Moderna Inc. disclosed its preliminary full‑year 2025 earnings on January 14, 2026, outlining a revenue outlook of approximately $1.9 billion—about $100 million above the midpoint of its prior guidance range of $1.6‑$2.0 billion. The company also announced a $200 million reduction in operating expenses, bringing the 2025 operating‑expense forecast to $5.0‑$5.2 billion from the previously expected $5.2‑$5.4 billion.
The FY25 revenue forecast represents a decline from the $3.2 billion reported in FY2024, a 53% drop from the $6.8 billion peak in FY2023. Despite the lower top line, the guidance beat expectations because Moderna’s seasonal vaccine franchise—particularly its RSV vaccine—has begun generating steady sales, offsetting the waning demand for its COVID‑19 product. The company’s focus on building a robust seasonal vaccine pipeline is a key driver of the revenue outlook.
Moderna’s cost‑cutting program is a central pillar of the positive market reaction. By trimming operating expenses by $200 million, the company is moving toward a $4.2‑$4.6 billion expense range for FY2027 and a projected cash‑breakeven by 2028. The disciplined spend plan is expected to improve operating margins, as the company leverages scale in its mRNA manufacturing and reduces overhead associated with its COVID‑19 vaccine operations.
Looking ahead, Moderna reiterated its 2026 guidance, targeting up to 10% revenue growth and further expense reductions. The company’s strategy to expand its seasonal vaccine portfolio—encompassing flu, RSV, and potential flu/COVID combination products—provides a recurring revenue stream that can fund its oncology and rare‑disease pipeline. This shift signals confidence in long‑term profitability beyond the pandemic era.
CEO Stéphane Bancel emphasized the company’s progress: “We strengthened commercial execution, launched a third product, and cut operating expenses by roughly $2 billion, exceeding our own cost‑reduction commitments.” He added that building a large seasonal vaccine franchise will create a cash engine to support future innovation in oncology and rare diseases.
Investors responded positively to the preliminary results, reflecting confidence in Moderna’s cost discipline and its strategic pivot toward a diversified mRNA platform.
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