Moderna lifts 2025 revenue estimate to about $1.9 billion and reiterates up to 10% growth for 2026

At the J.P. Morgan Healthcare Conference, Moderna said 2025 revenue would be about $1.9 billion, $100 million above the midpoint of its earlier range. It also cut 2025 GAAP operating expense guidance by $200 million, to $5.0 to $5.2 billion, and reiterated a target of up to 10% revenue growth in 2026. For traders, the message was that cost cuts and first flu and combination approvals were the 2026 levers.

• 2025 revenue: about $1.9 billion (unaudited), $100 million above the prior midpoint
• 2025 GAAP operating expenses: $5.0 to $5.2 billion, improved by $200 million
• Year-end 2025 cash and investments: about $8.1 billion (unaudited)
• 2026 outlook: up to 10% revenue growth, plus further GAAP opex reductions
• Possible first approvals of the flu vaccine and flu-COVID combination in 2026