MRNA
Moderna, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Moderna, Inc.
Moderna, Inc. is a biotechnology company that develops messenger-RNA medicines. Its commercial portfolio has been led by COVID-19 vaccines, and its pipeline includes respiratory vaccines, latent-virus vaccines, oncology therapeutics, and rare-disease candidates built on a shared mRNA platform. The company manufactures and sells products and collaborates with governments and partners.
Coverage
Capital expenditure and cash flow are too large relative to current revenue for the combined Rule of 40 score to be meaningful.
Quarter contextWhere the revenue goes next
Why unreliable: The disclosed revenue lines value the shares far below the market price; the gap is the oncology pipeline, which has no revenue line to model.
Latest: $145M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $1.86B |
| 2023Q2 | $344M |
| 2023Q3 | $1.83B |
| 2023Q4 | $2.81B |
| 2024Q1 | $167M |
| 2024Q2 | $241M |
| 2024Q3 | $1.86B |
| 2024Q4 | $966M |
| 2025Q1 | $108M |
| 2025Q2 | $142M |
| 2025Q3 | $1.02B |
| 2025Q4 | $678M |
| 2026Q1 | $389M |
| 2026Q2 | $145M |
Latest: −$1.97 (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $0.19 |
| 2023Q2 | −$3.62 |
| 2023Q3 | −$9.53 |
| 2023Q4 | $0.56 |
| 2024Q1 | −$3.07 |
| 2024Q2 | −$3.33 |
| 2024Q3 | $0.03 |
| 2024Q4 | −$2.91 |
| 2025Q1 | −$2.52 |
| 2025Q2 | −$2.13 |
| 2025Q3 | −$0.51 |
| 2025Q4 | −$2.11 |
| 2026Q1 | −$3.40 |
| 2026Q2 | −$1.97 |
Latest: n/m (2026Q2)
| Period | Value |
|---|---|
| 2023Q4 | n/m |
| 2024Q1 | n/m |
| 2024Q2 | n/m |
| 2024Q3 | n/m |
| 2024Q4 | n/m |
| 2025Q1 | n/m |
| 2025Q2 | n/m |
| 2025Q3 | n/m |
| 2025Q4 | n/m |
| 2026Q1 | n/m |
| 2026Q2 | n/m |
Latest: −$563M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | −$1.34B |
| 2023Q2 | −$1.15B |
| 2023Q3 | −$1.74B |
| 2023Q4 | $402M |
| 2024Q1 | −$1.19B |
| 2024Q2 | −$1.46B |
| 2024Q3 | −$1.72B |
| 2024Q4 | $303M |
| 2025Q1 | −$1.15B |
| 2025Q2 | −$922M |
| 2025Q3 | −$880M |
| 2025Q4 | $891M |
| 2026Q1 | −$692M |
| 2026Q2 | −$563M |
Latest: 399M (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | 395M |
| 2020Q4 | 396M |
| 2021Q1 | 430M |
| 2021Q2 | 431M |
| 2021Q3 | 434M |
| 2021Q4 | 405M |
| 2022Q1 | 426M |
| 2022Q2 | 419M |
| 2022Q3 | 412M |
| 2022Q4 | 384M |
| 2023Q1 | 405M |
| 2023Q2 | 381M |
| 2023Q3 | 381M |
| 2023Q4 | 381M |
| 2024Q1 | 382M |
| 2024Q2 | 384M |
| 2024Q3 | 399M |
| 2024Q4 | 385M |
| 2025Q1 | 386M |
| 2025Q2 | 388M |
| 2025Q3 | 390M |
| 2025Q4 | 391M |
| 2026Q1 | 395M |
| 2026Q2 | 399M |
Latest: −$11.20B (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | −$1.34B |
| 2023Q2 | −$2.49B |
| 2023Q3 | −$4.23B |
| 2023Q4 | −$3.83B |
| 2024Q1 | −$5.01B |
| 2024Q2 | −$6.47B |
| 2024Q3 | −$8.18B |
| 2024Q4 | −$7.88B |
| 2025Q1 | −$9.03B |
| 2025Q2 | −$9.96B |
| 2025Q3 | −$10.84B |
| 2025Q4 | −$9.95B |
| 2026Q1 | −$10.64B |
| 2026Q2 | −$11.20B |
Latest earnings
Company History
Launched by Flagship Pioneering to turn messenger RNA into a drug platform, on the premise that one manufacturing process could serve many diseases.
Priced its December 7, 2018 IPO at $23 a share, then the largest biotech IPO on record, still pre-revenue.
Spikevax received US emergency use authorisation in December 2020, taking the company from no approved product to global supply agreements within a year.
COVID vaccine demand carried full-year revenue to its high-water mark; revenue has fallen in every year since, to $1.9 billion in 2025.
The FDA approved mFLUSIVA on August 5, and on August 19 the Merck-partnered INTerpath-001 melanoma trial met its recurrence-free and distant metastasis-free survival endpoints.
Key Players
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Funds we follow holding MRNA
By latest reported 13F position value. Market value at quarter-end, not cost basis.
