Moderna's 2025 Q2 Earnings Call: Key Contradictions in Vaccine Pricing, Clinical Holds, and Efficacy Analysis

COVID-19 vaccine pricing and contracting, Norovirus vaccine clinical hold, and CMV vaccine efficacy and statistical analysis are the key contradictions discussed in Moderna's latest 2025Q2 earnings call.



Financial Performance and Cost Reduction:
- Moderna reported revenue of $2.1 billion for Q2 2025, with a loss of $825 million, reflecting the seasonal nature of its respiratory vaccine business.
- The company successfully reduced its combined R&D and SG&A expenses by double digits for four consecutive quarters, with a 40% reduction in operating expenses year-over-year in Q2 2025.
- These results were due to continued cost reduction efforts and ongoing portfolio prioritization.

Pipeline and Clinical Progress:
- Positive and strong Phase III efficacy data for flu suggested advancement in both flu and flu plus COVID combination programs.
- U.S. FDA approvals were secured for mNEXSPIKE and mRESVIA, and Spikevax was approved for high-risk children aged 6 months through 11 years.
- The progress in these areas aligns with the company's strategic priorities to drive sales growth and broaden product offerings.

COVID-19 Vaccine Market Dynamics:
- COVID vaccine sales accounted for approximately 80% of Q2 product sales, but there was a 38% decline compared to Q2 2024.
- The decline was due to lower vaccination rates and competitive market pressures, despite a stronger-than-expected U.S. spring booster season.

Intellectual Property and Litigation:
- The U.K. Court of Appeal upheld Moderna's EP'949 patent, upholding findings of validity and infringement by Pfizer and BioNTech.
- This ongoing litigation is aimed at protecting innovative mRNA technology and enforcing patent rights globally.