Moderna (MRNA) FY2025 10-K Annual Report
Moderna (MRNA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 20, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Moderna FY2025 10-K Analysis
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
Moderna FY2025 Key Financial MetricsXBRL
Revenue
$1.9B
▼ -39.9% YoY
Net Income
-$2.8B
▲ +20.8% YoY
Operating Margin
-158.1%
▼ -3622bp YoY
Net Margin
-145.2%
▼ -3512bp YoY
ROE
-32.6%
▲ +4bp YoY
Total Assets
$12.3B
▼ -12.8% YoY
EPS (Diluted)
$-7.26
▲ +21.8% YoY
Operating Cash Flow
-$1.9B
▲ +37.6% YoY
Source: XBRL data from Moderna FY2025 10-K filing on SEC EDGAR. All figures in USD.
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