Moderna Q3 revenue falls 45% to $1.0 billion; net loss of $200 million
Moderna reported third-quarter 2025 revenue of $1.0 billion, down 45% from $1.9 billion a year earlier, mainly due to lower COVID vaccine sales, and a GAAP net loss of $200 million compared with net income of $13 million in the prior-year quarter. The company narrowed its 2025 revenue projection to $1.6 to $2.0 billion from $1.5 to $2.2 billion, while lowering expected operating expenses and raising its expected year-end cash balance, which matters to shareholders because revenue and profit fell even as cost guidance improved.
Key points
- Q3 2025 revenue was $1.0 billion, down 45% from $1.9 billion; net product sales fell $847 million, or 47%
- Q3 GAAP net loss was $200 million, or $(0.51) per share, versus net income of $13 million, or $0.03 per share, a year earlier
- 2025 revenue range narrowed to $1.6 to $2.0 billion from $1.5 to $2.2 billion
- 2025 year-end cash and investments projected at $6.5 to $7 billion, up from about $6 billion
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 November 06, 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.