Quick Answer
Moderna, Inc. reported R&D Expense of $3.13 billion for fiscal year 2025.
Moderna, Inc. R&D Expense — Annual History
| Fiscal Year | R&D Expense | YoY Change |
|---|---|---|
| 2025 | $3.13B | -31.1% |
| 2024 | $4.54B | -6.2% |
| 2023 | $4.84B | +47.0% |
| 2022 | $3.29B | +65.5% |
| 2021 | $1.99B | +45.3% |
| 2020 | $1.37B | +176.2% |
| 2019 | $496.00M | +9.2% |
| 2018 | $454.08M | +10.6% |
| 2017 | $410.46M | +49.4% |
| 2016 | $274.72M | — |
Quarterly R&D Expense
| Quarter Ending | R&D Expense | YoY | QoQ |
|---|---|---|---|
| September 30, 2025 | $801.00M | -29.6% | +14.4% |
| June 30, 2025 | $700.00M | -42.7% | -18.2% |
| March 31, 2025 | $856.00M | -19.5% | -24.7% |
| September 30, 2024 | $1.14B | -2.0% | -6.9% |
| June 30, 2024 | $1.22B | +6.4% | +14.9% |
| March 31, 2024 | $1.06B | -6.0% | -8.4% |
| September 30, 2023 | $1.16B | +41.5% | +1.0% |
| June 30, 2023 | $1.15B | +61.7% | +1.5% |
- Moderna, Inc. showed a decrease of -31.1% in R&D Expense compared to the prior fiscal year.
- Over the 2016–2025 period, Moderna, Inc.’s r&d expense has grown by 1040.1% (from $274.72 million to $3.13 billion).
- The most recent figure is from Moderna, Inc.’s fiscal year 2025 report (Form 10-K), filed with the SEC on February 20, 2026.
- All figures are sourced from SEC EDGAR XBRL filings, last verified June 17, 2026.
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