Moderna Shares Rise 8% on Narrower $2.11 Q4 Loss and $678M Revenue Beat
Moderna posted a fourth-quarter net loss of $2.11 per share on $678 million revenue versus a $663 million forecast, with revenues down 30% year over year and shares rising 8% intraday. The company reaffirmed up to 10% 2026 revenue growth, saw EU/Canada/Australia flu vaccine filing acceptance, and advanced its Phase 3 Norovirus trial.
1. Q4 Financial Results
Moderna reported a fourth-quarter net loss of $2.11 per share, narrower than the $2.62 consensus, on revenue of $678 million versus $663 million expected. Revenue declined 30% year over year due to lower COVID-19 vaccine sales. Shares rose 8% intra-day on the results.
2. Full-Year 2025 Performance
For full-year 2025, the company generated $1.9 billion in revenue, a 40% drop from 2024, and posted a net loss of $2.8 billion, or $7.26 per share. Year-end cash and investments totaled $8.1 billion, down from $9.5 billion at the end of 2024.
3. 2026 Outlook and Pipeline Progress
Moderna reaffirmed its goal of up to 10% revenue growth in 2026, split evenly between U.S. and international markets. The influenza vaccine filing was accepted for EU, Canada and Australia review but received a Refusal-to-File letter from the FDA. The company achieved full enrollment in its Phase 3 Norovirus trial and a Phase 2 bladder cancer study, and forecast R&D expenses of $3.0 billion, SG&A of $1.0 billion, and year-end cash of $5.5–6.0 billion.