The Investor
06 Nov 2025, 15:24
Moderna Q3 2025 Results: Narrowed Guidance, Cost Cuts, and Pipeline Progress
Moderna reported third-quarter 2025 revenue of $1.0 billion, down 45% year over year, driven by lower COVID-19 vaccine sales. The company posted a GAAP net loss of $200 million, or $0.51 per share, compared with a $13 million profit in Q3 2024.
COVID-19 vaccines contributed $971 million in sales during the quarter, including $781 million from the U.S. and $190 million from international markets. Moderna’s new mNEXSPIKE vaccine, approved in 40 countries, has seen strong uptake among higher-risk adults. The RSV vaccine mRESVIA generated $2 million in sales.
Cost of sales fell 60% to $207 million, while R&D expenses dropped 30% to $801 million as cost-cutting and trial prioritization continued. SG&A expenses declined 5% to $268 million. The company ended the quarter with $6.6 billion in cash and investments, expecting a year-end balance of $6.5–$7.0 billion, up from prior estimates.
Moderna narrowed its 2025 revenue outlook to $1.6–$2.0 billion (previously $1.5–$2.2 billion) and lowered expected GAAP operating expenses by $0.7 billion to $5.2–$5.4 billion. It also improved its cash outlook by $0.5–$1 billion, citing cost efficiencies.
Pipeline progress included Phase 3 results for the flu vaccine (mRNA-1010) and the combined flu/COVID vaccine (mRNA-1083), with global filings expected by early 2026. In oncology, Moderna and Merck’s personalized cancer vaccine mRNA-4157 is in multiple Phase 3 and Phase 2 trials. The company is advancing treatments for rare metabolic diseases such as propionic acidemia (mRNA-3927) and methylmalonic acidemia (mRNA-3705), with the latter entering a registrational study in 2026.
CEO Stéphane Bancel said the company achieved “strong commercial and financial performance” amid its cost-reduction program and remains focused on financial discipline as it expands its mRNA-based portfolio.
Moderna reported third-quarter 2025 revenue of $1.0 billion, down 45% year over year, driven by lower COVID-19 vaccine sales. The company posted a GAAP net loss of $200 million, or $0.51 per share, compared with a $13 million profit in Q3 2024.
COVID-19 vaccines contributed $971 million in sales during the quarter, including $781 million from the U.S. and $190 million from international markets. Moderna’s new mNEXSPIKE vaccine, approved in 40 countries, has seen strong uptake among higher-risk adults. The RSV vaccine mRESVIA generated $2 million in sales.
Cost of sales fell 60% to $207 million, while R&D expenses dropped 30% to $801 million as cost-cutting and trial prioritization continued. SG&A expenses declined 5% to $268 million. The company ended the quarter with $6.6 billion in cash and investments, expecting a year-end balance of $6.5–$7.0 billion, up from prior estimates.
Moderna narrowed its 2025 revenue outlook to $1.6–$2.0 billion (previously $1.5–$2.2 billion) and lowered expected GAAP operating expenses by $0.7 billion to $5.2–$5.4 billion. It also improved its cash outlook by $0.5–$1 billion, citing cost efficiencies.
Pipeline progress included Phase 3 results for the flu vaccine (mRNA-1010) and the combined flu/COVID vaccine (mRNA-1083), with global filings expected by early 2026. In oncology, Moderna and Merck’s personalized cancer vaccine mRNA-4157 is in multiple Phase 3 and Phase 2 trials. The company is advancing treatments for rare metabolic diseases such as propionic acidemia (mRNA-3927) and methylmalonic acidemia (mRNA-3705), with the latter entering a registrational study in 2026.
CEO Stéphane Bancel said the company achieved “strong commercial and financial performance” amid its cost-reduction program and remains focused on financial discipline as it expands its mRNA-based portfolio.
