Moderna reported third‑quarter 2025 revenue of $1.016 billion, a slight increase from the $1.004 billion reported in the same quarter last year, but still below the $860 million consensus estimate. The company’s GAAP net loss narrowed to $200 million, and earnings per share fell to –$0.51, a dramatic improvement over the –$2.15 consensus loss. The beat on both revenue and earnings was driven largely by the launch of the next‑generation COVID‑19 vaccine, mNEXSPIKE, which received FDA approval on May 31, 2025 and began sales in the 2025‑2026 season. Strong demand for mNEXSPIKE offset a 4% year‑over‑year decline in overall COVID‑19 vaccine sales, allowing the company to exceed expectations despite a broader market contraction.
The company’s operating expenses fell to $5.3 billion, a 19% reduction from the $6.6 billion spent in Q1 2025, reflecting the cost‑reduction initiatives that have been in place since the first quarter. This disciplined spending helped lift operating margins to 9.9% from 10.2% in the prior year, even as revenue slipped slightly. Management attributed the margin improvement to tighter control of research and development and selling‑general‑administrative costs, while maintaining investment in high‑return pipeline projects such as oncology and rare‑disease therapies.
Moderna’s full‑year 2025 revenue guidance was narrowed to $1.6 billion–$2.0 billion, down from the $1.8 billion–$2.2 billion range previously issued in October. The company also lowered its GAAP operating expense guidance to $5.2 billion–$5.4 billion, and raised its projected year‑end cash balance to $6.5 billion–$7.0 billion. The tighter revenue outlook signals management’s caution about the pace of demand recovery for COVID‑19 vaccines, while the lower expense guidance reflects confidence that the cost‑cutting program will continue to deliver savings. The higher cash balance underscores the company’s intent to preserve liquidity as it scales its pipeline and prepares for future product launches.
CEO Stéphane Bancel emphasized that the FDA approval of mNEXSPIKE “provides a powerful tool to protect high‑risk individuals and strengthens our position in the evolving COVID‑19 vaccine market.” CFO Jamey Mock noted that the company is “on track to beat our 2025 cost plan by over $1 billion,” highlighting the effectiveness of the cost‑reduction strategy. The executives also reiterated their focus on investing in oncology and rare‑disease programs, signaling a strategic shift toward a diversified biotechnology portfolio beyond COVID‑19 vaccines.
The earnings beat and improved guidance have reinforced investor confidence in Moderna’s ability to navigate the post‑pandemic transition. The company’s disciplined cost management, coupled with the successful launch of mNEXSPIKE, positions it to maintain profitability while funding its pipeline. The updated guidance reflects a cautious but controlled outlook, indicating that management expects demand to stabilize and that the company will continue to leverage its mRNA platform to capture new market opportunities.
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