Moderna reported a first-quarter 2025 net loss of $1.18 billion, translating to a loss of $3.07 per share. This decline was accompanied by revenue figures of $167 million, a sharp fall from the $1.86 billion recorded in the same quarter the previous year. NBC New York noted these results reflected weaker demand for its COVID-19 vaccine during the period.

The steep decline in COVID-19 vaccine sales—down about 90% from the previous year—primarily drove the revenue decrease. Additionally, the sales for Moderna's respiratory syncytial virus vaccine, mRESVIA, did not meet expectations, according to Reuters. These challenges highlight the hurdles Moderna faces as it adjusts to diminishing demand in its core product areas.

In response to these challenges, Moderna has enacted cost-cutting strategies aimed at reducing adjusted operating costs by $1.7 billion by 2027, with a plan to trim down cash costs by $1 billion in 2025. Despite the current struggles, the company maintains its full-year revenue projection of $1.5 to $2.5 billion, anticipating increased demand later in the year. Additionally, Moderna is preparing for a potential U.S. regulatory approval of a combination COVID-19 and flu vaccine by 2026, indicating efforts towards product diversification.