Logo

MRNA

Moderna, Inc.

MRNA

Moderna, Inc. • NASDAQ
$25.98 ▲ 3.88% (+0.97)
Market Cap $10.15 B
52w High $48.92
52w Low $22.28
Dividend Yield 0%
P/E -3.22
Volume 3.12M
Outstanding Shares 390.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.016B ▲ $268M ▼ $-200M ▲ -19.685% ▲ $-0.51 ▲ $-135M ▲
Q2-2025 $142M ▲ $930M ▼ $-825M ▲ -580.986% ▲ $-2.13 ▲ $-760M ▲
Q1-2025 $107M ▼ $1.067B ▼ $-971M ▲ -907.477% ▼ $-2.52 ▲ $-924M ▲
Q4-2024 $956M ▼ $1.463B ▲ $-1.12B ▼ -117.155% ▼ $-2.91 ▼ $-1.118B ▼
Q3-2024 $1.855B $1.411B $13M 0.701% $0.034 $79M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.505B ▼ $12.135B ▲ $2.805B ▲ $9.33B ▼
Q2-2025 $5.131B ▼ $12.01B ▼ $2.611B ▼ $9.399B ▼
Q1-2025 $5.975B ▼ $12.704B ▼ $2.638B ▼ $10.066B ▼
Q4-2024 $7.025B ▲ $14.142B ▼ $3.241B ▼ $10.901B ▼
Q3-2024 $6.867B $15.803B $3.876B $11.927B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-200M ▲ $-847M ▲ $700M ▲ $-1M ▼ $-148M ▲ $-880M ▲
Q2-2025 $-825M ▲ $-919M ▲ $564M ▼ $9M ▲ $-345M ▼ $-922M ▲
Q1-2025 $-971M ▲ $-1.037B ▼ $730M ▲ $4M ▲ $-303M ▼ $-1.164B ▼
Q4-2024 $-1.12B ▼ $825M ▲ $-539M ▼ $-3M ▼ $282M ▲ $303M ▲
Q3-2024 $13M $-1.566B $721M $11M $-833M $-1.717B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product Sales
Product Sales
 $390.00M ▲$100.00M ▼$180.00M ▲$1.97Bn ▲
Collaboration Arrangement
Collaboration Arrangement
 $0 ▲$0 ▲$0 ▲$0 ▲
Grant
Grant
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Moderna’s income statement shows a company moving from a one-time pandemic windfall to a more normal, investment-heavy phase. Revenue surged during the COVID-19 vaccine boom and has since fallen sharply as demand normalized. Profitability flipped from very high profits at the peak of the pandemic to sizeable losses over the last two years. The core business still produces healthy gross margins on each product sold, but spending on research, development, and commercialization now far outweighs those profits, pushing operating income and net income well into negative territory. In simple terms, past COVID profits are gone, and the current income statement is that of a high‑spend, pipeline‑focused biotech rather than a mature cash cow.

Balance Sheet

Balance Sheet The balance sheet is a relative bright spot. Moderna still holds a large asset base and a meaningful cash cushion built during the pandemic years, even though both have been drifting down as losses accumulate and investments ramp up. Debt remains modest compared with the size of the business, and equity is still substantial despite being eroded by recent losses. This means the company currently has room to fund its R&D plans without relying heavily on borrowing, but continued cash burn over many years would gradually weaken that position if not offset by new successful products.

Cash Flow

Cash Flow Cash flow tells the story of a turning tide. During the height of COVID-19 vaccine sales, Moderna generated very strong operating and free cash flow. In the last two years, this has reversed: operating cash flow has turned negative and free cash flow is meaningfully negative as the company spends heavily on research, clinical trials, and manufacturing build‑out. Capital spending has risen, but the main driver of negative cash flow is lower vaccine revenue combined with high R&D and commercialization costs. The company is now consuming cash instead of generating it, so the timeline for new product launches and additional revenue streams is a key financial swing factor.

Competitive Edge

Competitive Edge Moderna holds a leading position in the mRNA space, with a strong brand built on the success of its COVID-19 vaccine and a growing presence in respiratory vaccines like RSV. Its early move into mRNA, extensive know‑how, and sizable patent portfolio provide a meaningful, though not unassailable, competitive edge. End‑to‑end manufacturing capabilities and strong government and big‑pharma partnerships further support its position. However, the competitive field is intensifying as large pharmaceutical companies and other biotechs invest heavily in mRNA and related technologies. Patent disputes, reliance on a small number of commercial products, and the need to continually refresh the pipeline mean that Moderna’s moat is real but must be actively maintained through ongoing innovation and execution.

Innovation and R&D

Innovation and R&D Innovation and R&D are the heart of Moderna’s story. The company has built a flexible mRNA platform that can, in principle, be applied across infectious disease, oncology, rare diseases, and more. Its ability to design and iterate drug candidates quickly, aided by digital tools and proprietary delivery systems, is a key differentiator. The pipeline is broad: next‑generation COVID vaccines, flu and combination respiratory vaccines, norovirus candidates, personalized cancer vaccines with Merck, additional cancer immunotherapies, and treatments for select rare diseases. This ambition comes with high scientific and regulatory risk—many programs may never reach market, and timelines can slip—but success in just a handful of major indications could materially reshape the company’s future. The current high R&D spend and losses are essentially a bet that the platform will yield multiple valuable products beyond the initial COVID vaccine.

Summary

Moderna is in a transition phase from a pandemic‑driven profit surge to a more typical biotech profile characterized by heavy investment, losses, and a pipeline‑dependent future. The income statement has swung from exceptional profitability to sizeable red ink as COVID revenues fall and R&D and commercialization spending rise. The balance sheet, built up during the boom years, remains solid with meaningful cash and limited debt, giving the company time to execute its strategy, though ongoing cash burn cannot continue indefinitely without new income streams. Cash flow has flipped from strongly positive to clearly negative, underscoring the importance of bringing new products to market. Competitively, Moderna is a leading mRNA player with real advantages in technology, manufacturing, and partnerships, but it operates in a fast‑crowding field. Its long‑term outcome hinges on the success of its diverse pipeline in respiratory disease, oncology, and rare conditions—an opportunity‑rich but inherently uncertain path typical of high‑innovation biotech companies.

NEWS

November 20, 2025 · 7:00 AM UTC

Moderna Analyst Day Highlights Pipeline Progress and Business Strategy Updates

Read more

November 19, 2025 · 7:00 AM UTC

Moderna Expands U.S. Manufacturing with Onshoring of Drug Product Capabilities

Read more

November 18, 2025 · 7:00 AM UTC

Moderna to Present at Upcoming Piper Sandler's 37th Annual Healthcare Conference on December 2, 2025

Read more

November 6, 2025 · 7:00 AM UTC

Moderna Reports Third Quarter 2025 Financial Results and Provides Business Updates

Read more

November 3, 2025 · 7:00 AM UTC

Moderna Announces First Patient Dosed in Phase 1/2 Study of Investigational T-Cell Engager for Multiple Myeloma

Read more