Moderna Q2 revenue falls 41% to $142 million; 2025 revenue range top cut $300 million
Moderna reported second-quarter 2025 total revenue of $142 million, down 41% from $241 million a year earlier, and a net loss of $825 million, or $2.13 per share, versus a $3.33 loss per share a year earlier. The company lowered the high end of its 2025 revenue range by $300 million to $1.5 to $2.2 billion, mainly because some U.K. contracted deliveries shifted into the first quarter of 2026, while it expects operating expenses to improve by about $400 million.
Key points
- Q2 2025 total revenue was $142 million, down 41% from $241 million; Q2 net loss was $825 million, versus $1.3 billion a year earlier
- 2025 revenue range is now $1.5 to $2.2 billion, a $300 million reduction at the high end
- 2025 GAAP operating expenses are now expected at $5.9 to $6.1 billion, an improvement of about $400 million
- Year-end 2025 cash balance expected at about $6 billion; cash and investments were $7.5 billion as of June 30, 2025
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 August 01, 2025.
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