# Moderna, Inc. (MRNA) FY2025 Annual P&L / Income Statement

- Company: Moderna, Inc. (MRNA)
- Period: 2025-01-01 to 2025-12-31
- Filing: FY2025 10-K, filed 2026-02-20, accession number 0001682852-26-000033
- Page: https://plicit.ai/financials/mrna/fy2025-annual-income-statement
- Chart image: https://plicit.ai/charts/mrna-fy2025-annual-income-statement-sankey.png

## Chart details: Revenue by Product and Service by Geography

Income statement for 2025-01-01 through 2025-12-31. View: Product and Service by Geographical. Revenue uses this breakdown; costs and expenses retain the consolidated categories.

- **Total revenue**: 1,944,000,000 US dollars
- **Cost of sales**: 868,000,000 US dollars
- **Gross profit (calculated)**: 1,076,000,000 US dollars
- **Operating expenses (calculated)**: 4,150,000,000 US dollars
- **Loss from operations**: negative 3,074,000,000 US dollars
- **Other income (expense), net (calculated)**: 306,000,000 US dollars
- **Loss before income taxes**: negative 2,768,000,000 US dollars
- **Provision for (benefit from) tax provision**: 54,000,000 US dollars
- **Net loss**: negative 2,822,000,000 US dollars
- **COVID-19**: 1,810,000,000 US dollars
- **RSV**: 8,000,000 US dollars
- **Net product sales - UNITED STATES**: 1,165,000,000 US dollars
- **Net product sales - Rest of world**: 603,000,000 US dollars
- **Net product sales - Europe**: 50,000,000 US dollars
- **Research and development**: 3,132,000,000 US dollars
- **Selling, general and administrative**: 1,018,000,000 US dollars
- **Revenue before reconciliation (calculated)**: 3,636,000,000 US dollars. Sum of the reported revenue categories before the separately reported reconciliation.
- **Components above reported revenue (calculated)**: negative 1,692,000,000 US dollars. The disclosed components add up to more than reported revenue; this is the difference, calculated, not a reported item.

### Chart connections

- Revenue less cost of revenue equals gross profit; gross profit less operating expenses equals operating income.
- Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income.
- Reported revenue categories plus the separately reported signed reconciliation equals consolidated revenue.

## Chart details: Revenue by Product and Service (4)

- Page: https://plicit.ai/financials/mrna/fy2025-annual-income-statement/revenue-by-product-and-service-4
- Chart image: https://plicit.ai/charts/mrna-fy2025-annual-revenue-by-product-and-service-4-sankey.png

Income statement for 2025-01-01 through 2025-12-31. View: Product and service. Revenue uses this breakdown; costs and expenses retain the consolidated categories.

- **Total revenue**: 1,944,000,000 US dollars
- **Cost of sales**: 868,000,000 US dollars
- **Gross profit (calculated)**: 1,076,000,000 US dollars
- **Operating expenses (calculated)**: 4,150,000,000 US dollars
- **Loss from operations**: negative 3,074,000,000 US dollars
- **Other income (expense), net (calculated)**: 306,000,000 US dollars
- **Loss before income taxes**: negative 2,768,000,000 US dollars
- **Provision for (benefit from) tax provision**: 54,000,000 US dollars
- **Net loss**: negative 2,822,000,000 US dollars
- **Net product sales**: 1,818,000,000 US dollars
- **Other revenue**: 126,000,000 US dollars
- **Research and development**: 3,132,000,000 US dollars
- **Selling, general and administrative**: 1,018,000,000 US dollars

### Chart connections

- Revenue less cost of revenue equals gross profit; gross profit less operating expenses equals operating income.
- Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income.

## Chart details: Revenue by Geography

- Page: https://plicit.ai/financials/mrna/fy2025-annual-income-statement/revenue-by-geography
- Chart image: https://plicit.ai/charts/mrna-fy2025-annual-revenue-by-geography-sankey.png

Income statement for 2025-01-01 through 2025-12-31. View: Geography. Revenue uses this breakdown; costs and expenses retain the consolidated categories.

- **Total revenue**: 1,944,000,000 US dollars
- **Cost of sales**: 868,000,000 US dollars
- **Gross profit (calculated)**: 1,076,000,000 US dollars
- **Operating expenses (calculated)**: 4,150,000,000 US dollars
- **Loss from operations**: negative 3,074,000,000 US dollars
- **Other income (expense), net (calculated)**: 306,000,000 US dollars
- **Loss before income taxes**: negative 2,768,000,000 US dollars
- **Provision for (benefit from) tax provision**: 54,000,000 US dollars
- **Net loss**: negative 2,822,000,000 US dollars
- **UNITED STATES**: 1,199,000,000 US dollars
- **Europe**: 53,000,000 US dollars
- **Rest of world**: 692,000,000 US dollars
- **Research and development**: 3,132,000,000 US dollars
- **Selling, general and administrative**: 1,018,000,000 US dollars

### Chart connections

- Revenue less cost of revenue equals gross profit; gross profit less operating expenses equals operating income.
- Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income.

## Chart details: Revenue by Counterparty Name

- Page: https://plicit.ai/financials/mrna/fy2025-annual-income-statement/revenue-by-counterparty-name
- Chart image: https://plicit.ai/charts/mrna-fy2025-annual-revenue-by-counterparty-name-sankey.png

Income statement for 2025-01-01 through 2025-12-31. View: Counterparty Name. Revenue uses this breakdown; costs and expenses retain the consolidated categories.

- **Total revenue**: 1,944,000,000 US dollars
- **Cost of sales**: 868,000,000 US dollars
- **Gross profit (calculated)**: 1,076,000,000 US dollars
- **Operating expenses (calculated)**: 4,150,000,000 US dollars
- **Loss from operations**: negative 3,074,000,000 US dollars
- **Other income (expense), net (calculated)**: 306,000,000 US dollars
- **Loss before income taxes**: negative 2,768,000,000 US dollars
- **Provision for (benefit from) tax provision**: 54,000,000 US dollars
- **Net loss**: negative 2,822,000,000 US dollars
- **Other**: 0 US dollars
- **Vertex**: 13,000,000 US dollars
- **Undisclosed (calculated)**: 1,931,000,000 US dollars
- **Research and development**: 3,132,000,000 US dollars
- **Selling, general and administrative**: 1,018,000,000 US dollars

### Chart connections

- Revenue less cost of revenue equals gross profit; gross profit less operating expenses equals operating income.
- Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income.

## Chart details: Revenue by Product and Service

- Page: https://plicit.ai/financials/mrna/fy2025-annual-income-statement/revenue-by-product-and-service
- Chart image: https://plicit.ai/charts/mrna-fy2025-annual-revenue-by-product-and-service-sankey.png

Income statement for 2025-01-01 through 2025-12-31. View: Product and service (Schedule of Disaggregation of Revenue). Revenue uses this breakdown; costs and expenses retain the consolidated categories.

- **Total revenue**: 1,944,000,000 US dollars
- **Cost of sales**: 868,000,000 US dollars
- **Gross profit (calculated)**: 1,076,000,000 US dollars
- **Operating expenses (calculated)**: 4,150,000,000 US dollars
- **Loss from operations**: negative 3,074,000,000 US dollars
- **Other income (expense), net (calculated)**: 306,000,000 US dollars
- **Loss before income taxes**: negative 2,768,000,000 US dollars
- **Provision for (benefit from) tax provision**: 54,000,000 US dollars
- **Net loss**: negative 2,822,000,000 US dollars
- **Grant revenue**: 22,000,000 US dollars
- **Collaboration revenue (Note 5)**: 13,000,000 US dollars
- **Licensing and royalty revenue**: 11,000,000 US dollars
- **Stand-ready manufacturing revenue**: 80,000,000 US dollars
- **Total other revenue**: 126,000,000 US dollars
- **Undisclosed (calculated)**: 1,692,000,000 US dollars
- **Research and development**: 3,132,000,000 US dollars
- **Selling, general and administrative**: 1,018,000,000 US dollars

### Chart connections

- Revenue less cost of revenue equals gross profit; gross profit less operating expenses equals operating income.
- Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income.

## Chart details: Revenue by Product and Service (2)

- Page: https://plicit.ai/financials/mrna/fy2025-annual-income-statement/revenue-by-product-and-service-2
- Chart image: https://plicit.ai/charts/mrna-fy2025-annual-revenue-by-product-and-service-2-sankey.png

Income statement for 2025-01-01 through 2025-12-31. View: Product and service (Net Product Sales by Customer Geographic Areas). Revenue uses this breakdown; costs and expenses retain the consolidated categories.

- **Total revenue**: 1,944,000,000 US dollars
- **Cost of sales**: 868,000,000 US dollars
- **Gross profit (calculated)**: 1,076,000,000 US dollars
- **Operating expenses (calculated)**: 4,150,000,000 US dollars
- **Loss from operations**: negative 3,074,000,000 US dollars
- **Other income (expense), net (calculated)**: 306,000,000 US dollars
- **Loss before income taxes**: negative 2,768,000,000 US dollars
- **Provision for (benefit from) tax provision**: 54,000,000 US dollars
- **Net loss**: negative 2,822,000,000 US dollars
- **COVID-19**: 1,810,000,000 US dollars
- **RSV**: 8,000,000 US dollars
- **Other revenue**: 126,000,000 US dollars
- **Research and development**: 3,132,000,000 US dollars
- **Selling, general and administrative**: 1,018,000,000 US dollars

### Chart connections

- Revenue less cost of revenue equals gross profit; gross profit less operating expenses equals operating income.
- Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income.

## Chart details: Revenue by Product and Service (3)

- Page: https://plicit.ai/financials/mrna/fy2025-annual-income-statement/revenue-by-product-and-service-3
- Chart image: https://plicit.ai/charts/mrna-fy2025-annual-revenue-by-product-and-service-3-sankey.png

Income statement for 2025-01-01 through 2025-12-31. View: Product and service (Narrative). Revenue uses this breakdown; costs and expenses retain the consolidated categories.

- **Total revenue**: 1,944,000,000 US dollars
- **Cost of sales**: 868,000,000 US dollars
- **Gross profit (calculated)**: 1,076,000,000 US dollars
- **Operating expenses (calculated)**: 4,150,000,000 US dollars
- **Loss from operations**: negative 3,074,000,000 US dollars
- **Other income (expense), net (calculated)**: 306,000,000 US dollars
- **Loss before income taxes**: negative 2,768,000,000 US dollars
- **Provision for (benefit from) tax provision**: 54,000,000 US dollars
- **Net loss**: negative 2,822,000,000 US dollars
- **Licensing and royalty revenue**: 11,000,000 US dollars
- **Other revenue**: 126,000,000 US dollars
- **Undisclosed (calculated)**: 1,807,000,000 US dollars
- **Research and development**: 3,132,000,000 US dollars
- **Selling, general and administrative**: 1,018,000,000 US dollars

### Chart connections

- Revenue less cost of revenue equals gross profit; gross profit less operating expenses equals operating income.
- Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income.