Moderna cuts high end of 2025 revenue outlook on vaccine shipment delay in U.K.

Moderna on Friday lowered the high end of its 2025 revenue outlook due to a delay in vaccine shipments to the U.K., but beat Wall Street’s expectations for the second quarter as it works to cut costs.

Shares of Moderna fell more than 9% on Friday.

The biotech company now expects full-year revenue to come in between $1.5 billion and $2.2 billion, down $300 million at the top of that range. The results come a day after Moderna announced plans to slash 10% of its workforce, adding to a string of cost cuts as the company grapples with falling Covid vaccine sales and tries to bring more products to market. 

In an interview, Moderna Chief Financial Officer Jamey Mock said instead of shipping spring Covid boosters to the U.K. at the end of this year, the company will send those jabs to the country in the first quarter of 2026. He said there is no change in the overall contract value between Moderna and the U.K. 

“It’s just moving deliveries from our fiscal year-end into their fiscal year-end, which happens to be the first quarter of next year, to fulfill supply for the spring booster in the U.K.,” Mock said. 

Also on Friday, the company said it lost less than analysts were expecting for the second quarter and posted revenue that topped estimates. 

Here’s what Moderna reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Loss per share: $2.13 vs. an expected loss of $2.97
• Revenue: $142 million vs. $113 million expected

Moderna posted second-quarter sales of $142 million, down 41% from the same period a year ago due to dwindling Covid vaccine sales. The vast majority of the second quarter revenue came from its Covid shot, which took in $114 million for the period. 

That surpassed the $89 million that analysts were expecting for the period, according to StreetAccount estimates. 

But the company said its vaccine for respiratory syncytial virus had “negligible” sales, compared with the $5.9 million that analysts were expecting, according to StreetAccount estimates. 

The company posted a net loss of $825 million, or $2.13 per share, for the second quarter. That compares with a net loss of $1.3 billion, or $3.33 per share, reported for the year-ago period.

Mock said Moderna’s efforts to cut costs helped the company beat estimates for the quarter. He said the company’s second-quarter operating expenses fell 27% to $1.1 billion from $1.6 billion during the same period a year ago. 

“If there’s anything to really read into, from a first half [of 2025] perspective, from a financial perspective, it’s on the cost side,” Mock said.