Moderna reported FY 2025 total revenue of USD 1.94 billion (-40%) and net product sales of USD 1.82 billion (-42%), reflecting lower COVID vaccine sales volumes across regions. Net loss was USD 2.82 billion, compared with USD 3.56 billion in FY 2024, and loss per share was USD 7.26 versus USD 9.28. Cost of sales was USD 868 million (-41%), including USD 291 million of inventory write-downs, USD 93 million of unutilized manufacturing capacity and wind-down costs, and USD 88 million of third-party royalties. R&D expense was USD 3.13 billion (-31%) and SG&A expense was USD 1.02 billion (-13%). Interest income was USD 314 million (-26%). Cash, cash equivalents and investments totaled USD 8.14 billion at Dec. 31, 2025, down 15% year over year, with net cash used in operating activities of USD 1.87 billion. Business updates included expansion of U.S. drug product manufacturing at its Norwood, Massachusetts site, targeting completion in H1 2027, and entry into a five-year credit facility for up to USD 1.5 billion, including a USD 600 million initial term loan funded in November 2025. Moderna said it had three commercial products in 2025 (Spikevax, mNEXSPIKE and RSV vaccine mRESVIA) and highlighted regulatory and pipeline progress including approvals for its 2025-2026 Spikevax formula in 40 countries, FDA approval of the 2025-2026 mNEXSPIKE formula in certain adult groups, and ongoing late-stage programs including a Phase 3 norovirus vaccine study and multiple Phase 2/3 trials for its individualized neoantigen therapy intismeran with Merck. Moderna also noted CEPI funding of up to USD 54 million to support a Phase 3 trial for its H5 pandemic influenza vaccine candidate starting in early 2026.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Moderna Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001682852-26-000033), on February 20, 2026, and is solely responsible for the information contained therein.