01—Abstract
Summary
Summary of the 10-Q filed November 6, 2025. Cited figures are marked; the original filing is the authoritative source.
Moderna, Inc. reported a net loss of $200 milliona ($0.51 per share) for the third quarter of 2025, a significant shift from the $13 million net income ($0.03 per share) recorded in the same period of 2024.
This widened loss is primarily driven by a substantial decline in net product sales, which fell by 47% to $973 millionb in the third quarter, largely attributable to lower COVID-19 vaccine sales in the U.S. and internationally. Despite the decrease in product sales, research and development expenses saw a notable reduction of 30% year-over-year, reflecting disciplined cost management and portfolio prioritization. The company continues to advance its pipeline with developments in various franchises, including positive data for its seasonal flu and COVID-19 combination vaccines and ongoing trials for oncology and rare disease therapeutics, while also discontinuing its congenital CMV vaccine program after it failed to meet its primary efficacy endpoint.
The company's balance sheet shows a decrease in cash and cash equivalents and investments, reflecting an operating cash outflow of $2.8 billionc for the first nine months of 2025. Moderna maintains a strong financial position with $6.6 billion in cash, cash equivalents, and investments as of September 30, 2025, and believes its current resources are sufficient to fund operations for at least the next 12 months. The company is navigating a challenging market environment for COVID-19 vaccines as it transitions towards a more seasonal and commercially competitive landscape, anticipating further sales declines for the full year 2025 compared to 2024.
02—Key points
Key Highlights
- Moderna reported a net loss of $200 million in Q3 2025, compared to a net income of $13 million in Q3 2024, largely due to a 47% decrease in net product sales to $973 million.
- Net product sales decline was primarily driven by lower COVID-19 vaccine sales, with U.S. sales down significantly and international sales also decreasing due to the completion of advance purchase agreements.
- Research and development expenses decreased by 30% in Q3 2025 year-over-year, indicating cost management and pipeline prioritization efforts.
- The company announced the discontinuation of its congenital CMV vaccine program (mRNA-1647) as the Phase 3 trial did not meet its primary efficacy endpoint.
- Moderna's manufacturing facilities in Australia and the UK became operational in Q3 2025, strengthening its global production capabilities and pandemic preparedness.
- As of September 30, 2025, the company held $6.6 billion in cash, cash equivalents, and investments, and expressed confidence in its ability to fund operations for at least the next 12 months.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q3 FY2025, Moderna, Inc. lost $0.20.
- Revenue$1.02B100.0%
- Cost of revenue−$207.0M20.4%
- Gross profit$809.0M79.6%
- Operating costs−$1.07B105.2%
- Operating income−$260.0M25.6%
- Interest, other & tax$60.0M5.9%
- Net income−$200.0M19.7%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 6, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $1.02B$1.86B | −45.4% |
| Cost of Revenue | $207.00M$514.00M | −59.7% |
| Gross Profit | $809.00M$1.35B | −40.0% |
| R&D Expenses | $801.00M$1.14B | −29.6% |
| Operating Expenses | $1.28B$1.93B | −34.0% |
| Operating Income | -$260.00M-$70.00M | −271.4% |
| Net Income | -$200.00M$13.00M | −1638.5% |
| EPS (Basic) | $-0.51$0.03 | −1800.0% |
| EPS (Diluted) | $-0.51$0.03 | −1800.0% |
| Shares Outstanding (Basic) | 390.00M385.00M | +1.3% |
| Shares Outstanding (Diluted) | 390.00M399.00M | −2.3% |
05—Questions
Frequently Asked Questions
What is the primary driver behind Moderna's reduced revenue in the third quarter of 2025?
The primary driver for the significant decrease in revenue is the substantial decline in net product sales, particularly for COVID-19 vaccines. Sales were negatively impacted by lower vaccination rates in the U.S. and the completion of advance purchase agreements in international markets.
How is Moderna managing its research and development (R&D) expenses amidst declining sales?
Moderna is actively managing its R&D expenses, which decreased by 30% in the third quarter of 2025 compared to the prior year. This reduction is attributed to disciplined cost management, portfolio prioritization, and operational efficiencies, although the company remains committed to advancing key pipeline programs.
What is the outlook for Moderna's COVID-19 vaccine sales?
Moderna anticipates a decline in COVID-19 vaccine sales for the full year 2025 compared to 2024. This is due to the market's transition to a seasonal and more competitive commercial environment, with lower expected overall vaccination rates.
What significant clinical development updates were reported in this filing?
Moderna announced the discontinuation of its congenital CMV vaccine program due to failure to meet its primary efficacy endpoint. However, the company presented positive preliminary data for its 2025-2026 COVID-19 vaccine formulas, positive Phase 3 data for its seasonal flu vaccine (mRNA-1010), and reported progress in its oncology and rare disease therapeutic programs.
06—Continue