Despite exceeding Street forecasts with its Q2 2025 financials, Moderna (NASDAQ:MRNA) shares fell ~7% in the premarket on Friday after the COVID-19 vaccine maker trimmed the upper end of its revenue outlook, citing a timing change for product shipments.
The Cambridge, Massachusetts-based biotech projected $1.5B–$2.2B in revenue for this year, indicating a $300M cut to the top end of the prior forecast, mainly driven by a shift in vaccine deliveries for the U.K. into Q1 2026. The company added that it expects to generate 40%-50% of its H2 2025 revenue in Q3 and the remainder in Q4.
As for the quarter, Moderna (NASDAQ:MRNA) recorded $142M in revenue, indicating an ~41% YoY drop, mainly due to lower COVID vaccine sales, which stood at $114M globally, including $88M from the U.S. Sales from its vaccine mRESVIA for respiratory syncytial virus (RSV) were negligible, the company added.
However, Moderna (NASDAQ:MRNA) has managed to narrow its net loss by ~39% YoY to $0.8B as cost-cutting efforts and other initiatives helped its R&D and SG&A expenses drop ~43% YoY and ~14% YoY to $700M and $230M, respectively.
“We continue to operate with financial discipline and are improving expected annual operating expenses in 2025 by approximately $400 million,” said CEO Stéphane Bancel, referring to MRNA’s revised OpEx guidance of $5.9B - $6.1B for 2025.
Having recorded $7.5B of cash, cash equivalents, and investments as of June 30, the company reiterated its outlook for year-end cash and investments at roughly $6B.
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