Moderna Projects $1.9 Billion Sales, Lowers 2025 Cost Forecast

• U.S. retail vaccination rates fell approximately 26% year-over-year, at the lower end of Moderna's projected 20-40% decline range
• Operating expense forecast reduced by $200 million to $5.0-5.2 billion range; cash position increased to $8.1 billion from prior $6.5-7.0 billion forecast
• Company targets up to 10% revenue growth in 2026 (potentially reaching $2.1 billion) with anticipated regulatory approvals for standalone flu vaccine and COVID-flu combination shot, expected to boost revenue in 2027

Moderna Projects $1.9 Billion in 2025 Sales, Cuts Costs

Moderna announced Monday it expects approximately $1.9 billion in sales for 2025, approaching the high end of its previous $1.6-2.0 billion forecast but significantly below pandemic-era revenues. The company reported $18.4 billion in revenue in 2022 at the height of COVID-19 vaccine demand.

Key Financial Updates:

• Operating expenses reduced by $200 million to a range of $5.0-5.2 billion for 2025
• Cash position projected at $8.1 billion year-end, up from prior forecast of $6.5-7.0 billion
• Includes $600 million from a five-year, $1.5 billion loan secured from Ares Management in November

Market Performance:

CFO James Mock attributed better-than-expected results to U.S. retail vaccination rates declining only 26% year-over-year, at the lower end of the projected 20-40% drop. Despite the sales plunge from pandemic levels, Moderna sees signs of market stabilization.

Growth Strategy:

The Cambridge-based drugmaker reiterated its 2026 goal of achieving up to 10% revenue growth (potentially reaching $2.1 billion). The company expects regulatory approvals in 2025 for both a standalone influenza vaccine and a COVID-flu combination shot, though these products won't be available until the 2027 respiratory season.

Pipeline Developments:

Moderna anticipates important 2026 trial data across multiple areas:

• Late-stage results for norovirus vaccine
• Mid-stage data for melanoma cancer vaccine co-developed with Merck
• Additional oncology, rare disease, and infectious disease vaccine candidates

The company will report full-year 2025 results on February 13. The announcement was made at the J.P. Morgan Healthcare Conference in San Francisco.