Moderna posts $678M Q4 revenue and narrows loss to $826M; outlines pipeline
Moderna reported Q4 2025 revenue of $678 million, down 30% year-over-year, and a GAAP net loss of $826 million. The company plans up to 10% revenue growth in 2026, citing influenza vaccine filings in Europe, Canada and Australia, a pending FDA meeting and full enrollment in Norovirus and bladder cancer trials.
1. Fourth Quarter Financial Results
Moderna reported $678 million in Q4 2025 revenue, down 30% year-over-year, with a GAAP net loss of $826 million ($2.11 per share). U.S. product sales contributed $264 million, while international markets generated $381 million.
2. Full-Year Results and Cost Reductions
For full-year 2025, revenue totaled $1.9 billion, a 40% decline, and the company recorded a GAAP net loss of $2.8 billion ($7.26 per share). Moderna reduced operating expenses by approximately $2.2 billion, exceeding its cost-reduction target.
3. Business Updates and Guidance
The company reiterated plans for up to 10% revenue growth in 2026, highlighted influenza vaccine regulatory filings in Europe, Canada and Australia, announced a planned FDA Type A meeting, and confirmed full enrollment in Norovirus Phase 3 and bladder cancer vaccine trials.