Moderna (MRNA) Research & Development (2018 - 2026)
Moderna (MRNA) recorded Research & Development of $651 million in Q2 2026, down 7.0% from $700 million a year earlier but up 0.3% from the prior quarter.
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Analysis
Moderna (MRNA) Research & Development (2018 - 2026) Analysis & Trends
On a TTM basis, Moderna's Research & Development came in at $2.88 billion as of Jun 30, 2026, down 24.6% year-over-year; for FY2025, it was $3.13 billion, down 31.1% from FY2024.
- Annual Research & Development has a five-year compound annual growth rate of 18.0% (FY2020 to FY2025).
- Across earlier years, Research & Development came in at $4.54 billion in FY2024 (-6.2%), $4.85 billion in FY2023 (+47.0%), $3.3 billion in FY2022 (+65.5%) and $1.99 billion in FY2021 (+45.3%).
- Quarterly Research & Development has ranged from $521 million in Q3 2021 to $1.41 billion in Q4 2023 over the past five years.
- On a year-over-year basis, Research & Development has declined for eight consecutive quarters, with an average decline of 22.0% over the last eight quarters.
- Peak year-over-year performance for Research & Development in the last five years was growth of 104.2% in Q1 2023, against a decline of 42.7% in Q2 2025 at the low end.
- Per Business Quant, the preceding three quarters came in at $649 million (Q1 2026), $775 million (Q4 2025) and $801 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Eli Lilly | 1,224.11 Bn | 1,197.72 Bn | 20.46 Bn | 4.25 Bn |
| 2 | Johnson & Johnson | 665.34 Bn | 585.20 Bn | 17.30 Bn | 4.65 Bn |
| 3 | AbbVie | 515.72 Bn | 483.73 Bn | 13.12 Bn | 2.57 Bn |
| 4 | Merck | 362.64 Bn | 325.58 Bn | 13.19 Bn | 4.54 Bn |
| 5 | Novartis Ag | 315.51 Bn | 288.75 Bn | - | - |
| 6 | Astrazeneca | 289.26 Bn | 263.15 Bn | 13.26 Bn | 3.89 Bn |
| 7 | Amgen | 249.20 Bn | 200.85 Bn | 7.58 Bn | 2.11 Bn |
| 8 | Gilead Sciences | 207.48 Bn | 182.59 Bn | 6.73 Bn | 1.61 Bn |
| 9 | Pfizer | 167.49 Bn | 114.85 Bn | 12.56 Bn | 3.02 Bn |
| 10 | Moderna | 100.92 Bn | 80.27 Bn | 52.00 Mn | 651.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 651.00 Mn |
| Mar 31, 2026 | 649.00 Mn |
| Dec 31, 2025 | 775.00 Mn |
| Sep 30, 2025 | 801.00 Mn |
| Jun 30, 2025 | 700.00 Mn |
| Mar 31, 2025 | 856.00 Mn |
| Dec 31, 2024 | 1.12 Bn |
| Sep 30, 2024 | 1.14 Bn |
| Jun 30, 2024 | 1.22 Bn |
| Mar 31, 2024 | 1.06 Bn |
| Dec 31, 2023 | 1.41 Bn |
| Sep 30, 2023 | 1.16 Bn |
| Jun 30, 2023 | 1.15 Bn |
| Mar 31, 2023 | 1.13 Bn |
| Dec 31, 2022 | 1.21 Bn |
| Sep 30, 2022 | 820.00 Mn |
| Jun 30, 2022 | 710.00 Mn |
| Mar 31, 2022 | 554.00 Mn |
| Dec 31, 2021 | 648.00 Mn |
| Sep 30, 2021 | 521.00 Mn |
API Access
Moderna Research & Development 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=research-and-development&ticker=MRNA&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=MRNA&period=max&api_key=YOUR_API_KEY");
const data = await res.json();