Moderna reports Q4 2025 net loss of $826 million as revenue falls 30%
Moderna reported Q4 2025 revenue of $678 million, down 30%, and a net loss of $826 million, improved from a $1.1 billion loss a year earlier. The company also issued 2026 revenue and expense targets.
Moderna, Inc. reported a narrower net loss for the fourth quarter of fiscal 2025, when the pharmaceutical company’s revenues declined. Fourth-quarter revenue totaled $678 million, down 30% from the corresponding quarter of fiscal 2024, and the company reported a net loss of $826 million for the fourth quarter, compared to a loss of $1.1 billion in the prior-year quarter.
On a per-share basis, Q4 loss was $2.11, compared to $2.91 in the prior-year quarter. The sales decline primarily reflects lower COVID vaccine volume compared to the prior-year period.
The company had revenue of $678.00 million during the quarter, compared to the consensus estimate of $611.14 million. The company reported ($2.11) earnings per share, topping the consensus estimate of ($2.79) by $0.68. The business's revenue for the quarter was down 33.2% on a year-over-year basis.
Management targets full-year 2026 revenue to be up 10% from 2025 and sees the revenue split to be 50% U.S. and 50% internationally. Costs of sale are expected to be approximately $0.9 billion in fiscal 2026, research and development expenses of around $3.0 billion for FY26, and selling, general, and administrative expenses of around $1.0 billion. Year-end cash and investments for 2026 are projected to be $5.5-6.0 billion.
Moderna is expected to issue its Q1 2026 results before the market opens on Friday, May 1st. Analysts expect the company to announce earnings of ($2.03) per share and revenue of $251.0050 million for the quarter.