MRNA Moderna
FY2025 10-K
Moderna (MRNA) filed its fiscal year 2025 10-K annual report with the SEC on Feb 20, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
Business Overview
- • Core business: Development and commercialization of mRNA-based vaccines and therapeutics across infectious diseases, oncology, and rare diseases
- • New product: Launch of mNEXSPIKE COVID vaccine in Q3 2025, now leading US retail product; ongoing filings for flu+COVID and flu-only vaccines in multiple regions
Management Discussion & Analysis
- • Revenue $1.944B, down 40% YoY ($3.236B in 2024); net product sales $1.818B, down 42% YoY ($3.109B in 2024) due to lower COVID vaccine demand
- • Operating loss $3.074B vs $3.945B; cost of sales $868M (48% of net product sales) vs $1.464B (47%); R&D $3.132B down 31%, SG&A $1.018B down 13%
Risk Factors
- • Regulatory risk: FDA refusal-to-file letter on seasonal flu vaccine mRNA-1010; amended BLA accepted with PDUFA date August 5, 2026
- • Geopolitical risk: COVID and RSV vaccine manufacturing now onshored in US, Australia, UK, and Canada under government agreements for local supply and pandemic preparedness
Financial SummaryXBRL
Revenue
$1.9B
Net Income
-$2.8B
Operating Margin
-158.1%
Net Margin
-145.2%
ROE
-32.6%
Total Assets
$12.3B
EPS (Diluted)
$-7.26
Operating Cash Flow
-$1.9B
Source: XBRL data from Moderna FY2025 10-K filing on SEC EDGAR. All figures in USD.
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