Moderna, Inc. MRNA
Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of our technology platform, we are reimagining how medicines are made to transform how we treat and prevent diseases. Since our founding, our mRNA platform has enabled the development of vaccine and therapeutic candidates across infectious disease, oncology, rare disease and more.
With a global team and a unique culture, driven by our values and mindsets, our mission is to deliver the greatest possible impact to people through mRNA medicines.
We currently have three commercial products—Spikevax and mNEXSPIKE (our COVID vaccines) and mRESVIA (our vaccine against respiratory syncytial virus (RSV)). mNEXSPIKE, which we launched commercially in the third quarter of 2025, is now our leading product in the U.S. retail channel. In 2025, we achieved total revenue of $1.9 billion, largely from sales of our COVID vaccines.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.94B | $3.24B | $6.85B | $19.26B | $18.47B | $803.0M | $60.0M | $135.1M | $205.8M | $108.4M |
| Cost of revenue | $868.0M | $1.46B | $4.69B | $5.42B | $2.62B | $8.0M | $0 | $0 | — | — |
| Gross profit | $1.08B | $1.77B | $2.15B | $13.85B | $15.85B | $795.0M | $60.0M | $135.1M | — | — |
| R&D | $3.13B | $4.54B | $4.84B | $3.29B | $1.99B | $1.37B | $496.0M | $454.1M | $410.5M | $274.7M |
| SG&A | $1.02B | $1.17B | $1.55B | $1.13B | $567.0M | $188.0M | $110.0M | $94.3M | $64.7M | $57.5M |
| Total operating expenses | $5.02B | $7.18B | $11.09B | $9.84B | $5.17B | $1.57B | $606.0M | $548.3M | $475.2M | $332.2M |
| Operating income | -$3.07B | -$3.94B | -$4.24B | $9.42B | $13.30B | -$763.0M | -$546.0M | -$413.3M | -$269.4M | -$223.8M |
| Pre-tax income | -$2.77B | -$3.61B | -$3.94B | $9.57B | $13.29B | -$744.0M | -$515.0M | -$384.4M | -$256.0M | -$215.2M |
| Income tax | $54.0M | $46.0M | $772.0M | $1.21B | $1.08B | $3.0M | $1.0M | $326.0K | $80.0K | $1.0M |
| Net income | -$2.82B | -$3.56B | -$4.71B | $8.36B | $12.20B | -$747.0M | -$514.0M | -$384.7M | -$255.9M | -$216.2M |
| EPS, basic | -7.26 | -9.28 | -12.33 | 21.26 | 30.31 | -1.96 | -1.55 | — | — | — |
| EPS, diluted | -7.26 | -9.28 | -12.33 | 20.12 | 28.29 | -1.96 | -1.55 | -4.95 | -4.18 | -3.79 |
| Shares, diluted (wtd. avg.) | $389.0M | $384.0M | $382.0M | $416.0M | $431.0M | $381.0M | $331.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.60B | $1.93B | $2.91B | $3.22B | $6.86B | $2.64B | $248.0M | $670.0M | $147.6M | $61.6M |
| Short-term investments | $3.20B | $5.10B | $5.70B | $6.70B | $3.88B | $1.98B | $867.1M | $863.1M | $621.2M | — |
| Receivables | $184.0M | $358.0M | $892.0M | $1.39B | $3.17B | $1.39B | $5.4M | $11.7M | $11.9M | — |
| Inventory | $153.0M | $117.0M | $202.0M | $949.0M | $1.44B | $47.0M | $0 | — | — | — |
| Total current assets | $6.54B | $8.10B | $10.32B | $13.43B | $16.07B | $6.30B | $1.13B | $1.56B | $783.2M | — |
| Property, plant and equipment | — | — | — | — | — | — | — | $212.0M | $139.0M | — |
| Goodwill | $52.0M | $52.0M | $52.0M | $0 | — | — | — | — | — | — |
| Other intangibles | $45.0M | $40.0M | $44.0M | $0 | — | — | — | — | — | — |
| Total assets | $12.34B | $14.14B | $18.43B | $25.86B | $24.67B | $7.34B | $1.59B | $1.96B | $1.08B | — |
| Accounts payable | $317.0M | $405.0M | $520.0M | $487.0M | $302.0M | $18.0M | $7.1M | $31.2M | $20.7M | — |
| Total current liabilities | $1.99B | $2.21B | $3.02B | $4.92B | $9.13B | $4.39B | $143.1M | $222.8M | $191.5M | — |
| Long-term debt | $590.0M | $0 | — | — | — | — | — | — | — | — |
| Total liabilities | $3.69B | $3.24B | $4.57B | $6.74B | $10.52B | $4.78B | $414.6M | $431.9M | $459.2M | — |
| Retained earnings | $7.22B | $10.04B | $13.61B | $18.32B | $9.96B | -$2.24B | -$1.50B | -$1.01B | -$621.9M | — |
| Total equity | $8.65B | $10.90B | $13.85B | $19.12B | $14.14B | $2.56B | $1.18B | $1.53B | -$551.4M | -$334.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.87B | -$3.00B | -$3.12B | $4.98B | $13.62B | $2.03B | -$459.0M | -$330.9M | -$331.5M | $66.7M |
| Depreciation and amortisation | $211.0M | $185.0M | $617.0M | $348.0M | $232.0M | $31.0M | $31.0M | $24.9M | $20.5M | $15.1M |
| Stock-based compensation | $483.0M | $429.0M | $305.0M | $226.0M | $142.0M | $93.0M | $81.0M | $72.6M | $40.1M | $39.4M |
| Capital expenditure | $192.0M | $1.05B | $707.0M | $400.0M | $284.0M | $68.0M | $32.0M | $105.8M | $58.4M | $33.1M |
| Investing cash flow | $1.95B | $1.95B | $4.21B | -$5.18B | -$8.52B | -$1.67B | -$15.0M | -$373.1M | $417.4M | -$648.6M |
| Financing cash flow | $593.0M | $56.0M | -$1.38B | -$3.45B | -$873.0M | $2.03B | $52.0M | $1.23B | $168.0K | $472.9M |
| Buybacks | $2.0M | $0 | $1.15B | $3.33B | $857.0M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001682852-26-000033.
Others in SIC 2836
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|---|---|---|---|---|
| AMGN | AMGEN INC | $236.38B | 30.7x | 10.0% |
| GILD | GILEAD SCIENCES, INC. | $187.23B | 22.3x | 2.4% |
| RVMD | Revolution Medicines, Inc. | $45.01B | — | — |
| BIIB | BIOGEN INC. | $32.60B | 25.1x | 2.2% |
| SCNI | Scinai Immunotherapeutics Ltd. | $25.80B | — | 99.2% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $15.82B | 33.3x | 21.4% |
| EXEL | EXELIXIS, INC. | $14.62B | 21.2x | 7.0% |
| HALO | HALOZYME THERAPEUTICS, INC. | $12.51B | 43.0x | 37.6% |