Moderna Posts Narrower Q4 Loss, Maintains 2026 Revenue Growth Target

Moderna (NYSE: MRNA) reported lower fourth-quarter revenue as demand for Covid-19 vaccines continued to decline, while reiterating its expectation of up to 10% revenue growth in 2026 following recent and planned product launches. For the quarter, the company recorded revenue of $678 million, compared with $996 million in the same period a year earlier. The result exceeded analysts’ estimates of approximately $635 million. Full-year 2025 revenue totaled $1.9 billion, compared with $3.2 billion in 2024.

Moderna posted a net loss of $826 million, or $2.11 per share, in the fourth quarter, narrowing from a loss of $1.12 billion, or $2.91 per share, in the year-ago period. Analysts surveyed by FactSet had expected a quarterly loss of $2.54 per share. For the full year, the company reported a net loss of $2.4 billion, compared with a loss of $3.6 billion in 2024.

Sales in the quarter were driven primarily by its Covid-19 vaccine portfolio. The company said its next-generation Covid-19 shot, mNexspike, launched in the U.S. midyear, helped lift its share of the U.S. retail Covid vaccine market to 24% during the period. Moderna reiterated that its three approved products, mNexspike, Spikevax and the respiratory syncytial virus vaccine mResvia, are expected to support revenue growth of up to 10% in 2026. The company said roughly half of projected 2026 revenue is expected to come from the U.S., with the remainder from international markets. It added that approximately 85% of next year’s revenue is anticipated in the second half.

Executives said international expansion is expected to contribute to growth, including multiyear strategic agreements in Latin America and the Asia Pacific region. The company also cited potential opportunity in the European respiratory vaccines market, valued at about $1.8 billion, as a competitor’s pandemic-related contract expires this year.

The company’s 2026 outlook does not include potential sales from a combined Covid-and-flu vaccine currently under review in Europe or from its standalone flu vaccine in the U.S. Earlier this week, the Food and Drug Administration declined to review the company’s application for its experimental mRNA-based seasonal flu shot, mRNA-1010. Moderna said it plans to request a Type A meeting with the agency to discuss the decision.

Moderna said it expects research and development expenses of about $3 billion this year and projects year-end cash and investments between $5.5 billion and $6 billion. Shares rose more than 5% on Friday following the earnings release.

About Moderna

Founded in 2010 and headquartered in Cambridge, Massachusetts, Moderna (NYSE: MRNA) is a biotechnology company focused on messenger RNA (mRNA) medicines and vaccines. Its commercial portfolio includes Covid-19 and respiratory vaccines, and the company maintains a pipeline spanning infectious diseases, oncology and rare conditions.