Moderna Reports 45% Revenue Decline in Q3 2025, Net Loss of $200 Million

Moderna, Inc. reported a significant decline in financial performance for the third quarter of 2025, with total revenue of $1.016 billion, down 45% from $1.862 billion in the same period last year. The decrease was primarily driven by a 47% drop in net product sales, which totaled $973 million compared to $1.820 billion in the third quarter of 2024. The company's net loss for the quarter was $200 million, translating to a loss per share of $0.51, a stark contrast to a net income of $13 million, or $0.03 per share, reported in the prior year.

In the nine months ending September 30, 2025, Moderna's total revenue also fell by 44% to $1.266 billion from $2.270 billion in the same period of 2024. Net product sales for the nine-month period were $1.172 billion, down from $2.171 billion. The decline in sales was attributed to lower COVID-19 vaccination rates and the completion of advance purchase agreements with government customers, which impacted both U.S. and international sales. The company noted that the absence of a $140 million positive adjustment related to sales provision estimates from the previous year further exacerbated the decline.

Operationally, Moderna has made strides in expanding its product offerings and manufacturing capabilities. The company launched commercial sales of its new COVID vaccine, mNEXSPIKE, in the third quarter of 2025, following FDA approval for use in adults aged 65 and older and those aged 12 to 64 with underlying health conditions. Additionally, the company has established mRNA manufacturing facilities in Australia and the UK, aimed at enhancing domestic production and pandemic preparedness. As of September 30, 2025, Moderna had three commercial products: Spikevax, mNEXSPIKE, and mRESVIA, its RSV vaccine.

Moderna's financial position showed a decrease in cash and cash equivalents, which fell to $1.132 billion from $1.927 billion at the end of 2024. The company reported a net cash outflow from operating activities of $2.803 billion for the nine months ended September 30, 2025, a reduction from $3.829 billion in the same period of 2024. The decrease in cash flow was primarily due to the net loss and changes in working capital, including an increase in accounts receivable. Despite these challenges, Moderna maintains a strong pipeline with 30 development candidates across 40 programs, indicating a commitment to advancing its mRNA technology and expanding its therapeutic offerings.

Looking ahead, Moderna anticipates that demand for its COVID and RSV vaccines will follow a seasonal pattern, with higher sales expected during fall and winter vaccination campaigns. However, the company expects a decline in overall product sales for the full year 2025 compared to 2024, primarily due to lower vaccination rates and increased competition in the market. The company remains focused on managing costs and investing in its pipeline while navigating the evolving landscape of vaccine demand.