Q2 25 EPS
$-2.13
BEAT +28.34%
Est. $-2.97
Q2 25 Revenue
$142.0M
BEAT +25.71%
Est. $113.0M
vs S&P Since Q2 25
+51.1%
BEATING MARKET
MRNA +67.0% vs S&P +15.9%
Market Reaction
Did MRNA Beat Earnings? Q2 2025 Results
Moderna delivered a notably cleaner quarter than Wall Street had feared, posting a second-quarter loss of $2.13 per share against a consensus estimate of $2.97, a 28.34% beat, while revenue of $142.00 million topped expectations by 25.71%, even as th… Read more Moderna delivered a notably cleaner quarter than Wall Street had feared, posting a second-quarter loss of $2.13 per share against a consensus estimate of $2.97, a 28.34% beat, while revenue of $142.00 million topped expectations by 25.71%, even as that top line fell 35.8% year-over-year amid persistently soft COVID vaccine demand outside of peak seasonal windows. The primary driver behind the better-than-expected performance was aggressive cost discipline: R&D expenses dropped 43% to $700.00 million and the net loss narrowed to $825.00 million from $1.28 billion a year ago, a meaningful improvement that suggests the company's restructuring efforts, including a 10% workforce reduction targeting under 5,000 employees by year-end, are beginning to take hold. Still, the backdrop remains complicated; political headwinds around mRNA vaccine funding have rattled investor confidence in recent months, adding uncertainty to an already challenging commercial transition. Moderna updated its 2025 revenue guidance to $1.50–$2.20 billion, trimming the high end by $300.00 million due to U.K. Delivery timing shifts, while reducing full-year operating expenses by roughly $400.00 million to $5.90–$6.10 billion.
Key Takeaways
- • COVID vaccine sales remain primary revenue driver but declining year-over-year
- • Seasonal demand concentration in H2 as COVID vaccine transitions to seasonal respiratory product
- • 43% reduction in R&D expenses from lower clinical trial and manufacturing spending
- • 14% SG&A reduction from broad-based cost discipline
- • Interest income of $81 million partially offsetting operating losses
MRNA YoY Financials
Q2 2025 vs Q2 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 last three months, we advanced our pipeline with positive Phase 3 flu vaccine efficacy data and expanded our commercial portfolio with three new U.S. FDA approvals to drive future sales growth. Today, we are updating our 2025 financial framework, reducing the high end of this year's expected revenue range by $300 million due to the timing of shipments. We continue to operate with financial discipline and are improving expected annual operating expenses in 2025 by approximately $400 million. Looking forward, we have important catalysts over the next six months across our infectious disease and oncology programs that will help us deliver on the promise of our mRNA platform for patients.”
— Stéphane Bancel, Q2 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 | — |