Moderna Inc., a leader in mRNA medicine, reported total revenue of $1.9 billion for the fiscal year 2025, primarily driven by sales of its COVID-19 vaccines, Spikevax and mNEXSPIKE. This represents a significant decrease from the $3.2 billion in revenue reported in 2024 and $6.8 billion in 2023, reflecting the evolving market dynamics of the COVID-19 vaccine landscape. The company experienced a net loss of $2.8 billion, or $7.26 per share, compared to a net loss of $3.6 billion, or $9.28 per share, in the previous fiscal year, indicating a narrowing of losses despite the revenue decline.
Strategic developments in 2025 included the commercial launch of mNEXSPIKE in the U.S. retail channel, which has become the company's leading product in that market. Moderna also continued to advance its pipeline, with key developments in oncology, rare diseases, and infectious diseases. In oncology, five-year data from the Phase 2b study of intismeran autogene (mRNA-4157) in combination with Merck’s pembrolizumab demonstrated sustained improvement in recurrence-free survival in patients with high-risk melanoma. In rare diseases, the propionic acidemia therapeutic (mRNA-3927) reached target enrollment in a registrational study, and a strategic collaboration was established with Recordati for its advancement.
Key operational developments included the expansion of manufacturing capabilities, with new drug product capabilities in the U.S. and Moderna-built facilities in the UK, Canada, and Australia. The Marlborough, Massachusetts facility, purpose-built for intismeran, began clinical batch supply in September 2025. The company also streamlined its production sites into a global manufacturing network to support new product launches and multi-year collaborations. Employee headcount stood at approximately 4,700 full-time employees across 18 countries as of December 31, 2025, with a voluntary turnover rate of approximately 11%.
Looking ahead, Moderna anticipates pivotal trial data readouts in 2026 across its oncology, rare disease, and infectious disease portfolios. The company expects to drive revenue growth in 2026 from the annualized impact of long-term partnerships in the UK, Canada, and Australia, as well as continued strong uptake of mNEXSPIKE in the U.S. Moderna also expects multiple growth opportunities in 2027 and 2028, with plans to launch several new infectious disease products, including flu, flu+COVID combination, and Norovirus vaccines. The company aims to deliver cost efficiency across the business through disciplined cost management, leveraging its global production network, artificial intelligence (AI), and digital tools.
About Moderna, Inc.
Moderna, Inc. is a biotechnology company specializing in mRNA technology to develop vaccines and therapeutics across infectious diseases, oncology, and rare conditions. Its core products include COVID-19 and RSV vaccines, with a pipeline of vaccines targeting influenza, herpes, HIV, and other viruses. The company leverages its platform for rapid development, manufacturing efficiency, and broad applicability, serving global markets with a focus on innovative, gene-based medicines.
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