Moderna (NASDAQ:MRNA) Q4 Revenue Surpasses Estimates Despite 29.8% YoY Drop

Moderna (NASDAQ:MRNA) reported Q4 CY2025 revenue of $678 million, a 29.8% year-on-year decline, yet exceeded Wall Street expectations. GAAP loss per share was $2.11, 18.9% above the consensus, with shares falling to $39.52 after the report. Over the past five years, Moderna delivered 19.3% annualized revenue growth, outpacing healthcare peers. However, the last two years showed annualized declines of 46.7%. Operating margins expanded to -12.6% in Q4 from -13.2% YoY, reflecting expense discipline despite softer top-line growth. The company’s EPS declined 30.2% annually over five years, ending Q4 at -$2.11 versus -$2.91 in the same period 2024. Sell-side analysts project flat revenue and a full-year EPS of -$6.68 in CY2026, up from -$7.26 in CY2025. Regulatory delays on its influenza vaccine and a negative EPS trajectory tempered the quarter’s positive momentum.