(Jan 12): Moderna Inc said its US Covid-19 business did better than expected last year, a rare bright spot for the vaccine maker, which has struggled with the decline of people getting its shot.
The number of people in the US getting Covid-19 shots fell 26% in 2025, according to chief financial officer Jamey Mock. The company had predicted this would drop between 20% and 40%. As a result, Moderna generated 2025 revenue of about US$1.9 billion, up US$100 million from the midpoint of its previous guidance and in line with analysts’ expectations.
“The US performed well,” Mock said in an interview.
Shares were up 1.2% in pre-market trading at 7.09am in New York on Monday (Jan 12).
The results are a sign that Moderna’s business could be starting to stabilise. The company reiterated its plan to deliver up to 10% revenue growth in 2026.
While the end of the pandemic has led to a long decline for Moderna’s Covid-19 business, US officials have made things even harder for the company, narrowing the population of people who are eligible for Covid-19 vaccines, creating confusion over how to get them and raising questions over their safety.
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The company has responded by aggressively cutting costs, chasing growth outside the US and recently securing a loan for up to US$1.5 billion.
The money-losing vaccine maker aims to break even by 2028. But that goal is contingent on convincing US officials, who are led by long-time vaccine critic Robert F Kennedy Jr, to approve shots for flu and norovirus, as well as a combination shot for flu and Covid-19.
The company expects potential approvals for its flu vaccine in several countries this year. But it doesn’t anticipate its flu shot will be widely available in the US until 2027, Mock said. The US is currently mired in a particularly bad flu season, with the current vaccines not well-matched to the circulating strain. Moderna says its mRNA technology can solve this problem because its vaccine can be more quickly updated.
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Moderna’s disclosure came on the first day of the annual JPMorgan Healthcare Conference in San Francisco, where drugmakers often lay the groundwork for future deals. For months, Moderna has been seeking a financial partner to fund some late-stage vaccine trials. Mock said those conversations are ongoing.
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