Moderna’s 1st-qtr misses revenue expectations

Moderna (Nasdaq: MRNA) today reported financial results and provided business updates for the first quarter of 2025, which came below expectations, sending the mRNA vaccines firm’s shares down by 4.5% to $27.26 in mid-morning trading.

Total revenue for the first quarter was $108 million, down 35% compared to $167 million in the first quarter of 2024. The decline was primarily driven by lower net product sales, which totaled $86 million in the quarter. The reduction in product sales reflects lower vaccination rates compared to the same period last year and the continued normalization of COVID into a seasonal commercial market, with demand expected to be concentrated in the second half of the year.

Moderna reported $84 million in Spikevax sales in the first quarter of 2025, which includes $29 million of US sales and $55 million of international sales. As previously reported, Moderna entered into a tender opportunity in January to compete for COVID vaccine business in the EU. The sales figure was 5%/10% below Leerink/consensus of $88 million/94 million.