The earnings call presented a mixed picture with significant progress in vaccine approvals and cost reductions, but these were offset by declining revenues, financial losses, and a workforce reduction. While Moderna is making strides in its strategic priorities, the challenges in revenue and operational adjustments indicate uncertainty in the near term.

Company Guidance

During Moderna's Second Quarter 2025 Conference Call, key financial metrics and strategic priorities were highlighted. The company reported $2.1 billion in revenue and a net loss of $0.8 billion, closing the quarter with $7.5 billion in cash and investments. Notably, Moderna achieved a 35% reduction in combined cost of sales and SG&A compared to the previous year, and operating expenses on a cash cost basis were reduced by $581 million, marking a 40% year-over-year decrease. Strategic priorities include driving sales growth through product approvals, such as the FDA's approval of mNEXSPIKE and mRESVIA vaccines, and advancing the pipeline with promising Phase III flu vaccine efficacy data. Moderna is also focused on executing financial discipline, having expanded cost reduction plans to save an additional $400 million, which includes a 10% reduction in workforce. The company aims to reduce annual GAAP operating expenses from $11 billion in 2023 to $5 billion or less by 2027, with a cash cost basis reduction from $8.9 billion in 2023 to $4.2 billion by 2027.

FDA Approvals

Secured 3 FDA approvals: mNEXSPIKE COVID vaccine, mRESVIA vaccine for high-risk individuals, and full approval of Spikevax COVID vaccine for children aged 6 months to 11 years.

Cost Reduction Achievements

Achieved a 35% reduction in cost of sales and SG&A combined, and reduced operating expenses by $581 million, a 40% reduction year-over-year in Q2 2025.

Positive Phase III Flu Vaccine Data

Announced strong Phase III efficacy data for the seasonal flu vaccine, showing 26.6% higher efficacy than the standard dose comparator.

Patent Victory

U.K. Court of Appeal upheld the validity of Moderna's EP'949 patent, which was infringed by Pfizer and BioNTech.

Moderna (MRNA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

MRNA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	-2.05 / -	0.03	―	―	―
Aug 01, 2025	2025 (Q2)	-2.99 / -2.13	-3.33	36.04% (+1.20)
May 01, 2025	2025 (Q1)	-3.12 / -2.52	-3.07	17.92% (+0.55)
Feb 14, 2025	2024 (Q4)	-2.68 / -2.91	0.55	-629.09% (-3.46)
Nov 07, 2024	2024 (Q3)	-1.80 / 0.03	-9.53	100.31% (+9.56)
Aug 01, 2024	2024 (Q2)	-3.35 / -3.33	-3.62	8.01% (+0.29)
May 02, 2024	2024 (Q1)	-3.56 / -3.07	0.19	-1715.79% (-3.26)
Feb 22, 2024	2023 (Q4)	-0.99 / 0.55	3.61	-84.76% (-3.06)
Nov 02, 2023	2023 (Q3)	-1.93 / -9.53	2.53	-476.68% (-12.06)
Aug 03, 2023	2023 (Q2)	-3.94 / -3.62	5.24	-169.08% (-8.86)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MRNA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 01, 2025	$29.56	$27.60	-6.63%
May 01, 2025	$28.54	$27.03	-5.29%
Feb 14, 2025	$31.92	$32.99	+3.35%
Nov 07, 2024	$51.81	$50.28	-2.95%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.