01—Abstract
Summary
Summary of the 10-K filed February 20, 2026. Cited figures are marked; the original filing is the authoritative source.
Moderna, Inc. (MRNA) filed its 2025 10-K on February 20, 2026, reporting total revenue of $1.9 billiona, a decrease from $3.2 billion in 2024, primarily due to lower COVID vaccine sales.
The company incurred a net loss of $2.8 billionb in 2025. Despite revenue declines, Moderna has three commercial products: Spikevax and mNEXSPIKE (COVID vaccines) and mRESVIA (RSV vaccine). The company is advancing a robust pipeline, with significant progress in its personalized mRNA cancer therapy, intisomeran autogene (mRNA-4157), in collaboration with Merck, and has regulatory filings under review for seasonal flu and flu+COVID combination vaccines.
Moderna is also expanding its manufacturing capabilities globally and continues to invest heavily in its mRNA platform technology. The company faces ongoing risks related to market and regulatory uncertainty, intense competition, commercialization challenges, and clinical development complexities.
Financial performance is heavily influenced by COVID vaccine demand, and while significant cost management initiatives are in place, the company anticipates continued investment in its pipeline, particularly in oncology and rare diseases, which may lead to ongoing losses in the near term. Intellectual property litigation remains a key area of focus, with ongoing disputes against competitors like Pfizer and BioNTech.
02—Key points
Key Highlights
- Total revenue for 2025 was $1.9 billion, a decrease from $3.2 billion in 2024, largely driven by lower COVID vaccine sales.
- Net loss for 2025 was $2.8 billion, an improvement from $3.6 billion in 2024.
- Moderna has three commercial products: Spikevax and mNEXSPIKE (COVID vaccines) and mRESVIA (RSV vaccine).
- Advancing intisomeran autogene (mRNA-4157), a personalized mRNA cancer therapy in collaboration with Merck, with promising five-year data in melanoma.
- Regulatory filings are under review for seasonal flu (mRNA-1010) and flu+COVID combination (mRNA-1083) vaccines.
- Expanding global manufacturing footprint with operational facilities in the UK, Canada, and Australia.
- Significant ongoing litigation concerning mRNA platform technology patents, particularly against Pfizer and BioNTech.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 20, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $1.94B$3.24B | −39.9% |
| Cost of Revenue | $868.00M$1.46B | −40.7% |
| Gross Profit | $1.08B$1.77B | −39.3% |
| R&D Expenses | $3.13B$4.54B | −31.1% |
| Operating Expenses | $5.02B$7.18B | −30.1% |
| Operating Income | -$3.07B-$3.94B | +22.1% |
| Net Income | -$2.82B-$3.56B | +20.8% |
| EPS (Basic) | $-7.26$-9.28 | +21.8% |
| EPS (Diluted) | $-7.26$-9.28 | +21.8% |
| Shares Outstanding (Basic) | 389.00M384.00M | +1.3% |
| Shares Outstanding (Diluted) | 389.00M384.00M | +1.3% |
05—Questions
Frequently Asked Questions
What is Moderna's financial performance in 2025?
In 2025, Moderna reported total revenue of $1.9 billion, a decrease from $3.2 billion in 2024, primarily due to lower sales of its COVID vaccines. The company incurred a net loss of $2.8 billion, an improvement from a net loss of $3.6 billion in 2024. Cost of sales decreased significantly, reflecting reduced production and inventory write-downs, while research and development expenses also declined due to portfolio prioritization and timing of clinical trials.
What are Moderna's key commercial products and pipeline developments?
Moderna currently has three commercial products: Spikevax and mNEXSPIKE (COVID vaccines) and mRESVIA (RSV vaccine). Key pipeline developments include promising five-year data for intisomeran autogene (mRNA-4157), a personalized cancer vaccine in collaboration with Merck, and regulatory filings for seasonal flu (mRNA-1010) and flu+COVID combination (mRNA-1083) vaccines. The company is also advancing rare disease therapeutics and other vaccine candidates.
What are the major risks and challenges facing Moderna?
Moderna faces significant risks including regulatory and market uncertainty, intense competition in the pharmaceutical market, challenges in executing its pipeline strategy and commercializing products, and complex clinical development processes. The company also faces ongoing intellectual property litigation, particularly regarding its mRNA platform technology. Financial performance remains heavily reliant on COVID vaccine demand, and the company anticipates continued investment in R&D, leading to potential ongoing losses in the near term.
How is Moderna managing its manufacturing and global operations?
Moderna is expanding its global manufacturing capabilities, with operational facilities in the UK, Canada, and Australia established and licensed in 2025. The company also completed the acquisition of its Norwood, Massachusetts facility and is expanding its U.S. drug product manufacturing capabilities. These efforts aim to support commercial supply, enhance pandemic preparedness, and ensure local access to mRNA vaccines.
06—Continue