In 2025, Moderna spent $3.1 billion on R&D, a 31% decrease from the $4.5 billion budget (PDF) in 2024 and a further drop from the $4.8 billion spent in 2023.

Moderna Inc. said its vaccine to prevent cytomegalovirus, a common cause of birth defects, failed to meet its goal in a late-stage trial, a setback for the company still struggling to move past the pandemic. The study didn’t meet its primary endpoint of ...

Moderna stock was a highflier in early pandemic days as sales of its coronavirus vaccine soared.