Moderna: 2024 sales $3.0-3.1B; 2025 revenue guided $1.5-2.5B, down ~40%; CMV trial misses early efficacy

Moderna, Inc.

2024 product sales ~$3.0-3.1B (unaudited); cash & investments ~$9.5B. Full 2024 results due Feb 14, 2025.
2025 revenue guidance $1.5-2.5B (mostly H2); expects year-end cash ~$6.0B.
Accelerating cost cuts: $1B cash-cost reduction in 2025, additional $0.5B in 2026.
CMV vaccine Phase 3 DSMB: early efficacy not met; study continues blinded. Final data expected 2025.
Next-gen COVID BLA accepted (PDUFA May 31, 2025); RSV vaccine for high-risk adults filed; flu/COVID combo filed.

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