Moderna suffers $1 billion loss in first quarter of 2025

In Cambridge, Massachusetts, Moderna, Inc. announced its financial results for the first quarter of 2025 on May 1, 2025. The company reported total revenue of $108 million, a decline from the $167 million of the same period in 2024, resulting largely from lower net product sales. Specifically, net product sales were $86 million in the quarter, significantly down from the previous year. The report highlighted a GAAP net loss of $(1.0) billion, a slight improvement compared to a $(1.2) billion loss in the first quarter of 2024. Operating expenses, including costs associated with research and development, decreased overall, with research and development expenses reducing by 19% to $856 million, while selling, general and administrative expenses dropped by 23% to $212 million. Although the company’s revenue from its COVID-19 vaccine, Spikevax, was only $84 million in the first quarter, signs of shifting costs and restructuring plans are underway as Moderna anticipates operational efficiency improvements and strives to advance a total of 10 products toward approval, including oncology candidates. Moderna reiterated its expected revenue range for 2025, which is projected to be between $1.5 billion and $2.5 billion, in conjunction with a year-end cash balance prediction of approximately $6 billion. Amidst this evolving landscape, the company aims to reduce its estimated GAAP operating expenses from $5.9 billion down to between $5.4 billion and $5.7 billion for 2026. The ongoing adjustments in its pipeline also indicate a strategic shift, as Moderna has decided to deprioritize a flu/COVID combination vaccine developed for younger adults while enhancing focus on candidates with promising results, particularly in oncology. With several Phase 3 readouts nearing and a commitment to launch new treatments, Moderna remains optimistic about its future prospects despite current challenges.