Q1 25 EPS
$-2.52
Q1 25 Revenue
$108.0M
vs S&P Since Q1 25
+37.1%
BEATING MARKET
MRNA +66.2% vs S&P +29.0%
Market Reaction
Did MRNA Beat Earnings? Q1 2025 Results
Moderna posted a deeply challenged first quarter, with revenue falling to $108.00 million from $167.00 million a year ago and a loss per share of $2.52, as the respiratory vaccine maker navigated its sharpest seasonal trough since commercialization. … Read more Moderna posted a deeply challenged first quarter, with revenue falling to $108.00 million from $167.00 million a year ago and a loss per share of $2.52, as the respiratory vaccine maker navigated its sharpest seasonal trough since commercialization. The numbers tell a story of structural pressure: cost of sales consumed 104% of net product sales, up from 58% a year earlier, driven by $42.00 million in inventory write-downs, $21.00 million in unutilized manufacturing capacity, and $10.00 million in losses on purchase commitments. Yet beneath the headline miss, aggressive cost discipline is reshaping the company, with R&D expenses falling 19% to $856.00 million and SG&A declining 23% to $212.00 million, narrowing the net loss to $971.00 million from $1.18 billion. Management reiterated full-year revenue guidance of $1.50 billion to $2.50 billion, with demand heavily weighted toward the second half, and expanded its cost-reduction targets to achieve $1.40 billion to $1.70 billion in savings by 2027, a transformation that investors will measure against a pipeline advancing toward 10 approvals, including PDUFA dates for its next-generation COVID and RSV vaccines in late May and June.
Key Takeaways
- • Revenue decline driven by lower vaccination rates and normalization of COVID into a seasonal market
- • Demand expected to be concentrated in the second half of the year
- • R&D expenses decreased 19% due to lower clinical development costs across respiratory programs
- • SG&A decreased 23% from broad-based cost reductions across digital, facility, marketing, and personnel
- • Cost of sales as percentage of net product sales increased to 104% from 58% due to lower sales volume
MRNA YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
MRNA Revenue by Segment
With YoY comparisons, source: SEC Filings
MRNA Revenue by Geography
With YoY comparisons, source: SEC Filings
“In the first quarter, we continued to execute with financial discipline, significantly reducing our operating expenses, and further prioritized our investments in oncology. Looking ahead, we are reiterating our 2025 financial framework and announcing a cost structure that is expected to reduce our annual operating expenses by approximately $1.5 billion by 2027. With several Phase 3 readouts approaching and continued momentum toward 10 product approvals, we remain confident in Moderna's long-term outlook.”
— Stéphane Bancel, Q1 2025 Earnings Press Release
MRNA Earnings Trends
MRNA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MRNA EPS Trend
Earnings per share: estimate vs actual
MRNA Revenue Trend
Quarterly revenue: estimate vs actual
MRNA Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $-3.40 | — | $389.0M | +64.58% |
| Q4 25 BEAT FY | $-2.62 | $-2.11 | +19.47% | $678.0M | — |
| FY Full Year | $-7.89 | $-7.26 | +7.97% | $1.94B | +3.55% |
| Q3 25 BEAT | $-2.18 | $-0.51 | +76.60% | $1.02B | +16.80% |
| Q2 25 BEAT | $-2.97 | $-2.13 | +28.34% | $142.0M | +25.71% |
| Q1 25 | — | $-2.52 | — | $108.0M | — |