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Moderna Q4 Loss Narrower-Than-Expected, Sales Beat Estimates
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Key Takeaways
Moderna reported a Q4 loss of $2.11 per share and $678M in revenue, beating estimates.
MRNA's product sales fell 31% on lower COVID vaccine volume; R&D and SG&A costs declined.
Moderna reaffirmed 2026 revenue growth of up to 10% and targets $4.9B in operating expenses.
Moderna (MRNA - Free Report) incurred a loss of $2.11 per share in the fourth quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of $2.60. In the year-ago period, the company had reported a loss of $2.91.
Total revenues in the quarter were $678 million, which beat the Zacks Consensus Estimate of $659.5 million. Yet, this metric declined 30% year over year, owing to lower net product sales.
Year to date, Moderna’s stock has gained 26% compared with the industry’s 18% growth.
Image Source: Zacks Investment Research
More on MRNA’s Earnings
Moderna currently has three marketed vaccines in its portfolio — the COVID-19 vaccines Spikevax and mNexspike, and the RSV vaccine mResvia.
Overall product sales were down 31% year over year to $645 million, owing to lower COVID vaccine sales volume compared to the prior-year period. Though the company did not disclose the individual breakdown of product sales, it stated that the majority of this figure was generated from the sales of COVID-19 vaccines.
Moderna generated $33 million from grants, collaborations, licensing and royalty revenues in the quarter, up 18% year over year. The company usually earns collaboration revenues from agreements with several big pharma/biotech companies, including Merck (MRK - Free Report) and Vertex Pharmaceuticals (VRTX - Free Report) .
Operating Costs Decline Amid Streamlining Efforts
Selling, general and administrative (SG&A) expenses were $308 million, down 12% year over year. This downside was primarily due to reductions in consulting and external services across multiple functions.
Research & development (R&D) expenses were down 31% to $775 million, reflecting continued investment prioritization and efficiency gains in executing the clinical development of its pipeline.
MRNA’s Full-Year 2025 Results
Moderna generated revenues of $1.94 billion for the full year, down 40% year over year.
The company incurred a loss of $7.26 per share during the year, narrower than the loss of $9.28 per share in the year-ago period.
Moderna’s 2026 Guidance
The company reiterated its total revenue guidance for the full year, which it issued last month.
Moderna expects total revenues to grow up to 10% over the 2025 levels. It expects the revenue split to be nearly equal between the domestic and international operations.
The company is targeting operating expenses of about $4.9 billion, including $3 billion in R&D and $1 billion in SG&A expenses.
Capital expenditure is expected to be in the range of $0.2-$0.3 billion.
The company expects to end 2026 with cash and cash equivalents between $5.5 billion and $6.0 billion.
MRNA’s Recent Pipeline Updates
Moderna is developing more than 30 mRNA-based investigational candidates across different stages of clinical studies, targeting various indications, including cancer.
Alongside the results, the company announced that it completed enrolment in the late-stage study evaluating its norovirus vaccine. It expects to report data from this study later this year.
Earlier this week, Moderna announced that the FDA refused to review its filing for the seasonal flu vaccine. Per the agency, the late-stage study supporting the filing was not adequate and well-controlled since the comparator vaccine was not the best available option. The company has requested a Type A meeting with the FDA to address the issues outlined in the refusal-to-file (RTF) letter and to establish the path forward.
An important candidate in Moderna’s pipeline is intismeran autogene, a personalized cancer therapy which is being developed in collaboration with Merck. The companies are evaluating this therapy in three pivotal phase III studies — one in the melanoma indication and the other two in the non-small cell lung cancer (NSCLC) space. Data from the melanoma study is expected later this year.
Moderna and Merck are also evaluating intismeran in several mid-stage studies across multiple indications, including high-risk bladder cancers (both muscle-invasive and non-muscle-invasive), first-line metastatic melanoma, adjuvant renal cell carcinoma and first-line metastatic squamous NSCLC.
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Moderna Q4 Loss Narrower-Than-Expected, Sales Beat Estimates
Key Takeaways
Moderna (MRNA - Free Report) incurred a loss of $2.11 per share in the fourth quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of $2.60. In the year-ago period, the company had reported a loss of $2.91.
Total revenues in the quarter were $678 million, which beat the Zacks Consensus Estimate of $659.5 million. Yet, this metric declined 30% year over year, owing to lower net product sales.
Year to date, Moderna’s stock has gained 26% compared with the industry’s 18% growth.
Image Source: Zacks Investment Research
More on MRNA’s Earnings
Moderna currently has three marketed vaccines in its portfolio — the COVID-19 vaccines Spikevax and mNexspike, and the RSV vaccine mResvia.
Overall product sales were down 31% year over year to $645 million, owing to lower COVID vaccine sales volume compared to the prior-year period. Though the company did not disclose the individual breakdown of product sales, it stated that the majority of this figure was generated from the sales of COVID-19 vaccines.
Moderna generated $33 million from grants, collaborations, licensing and royalty revenues in the quarter, up 18% year over year. The company usually earns collaboration revenues from agreements with several big pharma/biotech companies, including Merck (MRK - Free Report) and Vertex Pharmaceuticals (VRTX - Free Report) .
Operating Costs Decline Amid Streamlining Efforts
Selling, general and administrative (SG&A) expenses were $308 million, down 12% year over year. This downside was primarily due to reductions in consulting and external services across multiple functions.
Research & development (R&D) expenses were down 31% to $775 million, reflecting continued investment prioritization and efficiency gains in executing the clinical development of its pipeline.
MRNA’s Full-Year 2025 Results
Moderna generated revenues of $1.94 billion for the full year, down 40% year over year.
The company incurred a loss of $7.26 per share during the year, narrower than the loss of $9.28 per share in the year-ago period.
Moderna’s 2026 Guidance
The company reiterated its total revenue guidance for the full year, which it issued last month.
Moderna expects total revenues to grow up to 10% over the 2025 levels. It expects the revenue split to be nearly equal between the domestic and international operations.
The company is targeting operating expenses of about $4.9 billion, including $3 billion in R&D and $1 billion in SG&A expenses.
Capital expenditure is expected to be in the range of $0.2-$0.3 billion.
The company expects to end 2026 with cash and cash equivalents between $5.5 billion and $6.0 billion.
MRNA’s Recent Pipeline Updates
Moderna is developing more than 30 mRNA-based investigational candidates across different stages of clinical studies, targeting various indications, including cancer.
Alongside the results, the company announced that it completed enrolment in the late-stage study evaluating its norovirus vaccine. It expects to report data from this study later this year.
Earlier this week, Moderna announced that the FDA refused to review its filing for the seasonal flu vaccine. Per the agency, the late-stage study supporting the filing was not adequate and well-controlled since the comparator vaccine was not the best available option. The company has requested a Type A meeting with the FDA to address the issues outlined in the refusal-to-file (RTF) letter and to establish the path forward.
An important candidate in Moderna’s pipeline is intismeran autogene, a personalized cancer therapy which is being developed in collaboration with Merck. The companies are evaluating this therapy in three pivotal phase III studies — one in the melanoma indication and the other two in the non-small cell lung cancer (NSCLC) space. Data from the melanoma study is expected later this year.
Moderna and Merck are also evaluating intismeran in several mid-stage studies across multiple indications, including high-risk bladder cancers (both muscle-invasive and non-muscle-invasive), first-line metastatic melanoma, adjuvant renal cell carcinoma and first-line metastatic squamous NSCLC.
Moderna, Inc. Price
Moderna, Inc. price | Moderna, Inc. Quote
MRNA’s Zacks Rank
Moderna currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.