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]

Core Viewpoint - Moderna has lowered its 2025 revenue outlook due to delays in vaccine shipments to the U.K., while still beating Wall Street expectations for the second quarter as it implements cost-cutting measures [1][2]. Revenue Outlook - The company now expects full-year revenue to be between $1.5 billion and $2.2 billion, a decrease of $300 million at the top end of the range [2]. - The delay in shipping spring Covid boosters to the U.K. has shifted deliveries to the first quarter of 2026, but the overall contract value remains unchanged [3]. Second Quarter Performance - Moderna reported second-quarter sales of $142 million, a 41% decline from the same period last year, primarily due to decreasing Covid vaccine sales [4]. - The revenue from the Covid vaccine accounted for $114 million of the total, surpassing analysts' expectations of $89 million [5][7]. - The company's vaccine for respiratory syncytial virus had negligible sales, falling short of the expected $5.9 million [5]. Financial Losses - Moderna posted a net loss of $825 million, or $2.13 per share, for the second quarter, an improvement from a net loss of $1.3 billion, or $3.33 per share, in the same quarter last year [5][6]. - The loss per share was better than the expected loss of $2.97 [7]. Cost Management - The company's efforts to cut costs resulted in a 27% reduction in second-quarter operating expenses, which fell to $1.1 billion from $1.6 billion year-over-year [6].

Exhibit 99.1 Moderna Reports Second Quarter 2025 Financial Results and Provides Business Updates Reports second quarter revenues of $0.1 billion, GAAP net loss of $(0.8) billion and GAAP EPS of $(2.13) Updates 2025 projected revenue range to $1.5 to $2.2 billion, reflecting a $300 million reduction at the high end, primarily driven by timing of deliveries for contracted revenue into the first quarter of 2026 Improves 2025 expected GAAP operating expenses by approximately $400 million to a range of $5.9 to $ ...

Core Viewpoint - Moderna is facing challenges due to declining COVID-19 vaccine sales and market uncertainty, leading to workforce reductions and expected financial losses in the upcoming earnings report [2]. Financial Performance - Analysts predict Moderna will report a quarterly loss of $2.97 per share, an improvement from a loss of $3.33 per share a year ago [1]. - Projected quarterly revenue is $112.96 million, down from $241 million a year earlier [1]. Workforce Reduction - Moderna announced plans to reduce its global workforce by approximately 10% by the end of the year [2]. Stock Performance - Following the announcement of workforce reductions, Moderna shares fell by 8.1%, closing at $29.56 [2]. Analyst Ratings - JP Morgan analyst Jessica Fye maintained an Underweight rating and reduced the price target from $33 to $26 [8]. - Evercore ISI Group analyst Cory Kasimov maintained an In-Line rating and cut the price target from $50 to $32 [8]. - Morgan Stanley analyst Matthew Harrison maintained an Equal-Weight rating and lowered the price target from $39 to $32 [8]. - Citigroup analyst Geoff Meacham initiated coverage with a Neutral rating and a price target of $40 [8]. - Argus Research analyst John Eade downgraded the stock from Buy to Hold [8].

He said the "future of Moderna is bright," noting that it now has three approved products and the potential for up to eight more in the next three years. In May, the Food and Drug Administration approved Moderna's third- ever product, a next-generation Covid shot. But Bancel said "this decision was not made lightly." Also in May, Moderna said it will reduce annual operating expenses by about $1.5 billion by 2027. That target adds to cuts that the company previously announced. Moderna will provide another up ...

Core Insights - The Covid-19 pandemic significantly elevated the profiles of Moderna and BioNTech, but the two companies have since diverged in their strategic directions and stock performances [3][5]. Company Strategies - Moderna has focused on expanding its mRNA pipeline, investing in vaccines for flu, RSV, and other viruses, while BioNTech has diversified into cancer technologies and other areas [4][6][13]. - BioNTech's strategy includes acquiring promising cancer technologies, such as a bispecific antibody targeting PD-L1 and VEG-F, which could rival existing successful cancer drugs like Merck's Keytruda [14][15]. Financial Performance - Both companies generated approximately $45 billion in sales from Covid vaccines, with each earning around $20 billion since late 2020 [3]. - Moderna currently holds about $8.4 billion in cash, while BioNTech has €15.9 billion (approximately $18.2 billion) [4]. Stock Performance - Over the past year, Moderna's stock has decreased by about 72%, whereas BioNTech's shares have increased by nearly 29% [5]. Future Outlook - Moderna is seeking FDA approval for an mRNA flu shot and is focused on a Phase 3 trial for a personalized cancer treatment for melanoma, with potential data release as early as next year [17][18]. - BioNTech is awaiting results from its own studies and ongoing Phase 3 trials, which could impact its stock performance significantly [16][18].

The upcoming report from Moderna (MRNA) is expected to reveal quarterly loss of -$2.99 per share, indicating an increase of 10.2% compared to the year-ago period. Analysts forecast revenues of $127.17 million, representing a decline of 47.2% year over year. The consensus EPS estimate for the quarter has undergone a downward revision of 1.4% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timefra ...

Core Viewpoint - Moderna (MRNA) is expected to exceed earnings expectations for Q2 2025, with a prior earnings surprise of 13.70% in the last quarter. The consensus estimates for sales and earnings are $127 million and a loss of $2.99 per share, respectively [1][9]. Factors Shaping MRNA's Upcoming Results - A significant portion of Moderna's revenue is anticipated to come from the COVID-19 vaccine, Spikevax, with estimated sales of $59 million, reflecting a notable decline from the previous year due to reduced demand [2]. - Minimal sales are expected from the RSV vaccine, mResvia, with projections of only $2 million, which is considerably lower than competing products from GSK and Pfizer. This is attributed to the later approval and recommendation of the vaccine [3]. Regulatory Developments - The FDA has expanded the label for mResvia to include high-risk adults aged 18-59, and the CDC has updated its recommendations for RSV vaccines to include high-risk adults aged 50-59. Investors are looking for updates on marketing strategies for both vaccines [4]. - A regulatory filing is under FDA review to update Spikevax for the LP.8.1 variant for the 2025-26 vaccination season, with a similar filing also under review by the EMA. Investors are keen on updates regarding these regulatory processes [5]. Pipeline Candidates - Moderna is advancing several late-stage pipeline candidates, including the influenza vaccine candidate mRNA-1010, which has shown superior efficacy compared to an approved flu shot. This supports potential approval for a standalone flu shot and strengthens the case for the combination vaccine mRNA-1083 [6]. - An important candidate is intismeran autogene, a personalized cancer therapy developed in collaboration with Merck, currently evaluated in pivotal phase III studies for various cancer indications. Investors are interested in updates on this therapy's progress [7]. Earnings Surprise History - Moderna has consistently beaten earnings estimates over the past four quarters, achieving an average surprise of 31.60% [8]. Market Performance - Year to date, Moderna's shares have declined by 18%, contrasting with a 2% growth in the industry [10].

Core Viewpoint - Moderna is currently facing challenges with declining revenue and stock performance, but has potential for long-term growth if its oncology pipeline proves successful [1][2][9]. Revenue Performance - In 2022, Moderna generated over $19 billion in revenue, which fell to $3.24 billion in 2024, raising questions about its future revenue potential [2]. - The recent approval of a COVID-19 vaccine for at-risk children aged 6 months and older may open new market opportunities, but it is uncertain if this will restore revenue to previous levels [2]. Pipeline Developments - Moderna is focusing on applying its mRNA technology to oncology, with the intismeran autogene vaccine currently in phase 3 trials for melanoma and non-small cell lung cancer [4][5]. - Other potential oncology applications include treatments for bladder cancer and renal cell carcinoma [4]. Valuation Insights - Valuation is challenging due to recent losses; analysts do not expect earnings per share until at least 2027, with a potential EPS of $3.52, leading to a forward price-to-earnings ratio of 9 times [8]. - The current price-to-sales ratio stands at 3.6 times fiscal 2024 sales, with projected revenue for 2025 expected to decline further to between $1.5 billion and $2.5 billion [10]. Market Potential - The oncology market is projected to reach $900 billion by 2034, representing a significant growth opportunity for Moderna if it successfully navigates clinical trials and regulatory approvals [9]. Investment Considerations - Investors need to be patient as Moderna works through its clinical trials and seeks approval for its oncology drugs, which are seen as key to regaining momentum [9][10]. - There is a risk of further stock decline if 2025 performance is weaker than expected, potentially creating better buying opportunities [11].

Core Viewpoint - The market anticipates Moderna (MRNA) to report a year-over-year increase in earnings despite lower revenues, with a focus on how actual results will compare to estimates [1][2]. Earnings Expectations - Moderna is expected to report a quarterly loss of $2.99 per share, reflecting a year-over-year change of +10.2% [3]. - Revenue is projected to be $127.17 million, down 47.2% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 1.37% lower in the last 30 days, indicating a reassessment by analysts [4]. - A positive Earnings ESP of +7.22% suggests analysts have recently become more optimistic about Moderna's earnings prospects [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. - Moderna currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, Moderna was expected to post a loss of $2.92 per share but actually reported a loss of -$2.52, resulting in a surprise of +13.70% [13]. - Over the past four quarters, Moderna has beaten consensus EPS estimates four times [14]. Industry Context - In the Zacks Medical - Biomedical and Genetics industry, Amicus Therapeutics (FOLD) is expected to post earnings of $0.02 per share, indicating a year-over-year change of -66.7% [18]. - Amicus Therapeutics' revenue is expected to be $147.5 million, up 16.4% from the previous year, with a higher Most Accurate Estimate leading to an Earnings ESP of +191.67% [19].