-end cash and investments of 5500000000 to 6000000000.
Positive Outlook
- Targeting up to 10% revenue growth in 2026.
- Revenue expected to be approximately evenly split between U.S. and international markets.
- Projected reduction in operating expenses year-over-year.
- Multiple late-stage pipeline readouts expected in 2026.
- Projected year-end cash and investments between 5500000000 and 6000000000.
Challenges Ahead
- Projected cost of sales of approximately 900000000 in 2026.
- Expected R&D expenses of approximately 3000000000.
- Projected SG&A expenses of approximately 1000000000.
- Full-year tax expense expected to be negligible due to valuation allowances.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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