Moderna reported third-quarter 2025 revenues of $1 billion, highlighting a significant ongoing focus on cost reductions despite a net loss of $200 million, driven by lower COVID vaccine demand.

• Revenue declined 45% year-over-year, reflecting decreased demand for COVID vaccines; U.S. revenues were particularly impacted.
• Cost of sales, R&D, and SG&A combined saw a 34% reduction compared to Q3 2024, yielding a $2.1 billion improvement over the last four quarters.
• Phased approvals for the mNEXSPIKE and mRESVIA vaccines were expanded, cementing partnerships and local manufacturing capabilities in key markets.
• Full-year 2025 revenue guidance narrowed to $1.6 billion–$2 billion; fourth-quarter U.S. revenue projected at $100 million–$400 million.
• CMV vaccine development was discontinued after failing to meet primary efficacy endpoints, impacting future pipeline dynamics.