Moderna (MRNA) Research & Development (2018 - 2026)
Moderna (MRNA) posted quarterly Research & Development of $651.0 million for Q2 2026, down 7.0% year-over-year from $700.0 million in Q2 2025, and little changed on a QoQ basis from $649.0 million in Q1 2026.
Moderna (MRNA) Research & Development (2018 - 2026) Analysis & Trends
Moderna has reported Research & Development for 9 years, with the latest figure at $651.0 million in Q2 2026.
- Research & Development for Q2 2026 came in at $651.0 million, down 7.0% year-over-year; the trailing twelve-month figure through Jun 2026 was $2.9 billion (down 24.61% YoY), and the FY2025 annual result was $3.1 billion, down 31.06% from the prior year.
- Research & Development steadied at $651.0 million in Q2 2026, from $649.0 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 $950.8 million and a median of $959.5 million in 2024 frame the typical range for Research & Development.
- The widest annual swing landed in 2023, when Research & Development soared 104.15%; it then sank 42.67% in 2025.
- A 5-year view of Research & Development shows it stood at $1.2 billion in 2022, then climbed by 16.1% to $1.4 billion in 2023, then retreated by 20.2% to $1.1 billion in 2024, then plunged by 30.93% to $775.0 million in 2025, then fell by 16.0% to $651.0 million in 2026.
- Per Business Quant data, the three most recent Research & Development figures were $651.0 million in Q2 2026, $649.0 million in Q1 2026, and $775.0 million in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 128.13 Bn | 120.28 Bn | 2.84 Bn | 993.80 Mn |
| 2 | Regeneron Pharmaceuticals | 112.33 Bn | 104.33 Bn | 3.93 Bn | 1.63 Bn |
| 3 | Argenx Se | 53.24 Bn | 48.05 Bn | 1.41 Bn | 1.37 Bn |
| 4 | Revolution Medicines | 43.64 Bn | 43.64 Bn | - | 394.92 Mn |
| 5 | BeOne Medicines | 39.27 Bn | 34.17 Bn | 1.53 Bn | 612.28 Mn |
| 6 | MindWalk Holdings | 35.32 Bn | 35.31 Bn | 1.82 Bn | 1,146.05 |
| 7 | Royalty Pharma | 33.72 Bn | 35.84 Bn | - | 97.90 Mn |
| 8 | Alnylam Pharmaceuticals | 30.58 Bn | 27.27 Bn | 992.69 Mn | 413.13 Mn |
| 9 | Insmed | 27.01 Bn | 25.85 Bn | 358.27 Mn | 210.03 Mn |
| 10 | Moderna | 25.26 Bn | 20.13 Bn | 52.00 Mn | 651.00 Mn |
Historic Data
Download 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 |