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MRNA Beats on Q2 Earnings & Sales, Stock Down on Lowered Sales View
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Key Takeaways
{\"0\":\"Moderna posted a Q2 loss of $2.13 per share on $142M in revenue, both beating consensus estimates.\",\"1\":\"MRNA cut 2025 revenue guidance to $1.5B-$2.2B, citing U.K. delivery shifts to Q1 2026.\",\"2\":\"Lowered R&D and capital expense forecasts follow a planned 10% workforce reduction.\"}
Moderna (MRNA - Free Report) incurred a loss of $2.13 per share in the second quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of $2.99. In the year-ago period, the company had reported a loss of $3.33.
Total revenues in the quarter were $142 million, which beat the Zacks Consensus Estimate of $127 million. Revenues declined by around 41% year over year, owing to lower net product sales.
More on MRNA’s Q2 Earnings
Moderna currently has two marketed vaccines in its portfolio, the COVID-19 vaccine Spikevax and the recently launched RSV vaccine mResvia.
Product sales were down 38% year over year to $114 million due to lower Spikevax sales. Per Moderna, almost the entirety of this number was generated from Spikevax, with a ‘negligible’ contribution from mResvia.
Moderna generated $28 million from grants, collaborations, licensing and royalty revenues in the quarter, down 51% year over year. The company usually earns collaboration revenues from agreements with several big pharma/biotech companies, including Merck (MRK - Free Report) and Vertex Pharmaceuticals.
Operating Costs Decline Amid Streamlining Efforts
Selling, general and administrative (SG&A) expenses were $230 million, down 14% year over year. This downside was primarily due to broad-based cost-cutting activities.
Research & development (R&D) expenses were down 43% to $700 million, driven by the reduction in clinical spending across respiratory programs due to the timing of clinical studies and program wind-downs.
MRNA Revises ’25 Outlook
Moderna revised its total revenue guidance for the full year, which was initially issued in January. It now expects total revenues in the range of $1.5-$2.2 billion, which reflects a $300 million cut from the upper end of the previous guidance of $1.5-$2.5 billion. Per the company, this revision is mainly driven by the timing shift of deliveries of contracted revenue for the U.K. into the first quarter of 2026.
Shares of Moderna were down 6% in pre-market trading today, attributed to the downgrade in guidance. Year to date, the stock has underperformed the industry.
Image Source: Zacks Investment Research
Owing to the seasonality of its respiratory business, Moderna is expected to generate the majority of the guided revenue in the second half of the year. The company has already recorded total revenues worth $250 million in the first half of 2025. For the second half, Moderna expects a revenue split of 40-50% in the third quarter, with the balance in the fourth quarter.
MRNA also lowered the guidance for R&D expenses during the quarter, now expecting to incur between $3.6 billion and $3.8 billion (previous guidance: $4.1 billion). This is likely to be due to the company’s plans to cut nearly 10% workforce, as announced yesterday. Moderna reiterated its projections for SG&A expenses to be around $1.1 billion.
The company also lowered its forecasts for capital expenditure to be about $0.3 billion (previous guidance: $0.4 billion).
Moderna expects to end 2025 with cash, cash equivalents and investments of nearly $6 billion.
MRNA’s Recent Pipeline Updates
The company secured three regulatory approvals from the FDA in the past few months. These include label expansion for using mResvia in high-risk adults aged 18-59 and full approval for Spikevax in pediatric patients aged between six months through 11 years old (previously granted emergency use authorization for this population by the agency). The FDA also approved mNexspike, a next-generation refrigerator-stable version of Spikevax.
Moderna is also evaluating several pipeline candidates in late-stage development. Last month, the company reported that a phase III efficacy study (P304) showed that its influenza vaccine candidate, mRNA-1010, achieved superior relative vaccine efficacy to an approved flu shot marketed by GSK.
The above results not only supports potential approval of the standalone flu shot but also strengthen the case for refiling mRNA-1083, an investigational combination vaccine against COVID-19 and influenza. In May, Moderna voluntarily withdrew a filing with the FDA for mRNA-1083 after the agency requested additional efficacy data for the flu component. This candidate integrates the company’s COVID-19 shot with mRNA-1010. Moderna is currently in discussions with the FDA regarding data requirements for resubmitting the regulatory filing.
An important candidate in the company’s pipeline is intismeran autogene, a personalized cancer therapy, which is being developed in collaboration with Merck. The companies are evaluating the therapy in three pivotal phase III studies, one in the melanoma indication and the other two in the non-small cell lung cancer space. It is also being evaluated in separate mid-stage studies for high-risk bladder cancers (both muscle-invasive and non-muscle-invasive) and adjuvant renal cell carcinoma. Moderna and Merck recently launched a new phase II study evaluating the therapy as a first-line treatment for patients with metastatic melanoma.
In a separate press release, Moderna announced that the U.K. Court of Appeal has upheld the validity of its EP'949 patent and infringement by Pfizer (PFE - Free Report) /BioNTech’s (BNTX - Free Report) COVID-19 vaccine Comirnaty. The patent relates to chemically modified mRNA, one of the company’s foundational technologies that enables the development of mRNA-based medicines. The latest decision affirms the High Court’s initial ruling from last year, which was also in Moderna’s favor.
Image: Bigstock
MRNA Beats on Q2 Earnings & Sales, Stock Down on Lowered Sales View
Key Takeaways
Moderna (MRNA - Free Report) incurred a loss of $2.13 per share in the second quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of $2.99. In the year-ago period, the company had reported a loss of $3.33.
Total revenues in the quarter were $142 million, which beat the Zacks Consensus Estimate of $127 million. Revenues declined by around 41% year over year, owing to lower net product sales.
More on MRNA’s Q2 Earnings
Moderna currently has two marketed vaccines in its portfolio, the COVID-19 vaccine Spikevax and the recently launched RSV vaccine mResvia.
Product sales were down 38% year over year to $114 million due to lower Spikevax sales. Per Moderna, almost the entirety of this number was generated from Spikevax, with a ‘negligible’ contribution from mResvia.
Moderna generated $28 million from grants, collaborations, licensing and royalty revenues in the quarter, down 51% year over year. The company usually earns collaboration revenues from agreements with several big pharma/biotech companies, including Merck (MRK - Free Report) and Vertex Pharmaceuticals.
Operating Costs Decline Amid Streamlining Efforts
Selling, general and administrative (SG&A) expenses were $230 million, down 14% year over year. This downside was primarily due to broad-based cost-cutting activities.
Research & development (R&D) expenses were down 43% to $700 million, driven by the reduction in clinical spending across respiratory programs due to the timing of clinical studies and program wind-downs.
MRNA Revises ’25 Outlook
Moderna revised its total revenue guidance for the full year, which was initially issued in January. It now expects total revenues in the range of $1.5-$2.2 billion, which reflects a $300 million cut from the upper end of the previous guidance of $1.5-$2.5 billion. Per the company, this revision is mainly driven by the timing shift of deliveries of contracted revenue for the U.K. into the first quarter of 2026.
Shares of Moderna were down 6% in pre-market trading today, attributed to the downgrade in guidance. Year to date, the stock has underperformed the industry.
Image Source: Zacks Investment Research
Owing to the seasonality of its respiratory business, Moderna is expected to generate the majority of the guided revenue in the second half of the year. The company has already recorded total revenues worth $250 million in the first half of 2025. For the second half, Moderna expects a revenue split of 40-50% in the third quarter, with the balance in the fourth quarter.
MRNA also lowered the guidance for R&D expenses during the quarter, now expecting to incur between $3.6 billion and $3.8 billion (previous guidance: $4.1 billion). This is likely to be due to the company’s plans to cut nearly 10% workforce, as announced yesterday. Moderna reiterated its projections for SG&A expenses to be around $1.1 billion.
The company also lowered its forecasts for capital expenditure to be about $0.3 billion (previous guidance: $0.4 billion).
Moderna expects to end 2025 with cash, cash equivalents and investments of nearly $6 billion.
MRNA’s Recent Pipeline Updates
The company secured three regulatory approvals from the FDA in the past few months. These include label expansion for using mResvia in high-risk adults aged 18-59 and full approval for Spikevax in pediatric patients aged between six months through 11 years old (previously granted emergency use authorization for this population by the agency). The FDA also approved mNexspike, a next-generation refrigerator-stable version of Spikevax.
Moderna is also evaluating several pipeline candidates in late-stage development. Last month, the company reported that a phase III efficacy study (P304) showed that its influenza vaccine candidate, mRNA-1010, achieved superior relative vaccine efficacy to an approved flu shot marketed by GSK.
The above results not only supports potential approval of the standalone flu shot but also strengthen the case for refiling mRNA-1083, an investigational combination vaccine against COVID-19 and influenza. In May, Moderna voluntarily withdrew a filing with the FDA for mRNA-1083 after the agency requested additional efficacy data for the flu component. This candidate integrates the company’s COVID-19 shot with mRNA-1010. Moderna is currently in discussions with the FDA regarding data requirements for resubmitting the regulatory filing.
An important candidate in the company’s pipeline is intismeran autogene, a personalized cancer therapy, which is being developed in collaboration with Merck. The companies are evaluating the therapy in three pivotal phase III studies, one in the melanoma indication and the other two in the non-small cell lung cancer space. It is also being evaluated in separate mid-stage studies for high-risk bladder cancers (both muscle-invasive and non-muscle-invasive) and adjuvant renal cell carcinoma. Moderna and Merck recently launched a new phase II study evaluating the therapy as a first-line treatment for patients with metastatic melanoma.
In a separate press release, Moderna announced that the U.K. Court of Appeal has upheld the validity of its EP'949 patent and infringement by Pfizer (PFE - Free Report) /BioNTech’s (BNTX - Free Report) COVID-19 vaccine Comirnaty. The patent relates to chemically modified mRNA, one of the company’s foundational technologies that enables the development of mRNA-based medicines. The latest decision affirms the High Court’s initial ruling from last year, which was also in Moderna’s favor.
Moderna, Inc. Price
Moderna, Inc. price | Moderna, Inc. Quote
MRNA’s Zacks Rank
Moderna currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.