"The quarter's performance reflects both progress and persistent challenges. While Moderna narrowed its quarterly loss by 26% year-over-year and exceeded revenue projections, total sales declined 29% from $966 million in the prior-year period as COVID-19 vaccine demand continued its structural decline. The most significant achievement in the quarter was operational efficiency. Moderna slashed annual operating expenses by approximately $2.2 billion, significantly exceeding its cost-reduction targets."
"CEO Stéphane Bancel emphasized the operational pivot: "In 2025, we sharpened our commercial execution, launched our third product and brought online three international manufacturing sites, while advancing our mRNA pipeline. At the same time, we lowered our annual operating expenses by approximately $2.2 billion, significantly surpassing our cost-reduction targets." For full-year 2025, Moderna posted revenue of $1.94 billion, down 40% from $3.24 billion in 2024, while reducing its net loss to $2.82 billion from $3.56 billion."
Moderna reported Q4 revenue of $678 million and a loss per share of $2.11, beating revenue and loss expectations. Total sales fell 29% year-over-year as COVID-19 vaccine demand continued to decline. Annual operating expenses were reduced by approximately $2.2 billion, and fourth-quarter R&D spending dropped 31% to $775 million as Phase 3 respiratory programs wound down. Full-year 2025 revenue was $1.94 billion, down 40% from 2024, while net loss narrowed to $2.82 billion. International product sales of $381 million exceeded U.S. sales of $264 million in the quarter.
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