Moderna reports prelim 2025 rev ~$1.9B, cuts OpEx guidance, expects flu/COVID combo approvals in 2026

Moderna, Inc.

2025 preliminary revenue ~$1.9B ($100M above midpoint); GAAP OpEx $5.0-5.2B (improved $200M).
Year-end cash ~$8.1B including $0.6B draw from new $1.5B Ares term loan facility.
2026 targets: up to 10% revenue growth, $4.9B GAAP OpEx; 2027 OpEx $4.2-4.6B, path to cash breakeven 2028.
Expects 2026 approvals of flu vaccine mRNA-1010 and flu/COVID combo mRNA-1083; multiple pivotal readouts in oncology/rare disease.
Closed $1.5B term loan from Ares; CEPI commits $54.3M for H5 pandemic flu vaccine Phase 3 trial.

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