The company said total revenue for Q2 2025 was $142 million, down 41% from $241 million in the same period last year, and its net loss was $(825) million, or $(2.13) per share. The company cited lower COVID vaccine sales as the main driver of the revenue decline.

1. 01

   The company said total revenue for Q2 2025 was $142 million, down 41% from $241 million in the same period last year, and its net loss was $(825) million, or $(2.13) per share. The company cited lower COVID vaccine sales as the main driver of the revenue decline.

2. 02

   Moderna lowered its 2025 revenue outlook range to $1.5 billion to $2.2 billion, cutting the high end by $300 million. It said research and development expenses are now expected to be $3.6 billion to $3.8 billion, down from the prior expectation of about $4.1 billion. The company also projected year-end cash and investments of about $6 billion.

3. 03

   The company said research and development expenses for Q2 2025 were $700 million, down 43%, and selling, general and administrative expenses were $230 million, down 14%. Cost of sales was $119 million, including inventory write-downs of $38 million and unutilized manufacturing capacity and wind-down costs of $52 million.

4. 04

   The company said cash, cash equivalents and investments as of June 30, 2025 were $7.5 billion, down from $8.4 billion as of March 31, 2025. Net cash used in operating activities for the 6 months was $(1,956) million.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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