Moderna Q1 revenue falls to $108 million; net loss narrows to $971 million
Moderna reported first-quarter 2025 revenue of $108 million, down from $167 million a year earlier, while its net loss narrowed to $971 million from $1,175 million. The company reiterated its 2025 revenue range of $1.5 to $2.5 billion and said it expects estimated GAAP operating costs to fall by $1.4 to $1.7 billion by 2027 compared with its 2025 estimate. For shareholders, the lower revenue and cash balance contrast with the smaller loss and planned cost reductions.
Key points
- Total revenue was $108 million in Q1 2025 versus $167 million in Q1 2024; net product sales were $86 million.
- Net loss was $971 million, or $(2.52) per share, compared with $1,175 million, or $(3.07) per share, a year earlier.
- The 2025 revenue outlook of $1.5 to $2.5 billion was reiterated, with year-end cash and investments projected at about $6 billion.
- Cash, cash equivalents and investments were $8.4 billion at March 31, 2025, down from $9.5 billion at December 31, 2024.
The filing
Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 01, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.