Moderna Reports Q2 2025 Revenue Down 41%, Implements $1.5bn Cost-Cutting Plan

Moderna's Q2 2025 revenue declined 41% to $142m, with a drop in Covid vaccine sales contributing to the decline. The company is implementing a $1.5bn, 3-year cost-cutting plan, primarily focused on winding down new R&D efforts and procurement optimization. Moderna plans to cut over 800 jobs, but recruitment will continue, with 150 vacancies remaining open. Despite the cost-cutting measures, analyst Anaelle Tannen notes that sales may increase in the second half of the year as the RSV, flu, and Covid seasons hit the northern hemisphere.

Moderna, Inc. (NASDAQ: MRNA) reported its second quarter 2025 financial results, revealing a significant decline in revenue and a comprehensive cost-cutting plan. The company's total revenue for the period was $142 million, a 41% decrease from $241 million in the same period in 2024. The primary driver of this decline was a drop in COVID vaccine sales, which totaled $114 million in the quarter [1].

The company also announced a $1.5 billion, 3-year cost-cutting plan, focusing on winding down new R&D efforts and optimizing procurement. This plan includes the reduction of over 800 jobs, with 150 vacancies remaining open for recruitment. Despite these measures, Moderna expects sales to increase in the second half of the year as the RSV, flu, and COVID seasons hit the northern hemisphere.

Moderna's 2025 projected revenue range has been updated to $1.5 to $2.2 billion, reflecting a $300 million reduction at the high end. This adjustment is primarily due to the timing shift of deliveries of contracted revenue for the U.K. into the first quarter of 2026. The company also expects its full-year 2025 research and development expenses to be $3.6 to $3.8 billion, a decrease from previous expectations of approximately $4.1 billion [1].

Analyst Anaelle Tannen notes that while the cost-cutting measures are significant, the company's strategic focus on seasonal vaccines and other therapeutic areas may drive sales growth in the latter half of the year. Moderna's recent FDA approvals and positive Phase 3 efficacy results for its seasonal influenza vaccine also indicate strong progress in its pipeline [1].

References:
[1] https://www.marketscreener.com/news/moderna-press-release-moderna-q2-2025-earnings-release-ce7c5fd2d08bf425