Moderna Q4 revenue falls 30% to $678 million; net loss narrows to $826 million
Moderna reported fourth-quarter 2025 revenue of $678 million, down 30% from a year earlier, while its net loss narrowed to $826 million and loss per share improved to $(2.11). The company reiterated a 2026 target of up to 10% revenue growth, but disclosed that the U.S. FDA issued a Refusal-to-File letter for its seasonal flu vaccine, which the company says it is working to address through a Type A meeting.
Key points
- Q4 2025 revenue was $678 million, down 30% from Q4 2024; net loss was $826 million versus $1.1 billion, and loss per share was $(2.11) versus $(2.91).
- Full-year 2025 revenue was $1.9 billion, down 40%; full-year net loss was $2.8 billion versus $3.6 billion in 2024.
- 2026 framework: revenue growth of up to 10%, R&D of about $3.0 billion, SG&A of about $1.0 billion, and year-end cash and investments of $5.5 to $6.0 billion.
- The U.S. FDA issued a Refusal-to-File letter for the mRNA-1010 seasonal flu vaccine; Moderna has requested a Type A meeting.
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 February 13, 2026.
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.