Moderna impresses with smaller Q4 loss, 2026 growth targets

(Sharecast News) - Moderna revenues fell by almost a third over the final quarter of 2025, though the American pharma giant reported a narrower loss than expected, causing shares to rise in pre-market trading.

Revenues totalled $678m over the three months to 31 December, down 31% from the year before slightly ahead of forecasts of $635m.

The firm reported a net loss of $826m for the quarter, compared with a $1.12bn loss the year before, as total operating expenses reduced to $1.54bn from $2.21bn.

On a per-share basis, losses fell to $2.11 from $2.91, not as bad as the $2.54 expected.

"In 2025, we sharpened our commercial execution, launched our third product and brought online three international manufacturing sites, while advancing our mRNA pipeline," said chief executive St�phane Bancel. "At the same time, we lowered our annual operating expenses by approximately $2.2 billion, significantly surpassing our cost-reduction targets."

Guidance for 2026 also impressed the market, with Moderna forecasting "up to 10%" growth in revenues from 2025, while total operating expenses are expected to be $4.90bn, slightly lower than the $5.02bn opex reported for 2025.

"We entered the new year with strong momentum despite the continued challenging environment in the U.S., poised to deliver up to 10 percent revenue growth through mNEXSPIKE expansion and our international strategic partnerships. We look forward to delivering multiple potential product approvals and late-stage clinical readouts, while driving continued innovation across our mRNA platform," Bancel said.

Moderna futures were trading nearly 5% higher at $42.09 before the opening bell in New York.