Moderna expects to report approximately $1.9 billion in sales for 2025, positioning it above the midpoint of its prior $1.6 billion to $2 billion revenue guidance range. This projection reflects demand stability for its established vaccine portfolio and early uptake of its updated mRNA formulations. The company’s reaffirmed forecast suggests sequential growth from the $1.75 billion achieved in the previous year, representing an 8.6% increase at the midpoint and underscoring management’s confidence in maintaining commercial momentum post–pandemic peak levels.

In tandem with its top-line guidance, Moderna has trimmed its operating expense outlook for 2025 by approximately $150 million, citing efficiencies in manufacturing scale-up and streamlined clinical trial programs. The revised cost forecast now anticipates research and development expenses in the range of $1.45 billion to $1.55 billion, down from an initial $1.6 billion to $1.7 billion. These adjustments are driven by the completion of several late-stage studies and improved raw-material procurement terms, which together are projected to enhance operating margin by up to 300 basis points versus prior estimates.

Looking ahead, Moderna reaffirmed its expectation for full-year 2026 revenue to grow by as much as 10% over the anticipated 2025 sales figure. This guidance is underpinned by planned launches of next-generation mRNA vaccines targeting influenza and cytomegalovirus, as well as incremental royalties from partnered oncology and rare-disease programs. Management emphasized that pipeline advancements—currently including six vaccine candidates in Phase III development—would drive the firm’s long-term top-line expansion beyond the 2026 horizon.