Moderna Adjusts 2025 Revenue Forecast to $1.5-$2.2B, Citing U.K. Contract Rescheduling

Moderna has revised its 2025 revenue forecast to a range of $1.5 billion to $2.2 billion, down from its previous estimate due to rescheduled contracted revenue deliveries for the UK. The company's revenue is expected to be divided between 40% and 50% in Q3, with the remainder in Q4 of 2025. Moderna's financial health presents a mixed picture, with a negative operating and net margin, but a strong balance sheet and a low debt-to-equity ratio. The company's valuation metrics are complex, with a reasonable P/S ratio but a lack of a positive P/E ratio.

Moderna, Inc. (NASDAQ: MRNA) has revised its 2025 revenue forecast to a range of $1.5 billion to $2.2 billion, down from its previous estimate [1]. This adjustment is primarily driven by the rescheduling of contracted revenue deliveries for the UK into the first quarter of 2026 [2]. The company expects revenue to be divided between 40% and 50% in the third quarter (Q3) of 2025, with the remainder in the fourth quarter (Q4) [2].

Moderna's financial health presents a mixed picture. The company reported a quarterly revenue of $142 million in the second quarter (Q2) of 2025, a 41% drop from the same period last year, but still ahead of analyst estimates [1]. Despite this, the company posted a quarterly loss of $2.13 per share, less than the $2.97 a share loss analysts had projected [1]. The company's finance chief, James Mock, attributed the results to robust spring COVID booster shot uptake and $800 million in cost cuts in the first half of 2025 [1].

The company's operating expenses are expected to be approximately $5.9 billion to $6.1 billion in 2025, a reduction of about $400 million from previous expectations [2]. This cost-cutting initiative includes a workforce reduction of around 10% by year’s end, shrinking the company to under 5,000 employees [1].

Moderna's valuation metrics are complex. The company has a reasonable price-to-sales (P/S) ratio, but a lack of a positive price-to-earnings (P/E) ratio. The company's strong balance sheet and low debt-to-equity ratio provide a solid foundation for its future growth prospects.

Looking ahead, Moderna is counting on new mRNA products such as its experimental COVID-flu combo shot to offset slumping COVID vaccine sales and a slower-than-hoped rollout of the RSV shot [1]. The company has also reported positive Phase 3 efficacy results for its seasonal flu vaccine and announced three recent U.S. FDA approvals [2].

References:
[1] Reuters. (2025). Moderna's Quarterly Sales Beat Street Estimates on COVID Booster Sales Cost Cuts. Retrieved from [https://www.tradingview.com/news/reuters.com,2025:newsml_L1N3TT0E5:0-moderna-quarterly-sales-beat-street-estimates-on-covid-booster-sales-cost-cuts/](https://www.tradingview.com/news/reuters.com,2025:newsml_L1N3TT0E5:0-moderna-quarterly-sales-beat-street-estimates-on-covid-booster-sales-cost-cuts/)
[2] Gurufocus. (2025). Moderna Reports Second Quarter 2025 Financial Results and Provides Business Updates. Retrieved from [https://www.gurufocus.com/news/3026626/moderna-reports-second-quarter-2025-financial-results-and-provides-business-updates](https://www.gurufocus.com/news/3026626/moderna-reports-second-quarter-2025-financial-results-and-provides-business-updates)