Moderna (NASDAQ:MRNA) shares rose about 1% on Monday morning after the biotechnology company increased its revenue outlook for 2025 to around $1.9 billion, coming in slightly above analysts’ expectations of $1.89 billion.
The updated forecast represents an improvement from the $1.6 billion to $2.0 billion range outlined during the company’s third-quarter earnings call. Alongside the higher revenue view, Moderna said it has cut expected 2025 GAAP operating expenses by $200 million, now guiding to a range of $5.0 billion to $5.2 billion. The company also lifted its projected year-end cash balance to approximately $8.1 billion.
Looking ahead, Moderna reiterated its ambition to deliver up to 10% revenue growth in 2026 while continuing to rein in costs. GAAP operating expenses are expected to fall to about $4.9 billion in 2026, with further reductions planned for 2027 to a range of $4.2 billion to $4.6 billion, as the company targets reaching cash breakeven in 2028.
The stronger financial outlook comes as Moderna continues to broaden its product pipeline. Its next-generation COVID-19 vaccine, mNEXSPIKE, is already approved in the United States, Canada and Australia, with potential regulatory approvals in Europe, Japan and Taiwan anticipated in 2026.
Moderna is also preparing for possible first approvals of its seasonal influenza vaccine and combined flu/COVID products in 2026. Regulatory submissions for its mRNA-1010 flu vaccine have been completed across multiple regions, and the company is awaiting decisions from health authorities.
Beyond vaccines, Moderna expects several important clinical milestones in 2026, with pivotal trial data anticipated across its oncology, rare disease and infectious disease programs. These include potential Phase 3 results for its melanoma therapy being developed in partnership with Merck, as well as data from its treatment program for propionic acidemia.