Core Viewpoint - Moderna's stock experienced a significant drop of over 10%, trading at $26.56, following the announcement of its second-quarter financial results which revealed a net loss of $825 million, or $2.13 per share, which was better than the expected loss of $2.97 per share [1] Financial Performance - The company's revenue from COVID-19 vaccine sales declined by 41% year-over-year, amounting to $140 million, which exceeded the expected revenue of $110 million [1] - In the same quarter of the previous year, Moderna reported a net loss of $1.3 billion, or $3.33 per share [1] Revenue Guidance - Due to delays in vaccine shipments to the UK, Moderna has revised its revenue guidance for 2025, now expecting annual revenue to be between $1.5 billion and $2.2 billion, a reduction of $300 million from earlier projections [1]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Moderna (MRNA) came out with a quarterly loss of $2.13 per share versus the Zacks Consensus Estimate of a loss of $2.99. This compares to a loss of $3.33 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +28.76%. A quarter ago, it was expected that this biotechnology company would post a loss of $2.92 per share when it actually produced a loss of $2.52, delivering a surprise of +13.7%.Over the last four quarters, the company has ...

Financial Data and Key Metrics Changes - In Q2 2025, the company reported revenues of $100 million and a net loss of $800 million, aligning with expectations and reflecting the seasonal nature of its respiratory vaccine business [7] - Cash and investments at the end of the quarter stood at $7.5 billion, down from $8.4 billion at the end of Q1 2025 [18] - The company achieved a 35% reduction in combined cost of sales, R&D, and SG&A compared to 2024, with cash operating expenses reduced by $581 million year-over-year, representing a 40% reduction [8][12] Business Line Data and Key Metrics Changes - Net product sales for the quarter were $114 million, primarily driven by COVID vaccine sales, with the U.S. accounting for approximately 80% of sales [14] - R&D expenses were $700 million, down 43% from the previous year, mainly due to the wind-down of respiratory trials [15] - SG&A expenses were $230 million, reflecting a 14% year-over-year decrease due to broad-based cost reductions [16] Market Data and Key Metrics Changes - The updated 2025 projected revenue range is $1.5 billion to $2.2 billion, reflecting a $300 million reduction at the high end due to a timing shift of UK COVID shipments to 2026 [19] - U.S. product sales are expected to range from $1 billion to $1.5 billion, while international product sales are projected at $400 million to $600 million [21] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving the use of commercial products, advancing its pipeline to drive sales growth, and executing with financial discipline [9][44] - The company aims to achieve a significant reduction in annual GAAP operating expenses from $11 billion in 2023 to $5 billion or less by 2027 [24][25] - The company is leveraging AI to enhance business processes, with 100% of knowledge workers actively using AI tools [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to further streamline operations and achieve cash cost reductions to $4.2 billion by 2027, aiming for cash breakeven by 2028 [45][50] - The company remains cautiously optimistic about the upcoming fall and winter season for COVID vaccines, noting solid spring booster campaign results [78] Other Important Information - The UK Court of Appeal upheld the validity of Moderna's EP949 patent, which is infringed by Pfizer and BioNTech, and the company will continue to enforce its patent rights globally [13] - The company announced a workforce reduction of approximately 10% to align its cost structure with current business conditions [12] Q&A Session Summary Question: Context for changes to CMV and rationale for secondary endpoints - Management explained that the addition of secondary endpoints aims to enhance the study's value and ensure comprehensive data analysis, with a focus on protecting the study's integrity [55][56] Question: Expectations for COVID vaccine pricing in the U.S. - Management indicated that pricing discussions are complete, and they are confident in their revenue range, factoring in competitive pressures and vaccination rates [62][64] Question: Demand for COVID vaccines for the upcoming season - Management noted that while there is uncertainty, early signs from the spring booster campaign are encouraging, and they expect to have a clearer picture by the end of Q3 [78][79]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported revenues of $100 million and a net loss of $800 million, reflecting the seasonal nature of its respiratory vaccine business [6] - Cash and investments at the end of the quarter stood at $7.5 billion, down from $8.4 billion at the end of Q1 2025 [15] - The company achieved a 35% reduction in combined cost of sales, R&D, and SG&A compared to 2024, with cash operating expenses reduced by $581 million year-over-year, representing a 40% reduction [7][10] Business Line Data and Key Metrics Changes - Net product sales for the quarter were $114 million, primarily driven by COVID vaccine sales, with a 38% decline compared to 2024 [12] - R&D expenses were $700 million, down 43% year-over-year, attributed to the wind down of respiratory trials and lower clinical manufacturing costs [13] - SG&A expenses were $230 million, reflecting a 14% year-over-year decrease due to broad-based cost reductions [14] Market Data and Key Metrics Changes - The U.S. accounted for approximately 80% of total sales, with international markets contributing the remainder [12] - The company updated its 2025 projected revenue range to $1.5 billion to $2.2 billion, reflecting a $300 million reduction at the high end due to a timing shift of UK COVID shipments [16][17] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving use of commercial products, advancing its pipeline, and executing with financial discipline [9][41] - The company aims to secure up to 10 product approvals targeting an addressable market exceeding $30 billion [41] - A workforce reduction of approximately 10% was announced to align the cost structure with current business conditions while sustaining investments in the mRNA pipeline [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash breakeven by 2028, supported by ongoing cost reduction initiatives [28][43] - The company is optimistic about the upcoming approvals for seasonal flu and flu plus COVID combination vaccines, as well as the readout of CMV Phase III efficacy data later this year [45][46] Other Important Information - The UK Court of Appeal upheld the validity of Moderna's EP949 patent, which is infringed by Pfizer and BioNTech, reinforcing the company's commitment to enforce its patent rights globally [11] - The company is leveraging AI tools to enhance operational efficiency, with 100% of knowledge workers actively using ChatGPT [43] Q&A Session Summary Question: Context for CMV changes and data cadence for neoantigen therapy - Management explained the rationale for adding secondary endpoints to the CMV study to enhance the analysis and protect the study's integrity, with results expected in the fall [50][51][87] - The cadence of results for the individualized neoantigen therapy is anticipated to be consistent over the next year, with several studies expected to read out [54] Question: Pricing expectations for COVID vaccine - Management indicated that pricing discussions are complete, with a revenue range of $1 billion to $1.5 billion for U.S. product sales, factoring in competitive pressures and vaccination rates [57][60] Question: Balancing R&D investments and cost-cutting - Management emphasized the importance of investing in the late-stage pipeline while also reducing costs, with a focus on diversifying the product portfolio beyond seasonal products [79][83] Question: Employee headcount reduction context - The company clarified that the headcount reduction is part of a broader strategy to enhance efficiency while continuing to invest in key areas [90]

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Financial Performance - Total revenue for Q2 2025 was $142 million, a decrease of 41% compared to $241 million in Q2 2024[12] - Net product sales decreased by 38%, from $184 million in Q2 2024 to $114 million in Q2 2025[12] - Net loss was $825 million in Q2 2025, a 35% improvement compared to a net loss of $1279 million in Q2 2024[12] - Operating expenses decreased by 35%, a reduction of $555 million, from $1604 million in Q2 2024 to $1049 million in Q2 2025[8, 12] - Cash, cash equivalents, and investments decreased by 11%, from $84 billion as of March 31, 2025, to $75 billion as of June 30, 2025[8, 14] Pipeline and Approvals - The company received three new U S FDA approvals, expanding the commercial portfolio[9] - Positive Phase 3 data for mRNA-1010, the flu vaccine, showed superior relative vaccine efficacy compared to a licensed standard-dose seasonal influenza vaccine in adults aged 50 years and older[9, 35] Financial Outlook and Cost Reduction - The company updated its 2025 GAAP financial framework, lowering the high end of the total revenue range from $25 billion to $15 - $22 billion, primarily due to the timing of UK COVID shipments moving from 2H25 to 1Q26[15] - The company is reducing 2025 GAAP operating expenses by approximately $04 billion and progressing toward intermediate-term cost reduction goals[16] - The company continues to target cash breakeven in 2028[55]

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Moderna’s second-quarter loss was narrower than Wall Street expected as the struggling biotech company cuts costs to offset waning sales of its Covid shot https://t.co/xDgt1BCeZy ...