The company reported first-quarter revenue of $108 million, down from $167 million in the corresponding period of 2024, and below an analyst estimate of $115.32 million, as per FinChat data.

Shares of Moderna, Inc. (MRNA) traded over 6% lower on Thursday morning after the company reported a decline in first-quarter (Q1) revenue and announced a delay in approval for its combination COVID-19 and flu shot.

The company reported first-quarter revenue of $108 million, down from $167 million in the corresponding period of 2024, and below an analyst estimate of $115.32 million, according to FinChat data.

The decline in revenue was primarily driven by lower net product sales due to lower vaccination rates as COVID normalized, the company said.

The firm reported $84 million in Spikevax COVID-19 vaccine sales in the first quarter of 2025 and $2 million in mRESVIA sales. mRESVIA is used to protect adults aged 60 or older against lower respiratory tract disease caused by respiratory syncytial virus (RSV).

Adjusted loss per share for the quarter came in at $2.52, lower than the loss per share of $3.07 reported in the corresponding quarter of 2024, and lower than an expected loss of $3.11 per share.     

CEO Stéphane Bancel said that the company reduced its operational expenses during the quarter while prioritizing its investments in oncology.

"With several Phase 3 readouts approaching and continued momentum toward 10 product approvals, we remain confident in Moderna's long-term outlook," he said. The 10 products approaching approval include multiple oncology candidates, the company noted.

Moderna reiterated its 2025 revenue guidance of $1.5 billion to $2.5 billion.

For 2026, the company now expects GAAP operating costs of $5.4 billion to $5.7 billion, down from its previous estimate of $5.9 billion.

For 2027, the company estimates its GAAP operating costs to be $4.7 billion to $5.0 billion. This will result in a reduction of $1.4 billion to $1.7 billion in estimated operating costs, compared to its 2025 estimate.

The company now expects regulatory approval for its seasonal flu and COVID-19 vaccine, which it applied for in 2024, only in 2026, after the Food and Drug Administration confirmed the need for more data demonstrating its efficacy.

On Stocktwits, retail sentiment around Moderna fell from ‘bullish’ to ‘bearish’ territory over the past 24 hours while message volume remained at ‘normal’ levels.

MRNA's Sentiment Meter and Message Volume as of 11:15 a.m. ET on May 1, 2025 | Source: Stocktwits


MRNA stock is down by over 36% this year and by over 76% over the last 12 months.

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