Moderna, Inc. Revenue in 2025

Moderna, Inc. reported $1.9B in revenue for fiscal year 2025. This represents a decline of 39.9% compared to the 2024 figure of $3.2B.

$1.944 billion in Total Revenue for fiscal year 2025 represents a 40% decrease from the $3.236 billion recorded in 2024, reflecting the brutal transition of Moderna's COVID-19 vaccine business from pandemic emergency procurement to endemic seasonal retail demand. At its peak in 2021, Spikevax generated $17.7 billion in annual revenue, making Moderna one of the most valuable companies in biotechnology with a market capitalization exceeding $180 billion. By 2025, that revenue had collapsed to $1.8 billion in net product sales, with the company reporting a GAAP net loss of $2.822 billion and a loss per share of $7.26. CEO Stéphane Bancel, who has led the company since 2011, has overseen a $2.2 billion reduction in annual operating expenses in 2025, exceeding the company's original cost-reduction targets, and has guided the organization toward a stated goal of cash break-even by 2028. The company ended 2025 with approximately $6 billion in cash and investments, providing a runway of roughly two years at current burn rates. The company generated $1.944 billion in Total Revenue in fiscal year 2025, a 40% decrease from 2024, with a GAAP net loss of $2.822 billion and loss per share of $7.26. CEO Stéphane Bancel has led the company since 2011 and has overseen a $2.2 billion reduction in operating expenses in 2025. The company ended 2025 with approximately $6 billion in cash and investments and targets cash break-even by 2028. Moderna trades on the Nasdaq under ticker MRNA with a market capitalization of approximately $18.8 billion. Moderna generates revenue through three primary streams that together produced $1.944 billion in fiscal year 2025: Net Product Sales, Collaboration Revenue, and Other Revenue. Net Product Sales constitute the overwhelming majority of the business, generating $1.818 billion in 2025, down from $3.109 billion in 2024, and representing approximately 94% of Total Revenue. In 2025, U.S. Product sales totaled $1.2 billion, or 62% of net product sales, while international sales contributed $745 million, or 38%. The Other Revenue stream, which includes grant revenue, collaboration milestones, and stand-ready manufacturing revenue from long-term strategic partnerships, added $126 million in 2025. The loss of Spikevax Product Sales would be catastrophic to Moderna's current financial architecture; COVID vaccine sales generated $1.8 billion in 2025 and remain the company's dominant revenue source, though declining at double-digit rates as the market transitions from pandemic to endemic. The mRESVIA RSV vaccine, approved in 2024 and expanded to high-risk adults 18-59 in 2025, generated negligible sales amid competition from Pfizer's Abrysvo and GSK's Arexvy, which together dominate the $1.5 billion RSV vaccine market. Moderna's cost of sales was $868 million in 2025, or 48% of net product sales, including $88 million in third-party royalties and $291 million in inventory write-downs. Research and development expenses were $3.1 billion in 2025, a 31% decrease from $4.5 billion in 2024, reflecting the wind-down of large Phase 3 respiratory programs and portfolio prioritization. Selling, general, and administrative expenses were $1.0 billion in 2025, a 13% decrease from 2024. Moderna generated $1.944 billion in Total Revenue in fiscal year 2025, a 40% decrease from 2024, reflecting the collapse of COVID-19 vaccine demand from pandemic peaks to endemic seasonal levels. The company reported a GAAP net loss of $2.822 billion, with R&D expenses of $3.1 billion and operating expenses of $5.0 billion, and ended the year with approximately $6 billion in cash and investments. Under CEO Stéphane Bancel, the company has reduced operating expenses by $2.2 billion in 2025, exceeding cost-reduction targets, and aims to achieve cash break-even by 2028. The company's market capitalization is approximately $18.8 billion, down from a peak of more than $180 billion in 2021. The global COVID vaccine market has collapsed from $50 billion in 2021 to approximately $5 billion in 2025, with all manufacturers experiencing revenue declines of 70% or more. In RSV vaccines, Moderna's mRESVIA has failed to gain traction against Pfizer's Abrysvo and GSK's Arexvy, which together captured more than 90% of the $1.5 billion RSV vaccine market in 2025. The company's $6 billion cash position provides a funding advantage over smaller competitors, but Pfizer, GSK, and Sanofi have vastly larger balance sheets and commercial infrastructures. Moderna reported Total Revenue of $1.944 billion for fiscal year 2025, a 40% decrease from the $3.236 billion recorded in 2024, reflecting the continued collapse of COVID-19 vaccine demand from pandemic peaks. Net product sales were $1.818 billion, down from $3.109 billion in 2024, with U.S. Sales of $1.2 billion and international sales of $745 million. The company reported a GAAP net loss of $2.822 billion, or $7.26 per share, compared to a net loss of $3.561 billion, or $9.28 per share, in 2024, representing a 21% improvement in net loss despite the revenue decline. This improvement was driven by cost reductions: cost of sales declined 41% to $868 million, R&D expenses declined 31% to $3.1 billion, and SG&A expenses declined 13% to $1.0 billion. Total operating expenses were $5.018 billion in 2025, down from $7.181 billion in 2024, reflecting the company's aggressive cost-cutting program. The gross margin on product sales remained negative when including inventory write-downs of $291 million and unutilized manufacturing capacity costs. Interest income contributed $314 million, partially offsetting operating losses. The company ended 2025 with cash, cash equivalents, and investments of approximately $6 billion, down from $9.5 billion at year-end 2024, representing a cash burn rate of approximately $3.5 billion for the year. The 2026 revenue guidance projects up to 10% growth, to approximately $2.1 billion, with a 50-50 U.S.-international sales mix compared to 62% U.S. In 2025. The company expects to reduce operating expenses further in 2026, with a target of $1.5 billion in total cost savings by 2027 compared to 2024 levels. Capital expenditures in 2025 were approximately $0.3 billion, down from previous expectations of $0.4 billion, as the company deferred non-essential infrastructure projects. The company's market capitalization of approximately $18.8 billion as of June 2026 reflects investor skepticism about the near-term revenue trajectory, with the stock trading at a price-to-sales ratio of approximately 8.4x, below the biotechnology sector average. The company's share repurchase program, which has consumed $3 billion in cash since 2022, has been criticized as a poor use of capital given the company's funding needs and declining share price. Total revenue declined 40% in 2025 to $1.9 billion, with net product sales of $1.8 billion insufficient to cover operating expenses of $5.0 billion, resulting in a $2.8 billion net loss. The company burned approximately $3.5 billion in cash during 2025, reducing its cash and investments from $9.5 billion at year-end 2024 to approximately $6 billion at year-end 2025. The political environment has turned hostile to mRNA technology, with the Trump administration's HHS Secretary Robert F. Kennedy Jr. Withdrawing $766 million in pandemic bird flu vaccine funding and removing CDC recommendations for COVID vaccination in children and healthy pregnant women. The company has also faced manufacturing challenges, with inventory write-downs of $291 million in 2025 reflecting overproduction relative to demand, and contract manufacturing wind-down costs of $52 million in the second quarter alone. The 2026 revenue guidance of up to 10% growth, to $2.1 billion, is modest and assumes no revenue from the flu vaccine or flu/COVID combination, which are still navigating regulatory hurdles. The company's balance sheet, while declining, still provides $6 billion in cash and investments, giving Moderna a funding advantage over smaller biotechnology competitors. Third, cost reduction and operational efficiency targets $1.5 billion in annual operating expense reductions by 2027, achieved through R&D portfolio prioritization, manufacturing rightsizing, workforce reduction, and supplier contract renegotiations. The company has already exceeded its 2025 cost-reduction target by $200 million and expects additional savings in 2026. Each of these pillars carries specific financial targets: respiratory vaccines must grow from $1.8 billion in 2025 to $3-4 billion by 2028; oncology and rare diseases must generate initial revenue by 2027-2028; and operating expenses must decline to $3.5 billion annually from $5.0 billion in 2025. The growth strategy is underpinned by the $6 billion cash position, which provides funding for two years of development, but also creates pressure to achieve milestones before requiring additional capital. Key near-term catalysts include the potential FDA approval of mRNA-1010 for seasonal flu, which demonstrated 26.6% superior relative vaccine efficacy in Phase 3 and could enter a $5 billion global market; the Phase 3 data readout for the norovirus vaccine (mRNA-1403) expected in 2026; and the advancement of personalized cancer vaccine mRNA-4157 in combination with Merck's Keytruda, with Phase 3 data expected in 2026-2027. The $50 billion U.S. Manufacturing commitment by competitors like AstraZeneca and Pfizer does not directly threaten Moderna, which already manufactures domestically, but the broader trend toward pharmaceutical reshoring could create competitive pressure. Moderna operated in stealth mode for its first two years, building its platform and filing foundational patents, before emerging publicly in 2012 with a $40 million Series A financing.