Moderna, Inc. (NASDAQ: MRNA) reported fourth-quarter results that exceeded expectations, with shares rising more than 8% intra-day on Friday.
The biotechnology company posted a quarterly loss of $2.11 per share, narrower than analyst estimates of a $2.62 loss. Revenue reached $678 million, modestly above the consensus forecast of $662.84 million, though down 30% year over year, primarily reflecting lower COVID-19 vaccine sales volumes.
For full-year 2025, Moderna generated revenue of $1.9 billion, representing a 40% decline from 2024. The company reported a net loss of $2.8 billion, or $7.26 per share. Cash and investments totaled $8.1 billion at year-end, down from $9.5 billion at the end of 2024.
Moderna reaffirmed its goal of achieving up to 10% revenue growth in 2026, with approximately half expected from U.S. markets and half from international markets. The company also disclosed that its influenza vaccine filing had been accepted for regulatory review in the European Union, Canada, and Australia, but it received a Refusal-to-File letter from the U.S. Food and Drug Administration.
The company reported continued progress across its pipeline, including full enrollment in its Phase 3 Norovirus trial, with data anticipated in 2026, and full enrollment in its Phase 2 intismeran autogene study for muscle invasive bladder cancer.
For 2026, Moderna expects research and development expenses of approximately $3.0 billion and selling, general, and administrative expenses of about $1.0 billion. Year-end cash and investments are projected to range between $5.5 billion and $6.0 billion.
