Moderna said it made meaningful operational, commercial and pipeline progress in 2025 despite a challenging U.S. market, according to a shareholder letter released on January 5. The company reported having three approved commercial products, improved demand forecasting in an endemic environment, and cost reductions that exceeded its original cash cost reduction target by nearly $1 billion. Moderna said disciplined execution across manufacturing, R&D and SG&A helped lower GAAP operating expenses to an expected level below $5.5 billion in 2025, down sharply from prior years.

Commercially, Moderna highlighted the U.S. launch of its updated COVID vaccine mNEXSPIKE as a key driver, noting it accounted for about 24 percent of U.S. retail COVID vaccinations in 2025 and nearly one-third of doses among adults aged 65 and older. The company also pointed to multi-year partnerships in markets such as the UK, Canada and Australia, along with new agreements in Brazil and Taiwan, as providing revenue visibility and strengthening its global manufacturing footprint.

Looking ahead, Moderna said it expects to return to revenue growth in 2026, targeting up to 10 percent growth, supported by its seasonal vaccine franchise and geographic expansion. The company reiterated its goal of reaching cash breakeven in 2028 and outlined longer-term growth opportunities in oncology and rare diseases, including late-stage programs such as intismeran autogene and mRNA-based therapies for propionic acidemia and methylmalonic acidemia.