Cambridge — Moderna Inc. has lowered the high end of its 2025 revenue guidance following a delay in spring Covid-19 vaccine shipments to the U.K., even as the biotech firm reported better-than-expected earnings and revenue for the second quarter.
The company now expects full-year revenue between $1.5 billion and $2.2 billion, cutting the top of the range by $300 million. Shares dropped more than 9% Friday following the announcement.
Moderna CFO Jamey Mock clarified that the delay in shipments is due to a shift in delivery schedules, not a cancellation, moving orders into early 2026. “It’s just moving deliveries from our fiscal year-end into their fiscal year-end,” he said.
Despite ongoing revenue pressure from declining Covid vaccine demand, the company posted second-quarter revenue of $142 million, surpassing analysts’ expectations of $113 million. Loss per share was $2.13, less than the expected $2.97.
Covid vaccines accounted for $114 million in Q2 sales, while its respiratory syncytial virus (RSV) vaccine brought in negligible revenue, well below projections of $5.9 million.
In parallel with financial restructuring, Moderna announced a 10% workforce reduction on Thursday, part of broader cost-saving efforts. The company’s operating expenses fell 27% year-over-year to $1.1 billion, down from $1.6 billion.
With fewer Covid-related revenues and underwhelming RSV uptake, Moderna is banking on cost efficiency and pipeline expansion to stabilize its long-term outlook.
