Moderna Inc. reported its financial results for the first quarter of 2025, posting revenue of $108 million, which was below analyst expectations of $110.3 million and represented a 35% decline year-over-year. The company recorded a GAAP net loss of $1 billion and an adjusted loss per share of $2.52, which was narrower than the estimated loss of $3.12 per share and an improvement from a loss of $3.07 per share in the same quarter last year. Moderna reaffirmed its full-year 2025 revenue guidance, projecting between $1.5 billion and $2.5 billion, compared to consensus estimates of $2.13 billion. The company also expects research and development expenses for the year to be about $4.1 billion, selling, general and administrative (SG&A) expenses of approximately $1.1 billion, and announced plans to reduce operating costs by $1.4 billion to $1.7 billion by 2027. Within its product portfolio, Moderna reported $84 million in Spikevax sales during the quarter, including $29 million from the United States and $55 million from international markets. The company also reported $2 million in sales of another product. The company's first-quarter results exceeded analyst estimates for both earnings and sales. Moderna maintains a year-end cash balance projection of approximately $6 billion. Following the earnings report, Moderna shares declined 4.2% in premarket trading.