Moderna generated total revenues of about two billion U.S. dollars in 2025, a significant decrease compared to the years before. The drop was mainly due to the decreasing demand for its COVID-19 vaccine Spikevax.
Moderna is a clinical-stage biotech company that is pioneering messenger RNA (mRNA) therapeutics and vaccines. Besides its COVID-19 vaccine, the company is yet to generate revenues from the sale of potential drugs, and this will remain the same until it completes clinical development and obtains regulatory approval for one of its medicines. Like many other biotech companies, Moderna invests significant amounts of money into research and development projects, and annual costs continue to grow.
Moderna, in partnership with the National Institutes of Health (NIH) and the Coalition for Epidemic Preparedness Innovations (CEPI), was one of the very first to develop a vaccine to fight COVID-19. The vaccine codenamed mRNA-1273 – designed and manufactured in only 25 days – prevents future infections of the novel coronavirus that has caused the pandemic. The Moderna vaccine successfully went through all necessaryclinical phases, and was the second vaccine - after the Biontech/Pfizer vaccine - to be approved for widespread use already in late 2020.
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