Moderna (MRNA) Research & Development (2018 - 2026)
Moderna (MRNA) reported Research & Development of $649.0 million for Q1 2026, down 24.18% year-over-year from $856.0 million in Q1 2025, and down 16.26% quarter-over-quarter from $775.0 million in Q4 2025.
Moderna (MRNA) Research & Development (2018 - 2026) Analysis & Trends
Moderna (MRNA) has 9 years of Research & Development data on file, last reported at $649.0 million in Q1 2026.
- Research & Development for Q1 2026 came in at $649.0 million, down 24.18% year-over-year; the trailing twelve-month figure through Mar 2026 was $2.9 billion (down 32.54% YoY), and the FY2025 annual result was $3.1 billion, down 31.06% from the prior year.
- Research & Development retreated to $649.0 million in Q1 2026 per MRNA's latest filing, from $775.0 million in the prior quarter.
- Over five years, Research & Development peaked at $1.4 billion in Q4 2023 and troughed at $554.0 million in Q1 2022.
- A 5-year average of $968.5 million and a median of $1.1 billion in 2024 frame the typical range for Research & Development.
- The sharpest annual moves came in 2023 and 2025: Research & Development surged 104.15% in 2023, then sank 42.67% in 2025.
- A 5-year view of Research & Development shows it stood at $1.2 billion in 2022, then advanced by 16.1% to $1.4 billion in 2023, then fell by 20.2% to $1.1 billion in 2024, then sank by 30.93% to $775.0 million in 2025, then slipped by 16.26% to $649.0 million in 2026.
- Business Quant data shows MRNA's Research & Development at $649.0 million in Q1 2026, $775.0 million in Q4 2025, and $801.0 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Alterity Therapeutics | 925,601.88 Bn | 925,601.85 Bn | - | 4.32 Mn |
| 2 | Belite Bio | 58,560.00 Bn | 58,560.00 Bn | - | 15.66 Mn |
| 3 | Quantum Biopharma | 17,284.41 Bn | 17,284.40 Bn | - | 626,092.00 |
| 4 | Legend Biotech | 2,809.00 Bn | 2,808.71 Bn | 242.10 Mn | -101.30 Mn |
| 5 | Evaxion A | 1,334.43 Bn | 1,334.42 Bn | - | -2.30 Mn |
| 6 | Akari Therapeutics | 1,312.27 Bn | 1,312.26 Bn | - | 1.46 Mn |
| 7 | Psyence Biomedical | 212.16 Bn | 212.16 Bn | - | 357,444.00 |
| 8 | Vertex Pharmaceuticals | 114.83 Bn | 107.58 Bn | 2.59 Bn | 961.60 Mn |
| 9 | Abivax | 91.96 Bn | 91.96 Bn | - | -58.00 Mn |
| 10 | Moderna | 25.27 Bn | 20.06 Bn | -566.00 Mn | 649.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| 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 |
| Jun 30, 2021 | 421.00 Mn |