Moderna Reports Q2 2025 Revenue $0.1bln, Net Loss $0.8bln, Updates FY23 Revenue Range to $1.5-$2.2bln.

• Q2 revenue: $0.1 billion • GAAP net loss: $(0.8) billion • GAAP EPS: $(2.13) • Updated 2025 revenue range: $1.5 to $2.2 billion • Reduced high-end projection by $300 million • Improved 2025 expected GAAP operating expenses by $400 million • Reiterated 2025 expected year-end cash balance of $6 billion • Announced three FDA approvals and positive Phase 3 results for seasonal influenza vaccine

Moderna, Inc. (NASDAQ: MRNA) reported its second quarter 2025 financial results, revealing a significant reduction in revenue and net loss compared to the same period last year. The company also provided updates to its 2025 financial framework, reflecting a more conservative revenue projection and improved expected operating expenses.

Second Quarter 2025 Financial Results

- Revenue: Total revenue for the second quarter of 2025 was $142 million, a 41% decrease from $241 million in the same period in 2024. The decline was primarily driven by lower COVID vaccine sales, which totaled $114 million in the quarter [2].
- Net Loss: Net loss was $(0.8) billion for the second quarter of 2025, compared to $(1.3) billion for the same period in 2024. Loss per share was $(2.13) for the second quarter of 2025, compared to $(3.33) for the same period in 2024 [2].
- Cash Position: Cash, cash equivalents, and investments as of June 30, 2025, were $7.5 billion, compared to $8.4 billion as of March 31, 2025. The decrease during the quarter was primarily due to ongoing research and development expenses and other operating activities [2].

2025 Financial Framework Updates

- Revenue Range: The company updated its 2025 projected revenue range to $1.5 to $2.2 billion, reflecting a $300 million reduction at the high end of the range. This is primarily driven by the timing shift of deliveries of contracted revenue for the U.K. into the first quarter of 2026 [2].
- Operating Expenses: Full-year 2025 research and development expenses are anticipated to be $3.6 to $3.8 billion, lowered from previous expectations of approximately $4.1 billion. Selling, general, and administrative expenses for 2025 are projected to be approximately $1.1 billion, a reduction of $400 million compared to previous expectations [2].
- Year-End Cash Balance: The company reiterated its expected year-end cash balance of approximately $6 billion for 2025 [2].

Recent Progress and Upcoming Milestones

Moderna announced three recent U.S. FDA approvals and positive Phase 3 efficacy results for its seasonal influenza vaccine (mRNA-1010). The company also reported negligible mRESVIA® sales in the second quarter of 2025 and received final approval from the European Medicines Agency for Spikevax targeting the LP.8.1 variant in individuals six months of age and older [2].

References

[1] Reuters. (2025). Moderna Reports Second Quarter 2025 Financial Results and Provides Business Updates. Access NewsWire. Retrieved from [https://www.accessnewswire.com/newsroom/en/healthcare-and-pharmaceutical/moderna-reports-second-quarter-2025-financial-results-and-provides-bu-1055345](https://www.accessnewswire.com/newsroom/en/healthcare-and-pharmaceutical/moderna-reports-second-quarter-2025-financial-results-and-provides-bu-1055345)