Moderna raises 2025 revenue forecast to $1.9 billion

Moderna Inc. (NASDAQ: MRNA) increased its 2025 revenue expectation to approximately $1.9 billion, $100 million above the midpoint of its previous guidance range of $1.6 billion to $2.0 billion, according to a company statement made at the J.P. Morgan Healthcare Conference.

(Consensus sees FY revenue of $1.89 billion)

The biotechnology company also improved its 2025 expected GAAP operating expenses by $200 million to a range of $5.0 billion to $5.2 billion. Moderna reported year-end 2025 cash, cash equivalents and investments of approximately $8.1 billion, which includes a $600 million drawdown from a recently announced $1.5 billion term loan facility.

For 2026, Moderna reiterated its target of up to 10% revenue growth and expects GAAP operating expenses of approximately $4.9 billion. The company projects further operating expense reductions to $4.2 billion to $4.6 billion in 2027, targeting cash breakeven in 2028.

Moderna anticipates potential first approvals of its seasonal flu vaccine and flu/COVID combination products in 2026. The company has completed submissions for approval of mRNA-1010 seasonal flu vaccine in the United States, Canada, Australia and Europe. Its flu/COVID combination vaccine mRNA-1083 is under review with the European Medicines Agency, with a submission to Health Canada completed in 2025.

The company expects multiple clinical data readouts in 2026 across its oncology, rare disease and infectious disease portfolios. In oncology, Moderna anticipates five-year Phase 2b data for its melanoma treatment intismeran autogene in early 2026, with Phase 3 data potentially available later in the year. Phase 2 data for cancer therapy mRNA-4359 is also expected in 2026.

Moderna's new COVID vaccine mNEXSPIKE is currently approved in the United States, Canada and Australia, with potential approvals in Europe, Japan and Taiwan expected in 2026.

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