Moderna Inc (NASDAQ:MRNA, XETRA:0QF) reported fourth quarter 2025 results that exceeded Wall Street expectations, sending its shares up about 11% on Friday.
The company posted a net loss of $2.11 per share on revenue of $678 million, compared with analysts’ consensus of a $2.60 loss on revenue near $660 million.
Revenue for the quarter was driven primarily by COVID-19 vaccine sales, with $264 million from the US and $381 million from international markets.
While fourth-quarter revenue declined about 30% year over year, Moderna said the results were in line with expectations given lower vaccine volumes compared with 2024.
For the full year, Moderna reported revenue of $1.9 billion and a GAAP net loss of $2.8 billion, or $7.26 per share.
Looking ahead, Moderna reiterated its 2026 revenue target of up to 10% growth over 2025, expecting an even split between US and international sales.
The company anticipates cost of sales of approximately $0.9 billion, research and development expenses of about $3 billion, and selling, general, and administrative expenses near $1 billion.
Capital expenditures are projected at $0.2 billion to $0.3 billion, while cash and investments at year-end 2026 are expected to range from $5.5 to $6 billion. Moderna expects its full-year tax expense to be negligible.
"In 2025, we sharpened our commercial execution, launched our third product and brought online three international manufacturing sites, while advancing our mRNA pipeline,” Moderna CEO Stéphane Bancel said in a statement.
“At the same time, we lowered our annual operating expenses by approximately $2.2 billion, significantly surpassing our cost-reduction targets.”