Moderna Projects Lower Revenue in 2025 Due to Flagging COVID-19 Vaccine Sales

Revenue in the third quarter was down 45 percent from the third quarter of the prior year.

Moderna COVID-19 vaccine, in this file illustration image. Joe Raedle/Getty Images

Moderna on Nov. 6 revised its revenue projections for 2025 after third-quarter sales plummeted from a year prior.

Moderna made just $1 billion in the third quarter, down 45 percent from the $1.9 billion it made in the third quarter of 2024.

The drop was primarily driven by a 47 percent decrease in sales, mainly sales of the company’s COVID-19 vaccines. Sales were down $847 million, or 47 percent, compared with the third quarter of 2024.

In the United States, one of Moderna’s best markets, the decrease “reflected reduced vaccination rates year over year,” Moderna said in a statement.

Moderna executives told investors in a call that just 13.2 million COVID-19 vaccine doses have been administered in retailers as of Oct. 24, down 30 percent through the same date from 2024, with 42 percent being Moderna products. Most of the vaccines are administered in retail environments. Moderna had predicted a 20–40 percent drop from the year prior before the fall.

Moderna reported a net loss of $200 million in the third quarter, after reporting net income of $13 million in the third quarter of last year.

As a result of the flagging COVID-19 vaccine sales, Moderna narrowed its projections for revenue for 2025 from a range of $1.5 billion–$2 billion.

Moderna received clearance for its original COVID-19 vaccine from U.S. regulators early in the COVID-19 pandemic, just before 2021 started. The company sold millions of doses around the world, raking in billions of dollars.

Regulators in May approved a second COVID-19 vaccine from Moderna, called mNEXSPIKE. About 55 percent of Moderna’s COVID-19 vaccine sales have been mNEXSPIKE so far.

Fewer people have been receiving COVID-19 vaccines in recent years, including just 23 percent of adults in late 2024 or early 2025, according to federal data.

The Centers for Disease Control and Prevention was recommending that many people receive a yearly COVID-19 shot, but recently said that each person should receive only one after consulting with a health care professional and taking into account various factors.

Pfizer, Moderna’s main competitor in the COVID-19 vaccine space, earlier this week reported a decline in revenue, which it said was primarily from lower sales of its COVID-19 vaccine and COVID-19 treatment.

Moderna executives in their presentation to investors highlighted U.S. and Canadian approval of mNEXSPIKE, how 40 countries have approved the company’s vaccine against respiratory syncytial virus—which made just $2 million in the third quarter—and the latest updates on other vaccines, including an influenza vaccine and a combination influenza-COVID-19 shot.

“We look forward to potential approvals of our combination vaccine flu-COVID-19 vaccine in Europe,” Moderna CEO Stephen Hoge said on the call.

He said there are also plans to refile for clearance for the combination vaccine in the United States.