Full-Year 2025 Results

Segment Highlights

Revenue was primarily driven by COVID-19 vaccine sales.

• United States: Fourth-quarter product sales were $264 million. Full-year U.S. revenue totaled $1.2 billion.
• International: Fourth-quarter product sales reached $381 million. Full-year international revenue was $745 million.
• Other Revenue: Included $126 million for the full year from grants, collaborations, licensing, and stand-ready manufacturing agreements.

Business and Operations Update The company reported several regulatory and product developments:

• mNEXSPIKE: Received regulatory approvals in Canada and Australia.
• Spikevax: Authorization granted in the United Kingdom for the spring 2024 vaccination campaign.
• mRESVIA: Approved in 40 countries for adults aged 60 and older.
• Regulatory Filings: The U.S. Food and Drug Administration (FDA) issued a Refusal-to-File letter for the mRNA-1010 influenza vaccine. Applications for mRNA-1083 (Flu+COVID) are under review in Europe and Canada.
• Infrastructure: Three international manufacturing sites became operational during 2025.

Strategic Moves

Moderna entered into a strategic collaboration with Recordati to globally commercialize its propionic acidemia candidate, mRNA-3927. The company also established long-term agreements for respiratory vaccines with the governments of Mexico and Taiwan. Additionally, David Berman was appointed Chief Development Officer, effective March 2, 2026.

2026 Guidance and Outlook

Moderna is targeting revenue growth of up to 10% in 2026. The company expects the 2026 revenue split to be approximately 50% from the U.S. and 50% from international markets.

Key financial targets for 2026 include:

• Research and Development: Approximately $3.0 billion.
• Selling, General and Administrative: Approximately $1.0 billion.
• Capital Expenditures: $0.2 to $0.3 billion.
• Year-end Cash: Projected between $5.5 billion and $6.0 billion.

Items to watch include Phase 3 data readouts for norovirus and adjuvant melanoma, as well as a requested Type A meeting with the FDA regarding the path forward for the flu vaccine program.

Performance Summary

Moderna reported $678 million in 4Q revenue and a $1.9 billion annual total. Net losses for the quarter and year narrowed compared to 2024 levels. International sales comprised the majority of fourth-quarter revenue. The company maintains an $8.1 billion cash position as it targets 10% growth in the coming fiscal year.