Moderna, Inc. reported a significant decline in financial performance for the second quarter of 2025, with total revenue of $142 million, down 41% from $241 million in the same period of 2024. The decrease was primarily driven by a 38% drop in net product sales, which fell to $114 million from $184 million year-over-year. The company attributed this decline to reduced sales volumes and lower average selling prices for its COVID-19 vaccine, Spikevax, as vaccination rates have decreased. For the first half of 2025, total revenue was $250 million, a 39% decrease compared to $408 million in the first half of 2024. The net loss for the quarter was $825 million, or $(2.13) per share, an improvement from a net loss of $1.279 billion, or $(3.33) per share, in the prior year.
In terms of operational changes, Moderna has made strategic advancements in its product offerings. The company received FDA approvals for its next-generation COVID-19 vaccine, mNEXSPIKE, and expanded the indications for its RSV vaccine, mRESVIA, in June 2025. These approvals are expected to enhance the company's market presence as it prepares for the upcoming respiratory virus season. As of June 30, 2025, Moderna had three commercial products: Spikevax, mNEXSPIKE, and mRESVIA, with ongoing development across a pipeline of 39 programs, including vaccines for seasonal flu and norovirus.
Moderna's operational metrics reflected a decrease in customer engagement, with net product sales in the U.S. dropping significantly. The company reported $88 million in U.S. sales for the second quarter, down from $162 million in the same quarter of 2024. The total cash, cash equivalents, and investments decreased by 21% to $7.5 billion as of June 30, 2025, compared to $9.5 billion at the end of 2024. The decline was primarily due to cash outflows from operating activities, which totaled $1.956 billion for the first half of 2025, reflecting the company's ongoing investments in research and development and manufacturing capabilities.
Looking ahead, Moderna anticipates that demand for its COVID-19 and RSV vaccines will follow a seasonal pattern, with higher sales expected during the fall and winter months. However, the company expects a decline in overall product sales for 2025 compared to 2024, primarily due to lower vaccination rates and increased competition in the market. Despite the challenges, Moderna remains committed to advancing its pipeline and maintaining operational efficiency, with a focus on long-term sustainability and potential future product launches. The company believes its current financial resources will be sufficient to support operations for at least the next 12 months, although it acknowledges the risks associated with the development and commercialization of its products.
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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