Core Insights - Moderna Inc. reported a third-quarter loss of $0.51, significantly better than the expected loss of $2.02, and a reversal from a profit of $0.03 a year ago [1] - The company achieved quarterly sales of $1.02 billion, exceeding expectations of $886.54 million, although this represents a 45% decline from $1.9 billion year-over-year, primarily due to a 47% decrease in net product sales related to COVID vaccine sales [2] Financial Performance - Q3 2025 COVID vaccine sales amounted to $971 million, with $781 million from the U.S. and $190 million from international markets, while sales from the RSV vaccine totaled $2 million [4] - The cost of sales decreased by 60% year-over-year to $207 million, attributed to fewer inventory write-downs and lower manufacturing capacity utilization [5] - R&D expenses were reported at $801 million, a 30% decrease from the previous year, due to prioritization of investments and more efficient clinical trials [5] Cash Position - As of September 30, 2025, the company had cash, cash equivalents, and investments totaling $6.6 billion, down from $7.5 billion as of June 30, 2025, mainly due to seasonal impacts on working capital [6] Guidance and Outlook - Moderna narrowed its fiscal year sales guidance to between $1.6 billion and $2 billion, compared to the consensus of $1.899 billion [7] - The projected cost of sales for 2025 is expected to be between $0.8 billion and $0.9 billion, down from $1.2 billion, while R&D expenses are projected at $3.3 billion to $3.4 billion, lowered from previous estimates [7] - Year-end 2025 cash and investments are projected to be between $6.5 billion and $7 billion, an increase from earlier expectations of about $6 billion [7] Pipeline Developments - Moderna plans to complete approval submissions for its seasonal flu vaccine (mRNA-1010) in the U.S., Canada, Australia, and Europe by January 2026 [8] - The company intends to refile for approval of the flu/COVID combination vaccine (mRNA-1083) with Health Canada in 2025 and is awaiting further guidance from the FDA, while the filing is under review with the EMA [8] Stock Performance - At the time of publication, Moderna shares were up 3.82% at $24.45, nearing its 52-week low of $23.15 [9]