Moderna beats Q4 expectations, but stock edges lower on FDA setback

Investing.com -- Moderna, Inc. (NASDAQ: MRNA) reported better-than-expected fourth quarter results on Thursday, though shares fell 0.8% with the company disclosing a regulatory setback for its influenza vaccine in the United States.

The biotechnology company posted a fourth-quarter loss of $2.11 per share, beating analyst expectations of a $2.62 loss. Revenue came in at $678 million, slightly above the consensus estimate of $662.84 million but down 30% compared to the same period in 2024, primarily due to lower COVID vaccine sales volume.

For the full year 2025, Moderna reported revenue of $1.9 billion, a 40% decrease from 2024, with a net loss of $2.8 billion or $7.26 per share. The company ended the year with $8.1 billion in cash and investments, down from $9.5 billion at the end of 2024.

"In 2025, we sharpened our commercial execution, launched our third product and brought online three international manufacturing sites, while advancing our mRNA pipeline," said Stéphane Bancel, Chief Executive Officer of Moderna. "At the same time, we lowered our annual operating expenses by approximately $2.2 billion, significantly surpassing our cost-reduction targets."

Moderna reiterated its plan to deliver up to 10% revenue growth in 2026, with approximately half coming from U.S. markets and half from international markets. The company also announced that its influenza vaccine filing was accepted for regulatory review in the EU, Canada and Australia, but received a Refusal-to-File letter from the U.S. FDA.

The company reported progress on multiple pipeline candidates, including full enrollment of its Phase 3 Norovirus trial with data expected in 2026, and full enrollment of its Phase 2 intismeran autogene trial in 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, with year-end cash and investments projected to be $5.5 to $6.0 billion.

You May Also Be Interested In

• Moderna (MRNA) PT Raised to $77 at JPMorgan
• Why this strategist thinks longer-term outlook for stocks is "unfavorable"
• Moderna (MRNA) call put ratio 1 calls to 2.1 puts amid wide price movement