Moderna's Q1 2025: Unraveling Key Contradictions on Vaccine Trials, Market Dynamics, and Regulatory Challenges
Earnings DecryptTuesday, May 6, 2025 10:34 pm ET

Norovirus GBS case timeline, CMV trial efficacy and timing, COVID vaccine market share and competitive dynamics, CMV vaccine ACIP recommendations and impact on market potential, FDA interaction and review process for COVID vaccines are the key contradictions discussed in Moderna's latest 2025Q1 earnings call.
Financial Performance and Seasonality:
- reported Q1 2025 revenues of $0.1 billion with a loss of $1 billion, primarily due to the seasonal nature of their respiratory vaccine business.
- The company ended the quarter with $8.4 billion in cash and investments.
- The financial performance was attributed to the highly seasonal nature of the respiratory vaccine business and lower vaccination rates compared to the previous year.
Cost Reduction Efforts:
- Moderna achieved a 19% reduction in combined cost of sales, R&D, and SG&A compared to Q1 2024.
- This reduction was due to strategic initiatives to restructure manufacturing and streamline operations.
Pipeline and Regulatory Progress:
- Moderna submitted regulatory filings for three programs, including a next-generation COVID vaccine, an RSV vaccine, and a flu plus COVID combination vaccine.
- The submission of these filings is part of the company's strategy to drive sales growth through product approvals and market expansion.
Challenges and Cost Reduction Targets:
- Despite the challenges, Moderna is planning to reduce its GAAP operating expenses by over $6 billion from 2023 to 2027, representing a 55% reduction.
- The focus on cost reduction is driven by the need to achieve a cash breakeven target by 2028.
MRNA Total Revenue YoY, Total Revenue
Financial Performance and Seasonality:
- reported Q1 2025 revenues of $0.1 billion with a loss of $1 billion, primarily due to the seasonal nature of their respiratory vaccine business.
- The company ended the quarter with $8.4 billion in cash and investments.
- The financial performance was attributed to the highly seasonal nature of the respiratory vaccine business and lower vaccination rates compared to the previous year.
Cost Reduction Efforts:
- Moderna achieved a 19% reduction in combined cost of sales, R&D, and SG&A compared to Q1 2024.
- This reduction was due to strategic initiatives to restructure manufacturing and streamline operations.
Pipeline and Regulatory Progress:
- Moderna submitted regulatory filings for three programs, including a next-generation COVID vaccine, an RSV vaccine, and a flu plus COVID combination vaccine.
- The submission of these filings is part of the company's strategy to drive sales growth through product approvals and market expansion.
Challenges and Cost Reduction Targets:
- Despite the challenges, Moderna is planning to reduce its GAAP operating expenses by over $6 billion from 2023 to 2027, representing a 55% reduction.
- The focus on cost reduction is driven by the need to achieve a cash breakeven target by 2028.

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