Moderna margins deteriorated further in 2025, with its operating margin falling to -158.13% from -121.91% in 2024. The biotechnology company's historical results show how sharply profitability has changed since its pandemic-era vaccine business generated substantial profits.
Key Takeaways
- Moderna's operating margin moved further into negative territory in 2025.
- Gross margin remained positive, but below its 2021 level.
- Commercial vaccine sales remain central while the company develops treatments across several disease areas.
Table of Contents
- Moderna margins show the scale of the profitability gap
- Vaccine sales support a broader research pipeline
- Conclusion
Moderna margins show the scale of the profitability gap
Moderna recorded an operating margin of 71.90% in 2021 and 48.49% in 2022, before falling to -62.09% in 2023. The subsequent deterioration through 2025 reflects substantial spending against a revenue base that has contracted from pandemic-era peaks.
An operating margin below -100% means the operating loss exceeded revenue for that period. That is distinct from gross margin, which measures revenue remaining after the direct cost of sales, before research and other operating expenses.
The annual period discussed here ended December 31, 2025, the fiscal year covered by Moderna's 2025 annual filing. These historical annual figures are not results for 2026.
| Item | Details |
|---|---|
| 2021 gross margin | 84.53% |
| 2023 gross margin | 22.31% |
| 2024 gross margin | 48.92% |
| 2025 gross margin | 44.29% |
Vaccine sales support a broader research pipeline
The Cambridge, Massachusetts-based company generates revenue primarily from product sales, supplemented by collaboration and licensing arrangements. Its commercial respiratory vaccines include the COVID-19 vaccine Spikevax and an RSV vaccine.
Moderna's messenger RNA platform is designed to enable the body to produce proteins that prevent or treat disease. Its development pipeline spans infectious diseases, oncology, cardiovascular disease and rare genetic diseases, with partnerships including Merck.
That breadth does not yet amount to a diversified base of commercial product revenue. The financial distinction is important: development candidates represent potential future products, while current vaccine sales must support the company's existing operating and research activities.
Conclusion
Subsequent financial disclosures will show whether vaccine revenue and operating spending begin to close the profitability gap. Pipeline progress remains separate from the commercial sales needed to support that spending.
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