Moderna, Inc. (NASDAQ:MRNA) has reported its financial results for the fourth quarter and fiscal year 2025, along with providing business updates. The company reported a fourth-quarter revenue of $678 million, driven primarily by COVID vaccine sales, with product sales totaling $264 million in the U.S. and $381 million in international markets. It's worth noting that fourth-quarter revenue decreased by 30% compared to the same period in 2024.
The cost of sales for the fourth quarter of 2025 was $452 million, including third-party royalties of $34 million and inventory write-downs of $144 million, reflecting a 39% decrease compared to the same period in 2024. Research and development expenses for the fourth quarter of 2025 were $775 million, a 31% decrease compared to the same period in 2024, driven primarily by lower clinical development and manufacturing costs. Selling, general and administrative expenses for the fourth quarter of 2025 were $308 million, marking a 12% decrease compared to the same period in 2024.
For the full year 2025, Moderna reported total revenue of $1.9 billion, representing a 40% decrease compared to 2024, with the majority generated from COVID vaccine sales, along with $126 million of other revenue. The company's net loss for the full year 2025 was $2.8 billion, compared to $3.6 billion for the full year 2024.
Looking ahead, Moderna is targeting up to 10% growth from 2025 revenue and expects 2026 revenue split to be approximately 50% U.S. and 50% international. The company's cash, cash equivalents, and investments as of December 31, 2025, were $8.1 billion, compared to $9.5 billion as of December 31, 2024. The year-end balance included a $600 million initial draw on the company’s $1.5 billion credit facility, with the year-over-year decrease primarily driven by operating losses associated with continued investment in research and development and advancement of the company’s pipeline.
Furthermore, Moderna has made progress in its late-stage pipeline with various infectious disease vaccines, oncology therapeutics, and rare disease therapeutics. The company's financial framework for 2026 includes expectations for cost of sales, research and development expenses, selling, general and administrative expenses, income taxes, and capital expenditures.
Following these announcements, the company's shares moved 6.28%, and are now trading at a price of $41.83. If you want to know more, read the company's complete 8-K report here.
