Moderna (MRNA) Operating Expenses (2017 - 2026)
Moderna (MRNA) posted quarterly Operating Expenses of $960.0 million for Q2 2026, down 8.48% year-over-year from $1.0 billion in Q2 2025, and down 45.98% on a QoQ basis from $1.8 billion in Q1 2026.
Moderna (MRNA) Operating Expenses (2017 - 2026) Analysis & Trends
Moderna has reported Operating Expenses for 10 years, with the latest figure at $960.0 million in Q2 2026.
- Operating Expenses for Q2 2026 came in at $960.0 million, down 8.48% year-over-year; the trailing twelve-month figure through Jun 2026 was $5.5 billion (down 12.64% YoY), and the FY2025 annual result was $5.0 billion, down 30.12% from the prior year.
- Operating Expenses declined to $960.0 million in Q2 2026, from $1.8 billion in the prior quarter.
- Over five years, Operating Expenses peaked at $3.8 billion in Q3 2023 and troughed at $960.0 million in Q2 2026.
- A 5-year average of $2.0 billion and a median of $1.9 billion in 2022 frame the typical range for Operating Expenses.
- The widest annual swing landed in 2022, when Operating Expenses jumped 174.07%; it then tumbled 49.73% in 2024.
- A 5-year view of Operating Expenses shows it stood at $3.5 billion in 2022, then decreased by 19.95% to $2.8 billion in 2023, then decreased by 21.14% to $2.2 billion in 2024, then tumbled by 30.61% to $1.5 billion in 2025, then plunged by 37.46% to $960.0 million in 2026.
- Per Business Quant data, the three most recent Operating Expenses figures were $960.0 million in Q2 2026, $1.8 billion in Q1 2026, and $1.5 billion in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 128.13 Bn | 120.28 Bn | 2.84 Bn | 2.09 Bn |
| 2 | Regeneron Pharmaceuticals | 112.33 Bn | 104.33 Bn | 3.93 Bn | 3.00 Bn |
| 3 | Argenx Se | 53.24 Bn | 48.05 Bn | 1.41 Bn | 2.89 Bn |
| 4 | Revolution Medicines | 43.64 Bn | 43.64 Bn | - | 505.13 Mn |
| 5 | BeOne Medicines | 39.27 Bn | 34.17 Bn | 1.53 Bn | 1.21 Bn |
| 6 | MindWalk Holdings | 35.32 Bn | 35.31 Bn | 1.82 Bn | 4,978.15 |
| 7 | Royalty Pharma | 33.72 Bn | 35.84 Bn | - | 541.02 Mn |
| 8 | Alnylam Pharmaceuticals | 30.58 Bn | 27.27 Bn | 992.69 Mn | 1.06 Bn |
| 9 | Insmed | 27.01 Bn | 25.85 Bn | 358.27 Mn | 427.03 Mn |
| 10 | Moderna | 25.26 Bn | 20.13 Bn | 52.00 Mn | 960.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 960.00 Mn |
| Mar 31, 2026 | 1.78 Bn |
| Dec 31, 2025 | 1.54 Bn |
| Sep 30, 2025 | 1.28 Bn |
| Jun 30, 2025 | 1.05 Bn |
| Mar 31, 2025 | 1.16 Bn |
| Dec 31, 2024 | 2.21 Bn |
| Sep 30, 2024 | 1.93 Bn |
| Jun 30, 2024 | 1.60 Bn |
| Mar 31, 2024 | 1.43 Bn |
| Dec 31, 2023 | 2.81 Bn |
| Sep 30, 2023 | 3.84 Bn |
| Jun 30, 2023 | 2.21 Bn |
| Mar 31, 2023 | 2.23 Bn |
| Dec 31, 2022 | 3.50 Bn |
| Sep 30, 2022 | 2.20 Bn |
| Jun 30, 2022 | 2.30 Bn |
| Mar 31, 2022 | 1.84 Bn |
| Dec 31, 2021 | 1.80 Bn |
| Sep 30, 2021 | 1.41 Bn |