Core Insights - Moderna reported fourth-quarter results that exceeded expectations, with shares rising more than 8% intra-day on Friday [1] - The company posted a quarterly loss of $2.11 per share, narrower than analyst estimates of a $2.62 loss, and revenue reached $678 million, down 30% year over year [1] - For full-year 2025, Moderna generated revenue of $1.9 billion, representing a 40% decline from 2024, with a net loss of $2.8 billion or $7.26 per share [2] Financial Performance - Fourth-quarter revenue was $678 million, modestly above the consensus forecast of $662.84 million [1] - Full-year 2025 revenue was $1.9 billion, a 40% decline from 2024 [2] - Cash and investments totaled $8.1 billion at year-end 2025, down from $9.5 billion at the end of 2024 [2] Future Outlook - Moderna reaffirmed its goal of achieving up to 10% revenue growth in 2026, with approximately half expected from U.S. markets and half from international markets [3] - The company expects research and development expenses of approximately $3.0 billion and selling, general, and administrative expenses of about $1.0 billion for 2026 [4] - Year-end cash and investments for 2026 are projected to range between $5.5 billion and $6.0 billion [4] Pipeline Developments - Moderna reported full enrollment in its Phase 3 Norovirus trial, with data anticipated in 2026 [4] - The company also achieved full enrollment in its Phase 2 intismeran autogene study for muscle invasive bladder cancer [4] - The influenza vaccine filing has been accepted for regulatory review in the European Union, Canada, and Australia, but received a Refusal-to-File letter from the U.S. FDA [3]