Moderna (MRNA) Operating Expenses (2017 - 2026)
Moderna's Operating Expenses came in at $960 million for Q2 2026, down 8.5% from $1.05 billion a year earlier and down 46.0% from the prior quarter.
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Analysis
Moderna (MRNA) Operating Expenses (2017 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Moderna reported Operating Expenses of $5.55 billion, down 12.6% year-over-year; for FY2025, it came in at $5.02 billion, down 30.1% from FY2024.
- Operating Expenses carries a five-year compound annual growth rate of 26.2% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $7.18 billion in FY2024 (-35.2%), $11.09 billion in FY2023 (+12.6%), $9.84 billion in FY2022 (+90.2%) and $5.18 billion in FY2021 (+230.5%).
- The Q2 2026 figure represents the lowest quarterly Operating Expenses since Q1 2021.
- Year-over-year, Operating Expenses increased in 1 of the last eight quarters, with an average decline of 18.0%.
- The fastest year-over-year change in Operating Expenses over five years came in Q3 2021 (growth of 259.9%), and the weakest in Q3 2024 (a decline of 49.7%).
- Business Quant data shows MRNA's Operating Expenses at $1.78 billion (Q1 2026), $1.54 billion (Q4 2025) and $1.28 billion (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Eli Lilly | 1,122.91 Bn | 1,091.50 Bn | 19.71 Bn | 7.95 Bn |
| 2 | Johnson & Johnson | 615.09 Bn | 533.62 Bn | 17.26 Bn | 10.12 Bn |
| 3 | AbbVie | 504.75 Bn | 477.86 Bn | 12.70 Bn | 10.56 Bn |
| 4 | Merck | 360.18 Bn | 314.55 Bn | 12.21 Bn | 12.80 Bn |
| 5 | Novartis Ag | 292.05 Bn | 256.04 Bn | 11.24 Bn | 6.09 Bn |
| 6 | Astrazeneca | 256.09 Bn | 229.78 Bn | 12.86 Bn | 9.70 Bn |
| 7 | Amgen | 233.63 Bn | 189.02 Bn | 7.24 Bn | 6.54 Bn |
| 8 | Gilead Sciences | 194.49 Bn | 168.69 Bn | 6.22 Bn | 18.20 Bn |
| 9 | Pfizer | 168.35 Bn | 114.99 Bn | 10.94 Bn | 6.68 Bn |
| 10 | Moderna | 85.93 Bn | 65.29 Bn | 52.00 Mn | 960.00 Mn |
Historic Data
Download Data
Historic 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 |
API Access
Moderna Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=MRNA&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "MRNA", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=MRNA&period=max&api_key=YOUR_API_KEY");
const data = await res.json();