Financial Performance - Moderna's 3Q25 revenue was approximately $1.0 billion[7], with total revenue for the first three quarters of 2025 reaching approximately $1.3 billion[13] - The company experienced a net loss of $0.2 billion in 3Q25[8] - Operating expenses decreased by 34%, a reduction of $656 million, from 3Q24 to 3Q25[8] - Cash and investments stood at $6.6 billion as of September 30, 2025[8], a decrease of $0.9 billion or 12% compared to June 30, 2025[19] Revenue Outlook - The projected total revenue for FY 2025 is expected to be in the range of $1.6 billion to $2.0 billion[15] - Expected 4Q revenue from U S is projected between $0.1 billion and $0.4 billion[15] - Expected 4Q revenue from RoW (Rest of World) is projected between $0.3 billion and $0.4 billion[15] Cost Management - The company anticipates a $0.5 billion improvement in 2025 projected cash costs compared to the 2Q25 projection, and a $0.9 billion improvement compared to the January 2025 projection[11] - Moderna is ahead of plan on cash cost reduction, with a $0.9 billion improvement in the 2025 projection year-to-date[49] - The company is increasing its ending 2025 cash range to $6.5 billion - $7.0 billion, up by $0.5 billion - $1.0 billion from the prior framework[49] Product Development - The updated 2025-26 formula for Spikevax has been approved in 40 countries[9, 35] - mRESVIA has been approved in 40 countries for adults 60 years and older, and also approved in 31 of those countries for high-risk adults aged 18-59[10, 35]

Core Insights - Moderna Inc. shares increased after reporting a narrower third-quarter loss than anticipated, indicating effective cost-cutting measures amid declining Covid vaccine sales [1][2] - The company aims to break even by 2028, despite a significant 45% year-over-year decline in third-quarter sales, which totaled $1 billion, primarily from its Covid vaccine [2][3] Financial Performance - The net loss for the third quarter was 51 cents per share, significantly better than Wall Street's expectation of a loss of $2.21 [1] - Third-quarter sales of $1 billion exceeded analysts' expectations, despite a 45% decline from the previous year [2] - Moderna's projected sales for the year are now between $1.6 billion and $2 billion, a reduction from the previous forecast that reached up to $2.2 billion [4] Market Context - Moderna shares rose 4.4% in premarket trading, although they have declined 43% year-to-date, contrasting with a nearly 16% gain in the S&P 500 index [3] - The company has faced challenges due to reduced demand for Covid vaccines and confusion surrounding federal vaccination policies [3][6] Regulatory Environment - The third quarter marked the beginning of the US vaccination season, revealing the impact of new guidelines that limit access to Covid vaccines [6] - The Advisory Committee on Immunization Practices recommended ending universal access to Covid shots, requiring individuals to consult medical professionals before vaccination [7]

Core Viewpoint - Moderna has reduced the upper limit of its 2025 revenue forecast by $200 million due to lower-than-expected sales of its COVID-19 vaccine in the U.S. market, as access to the vaccine has been a challenge for Americans [1] Company Summary - Moderna's adjustment in revenue forecast reflects a significant impact from the sales performance of its COVID-19 vaccine [1] - The company is facing challenges related to vaccine accessibility, which has contributed to the weaker sales figures [1]

Moderna swung to a loss and logged lower sales in the third quarter as it works to expand its offerings amid weakening demand for its Covid-19 vaccine. ...

Exhibit 99.1 Moderna Reports Third Quarter 2025 Financial Results and Provides Business Updates Reports third quarter revenue of $1.0 billion, GAAP net loss of $(0.2) billion and GAAP EPS of $(0.51) Narrows 2025 projected revenue range to $1.6 - $2.0 billion Improves 2025 expected GAAP operating expenses by $0.7 billion to a range of $5.2 - $5.4 billion Increases 2025 expected year-end cash balance by $0.5 billion - $1 billion to a range of $6.5 - $7.0 billion CAMBRIDGE, MA / ACCESSWIRE / November 6, 2025 / ...

Core Insights - Moderna, Inc. reported third quarter revenue of $1.0 billion, with a GAAP net loss of $(0.2) billion and a GAAP EPS of $(0.51) [1] - The company narrowed its 2025 projected revenue range to $1.6 - $2.0 billion [1] - Expected GAAP operating expenses for 2025 were improved by $0.7 billion to a range of $5.2 - $5.4 billion [1] - The expected year-end cash balance for 2025 was increased by $0.5 billion - $1 billion to a range of $6.5 - $7.0 billion [1] - CEO Stéphane Bancel highlighted strong commercial and financial performance in Q3, driven by COVID vaccine sales and cost-reduction initiatives [1]

Core Insights - Moderna (MRNA) is expected to report Q3 2025 earnings on November 6, with sales estimated at $860 million and a loss of $2.15 per share, indicating a significant decline from the previous year [1] - The consensus estimate for loss per share has widened from $9.50 to $9.74 over the past month [1] Earnings Performance - Moderna has beaten earnings estimates in the last four quarters, with an average surprise of 37.78%, including a 28.76% surprise in the last reported quarter [2][3] Revenue Expectations - The majority of Q3 revenues are anticipated to come from COVID-19 vaccines, with combined sales estimated at $762 million, reflecting a significant decline due to reduced demand for boosters [5][6] - Minimal sales of the RSV vaccine, mResvia, are expected at $30 million, significantly lower than competitors GSK's Arexvy and Pfizer's Abrysvo [7] Pipeline Developments - Moderna is developing over 40 mRNA-based candidates across various clinical stages, with a focus on updates following the recent setback in the CMV vaccine program [8] - The pivotal Phase III study for mRNA-1647 failed to meet primary efficacy endpoints, leading to its discontinuation, although it continues to be studied in mid-stage trials [9] - Investors are also focused on mRNA-1083, a COVID-19/influenza combination vaccine, which is on track for FDA resubmission [10] - Intismeran autogene, a personalized cancer therapy developed with Merck, is undergoing pivotal studies, and updates on its progress are anticipated [11] Stock Performance and Valuation - Year-to-date, Moderna's shares have decreased by 40%, underperforming the industry and the S&P 500 [13][14] - The stock is trading at a premium valuation, with a price/sales ratio of 3.14 compared to the industry average of 2.33 [16] Investment Outlook - Despite significant declines in revenue, Moderna's cash position of approximately $7.5 billion allows for continued investment in pipeline development [18] - The recent CMV vaccine setback has raised concerns about the company's growth trajectory and reliance on other late-stage assets [19][20] - Plans to launch 10 new marketed products by 2028 targeting a market exceeding $30 billion are now clouded by the CMV failure and underwhelming sales of mResvia [21] - Current premium valuation and downward revisions to earnings estimates suggest caution for investors considering building positions in Moderna stock [22]

Moderna Inc (NASDAQ:MRNA) stock is trading sharply lower on Monday afternoon as recent clinical setbacks overshadowed positive pipeline news.MRNA stock is struggling to find support. Check out the latest moves here.What To Know: The decline continues despite Moderna’s announcement on Monday that it dosed the first patient in a Phase 1/2 study for mRNA-2808, its investigational T-cell engager for multiple myeloma.This positive step was tempered by the fallout from the company’s Oct. 23 update, when it announ ...

CAMBRIDGE, MA / ACCESS Newswire / November 3, 2025 / Moderna, Inc. (NASDAQ:MRNA) today announced that the first patient has been dosed in a Phase 1/2 study of mRNA-2808, the Company's investigational mRNA-based T-cell engager (TCE) for participants with relapsed or refractory multiple myeloma (RRMM). The first dose was administered at SCRI Oncology Partners in Nashville, Tennessee, in collaboration with Sarah Cannon Research Institute (SCRI). ...

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