Moderna expects 2025 revenue of about $1.9 billion, above prior guidance midpoint
Moderna issued preliminary, unaudited 2025 results at the J.P. Morgan Healthcare Conference. Expected revenue of about $1.9 billion is $100 million above the midpoint of its prior $1.6 to $2.0 billion range, and expected GAAP operating expenses were lowered by $200 million. The audit is ongoing and figures could change, and full results are due February 13, 2026.
Key points
- 2025 revenue expected at about $1.9 billion (unaudited), $100 million above the midpoint of the $1.6 to $2.0 billion range from the 3Q25 call
- 2025 GAAP operating expenses now expected at $5.0 to $5.2 billion (unaudited), an improvement of $200 million
- Year-end 2025 cash, cash equivalents and investments expected at about $8.1 billion, including a $0.6 billion draw on a $1.5 billion term loan
- 2026 framework reiterated: up to 10% revenue growth and about $4.9 billion in GAAP operating expenses
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 January 12, 2026.
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