Moderna, Inc. Q3 2025 Earnings Recap

MRNA Q3 2025 November 6, 2025

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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.

Earnings Per Share Beat

$-0.51 vs $-1.87 est.

+72.7% surprise

Revenue Beat

1016000000 vs 920856801 est.

+10.3% surprise

Market Reaction

1-Day +0.86%

5-Day +2.59%

30-Day +16.07%

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Key Takeaways

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.

This summary was generated by AI from the official earnings call transcript and is provided for informational purposes only. It does not constitute financial advice. For the complete transcript and financial data, visit MRNA on AllInvestView.

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