Moderna Inc (NASDAQ:MRNA, XETRA:0QF) said it expects 2025 revenue of approximately $1.9 billion, about $100 million above the midpoint of its previously communicated guidance of $1.6 to $2 billion.
The company also raised its 2025 GAAP operating expense outlook by $200 million to a range of $5 to $5.2 billion and projects a year-end cash balance of approximately $8.1 billion, including a $0.6 billion drawdown from a recently announced $1.5 billion term loan facility.
"In 2025, we strengthened our commercial execution, successfully launched our third product, and continued to advance our mRNA pipeline,” Moderna CEO Stéphane Bancel said in a statement.
“At the same time, we reduced our annual operating expenses by approximately $2 billion, significantly exceeding the financial cost reduction commitments we set at the start of the year."
Looking ahead, Moderna reiterated its plan for up to 10% revenue growth in 2026, supported by continued COVID vaccine sales and potential launches of seasonal flu and flu/COVID combination vaccines.
The company also expects pivotal trial readouts in oncology, rare disease, and infectious disease programs next year.
"We remain focused on our strategy to build a large seasonal vaccine franchise for at-risk populations, creating a strong cash engine to fund our next phase of innovation in oncology and rare disease,” Bancel said.
“We expect this approach to support up to 10 percent revenue growth in 2026, as we further reduce costs, expand our commercial portfolio with approvals of additional seasonal vaccines, and anticipate multiple clinical data catalysts driven by our late-stage oncology pipeline."
Full financial details will be reported with Moderna’s Q4 earnings on February 13.
After initially rising on the better-than-expected revenue guidance, shares of Moderna traded down 3.3% at about $33 in the early afternoon on Monday.