Moderna annual r&d spending
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Moderna R&D Spending Growth & History (MRNA)
Moderna's r&d spending was $3.13B for fiscal 2025.
View full Moderna company overviewModerna annual r&d spending history
| Fiscal year | Period ended | R&D spending | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | $3.13B | −$1.41B | −31.06% |
| 2024 | 2024-12-31 | $4.54B | −$302.0M | −6.23% |
| 2023 | 2023-12-31 | $4.84B | $1.55B | +47.04% |
| 2022 | 2022-12-31 | $3.29B | $1.30B | +65.49% |
| 2021 | 2021-12-31 | $1.99B | $621.0M | +45.33% |
| 2020 | 2020-12-31 | $1.37B | $874.0M | +176.21% |
| 2019 | 2019-12-31 | $496.0M | $41.9M | +9.23% |
| 2018 | 2018-12-31 | $454.1M | $43.6M | +10.63% |
| 2017 | 2017-12-31 | $410.5M | $135.7M | +49.41% |
| 2016 | 2016-12-31 | $274.7M | — | — |
Moderna quarterly r&d spending
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | R&D spending | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $651.0M | −$49.0M | −7.00% |
| Q1 2026 | 2026-03-31 | $649.0M | −$207.0M | −24.18% |
| Q4 2025 | 2025-12-31 | $775.0M | −$347.0M | −30.93% |
| Q3 2025 | 2025-09-30 | $801.0M | −$336.0M | −29.55% |
| Q2 2025 | 2025-06-30 | $700.0M | −$521.0M | −42.67% |
| Q1 2025 | 2025-03-31 | $856.0M | −$207.0M | −19.47% |
| Q4 2024 | 2024-12-31 | $1.12B | −$284.0M | −20.20% |
| Q3 2024 | 2024-09-30 | $1.14B | −$23.0M | −1.98% |
| Q2 2024 | 2024-06-30 | $1.22B | $73.0M | +6.36% |
| Q1 2024 | 2024-03-31 | $1.06B | −$68.0M | −6.01% |
| Q4 2023 | 2023-12-31 | $1.41B | $195.0M | +16.10% |
| Q3 2023 | 2023-09-30 | $1.16B | $340.0M | +41.46% |
| Q2 2023 | 2023-06-30 | $1.15B | $438.0M | +61.69% |
| Q1 2023 | 2023-03-31 | $1.13B | $577.0M | +104.15% |
| Q4 2022 | 2022-12-31 | $1.21B | $563.0M | +86.88% |
| Q3 2022 | 2022-09-30 | $820.0M | $299.0M | +57.39% |
| Q2 2022 | 2022-06-30 | $710.0M | $289.0M | +68.65% |
| Q1 2022 | 2022-03-31 | $554.0M | $153.0M | +38.15% |
| Q4 2021 | 2021-12-31 | $648.0M | −$111.0M | −14.62% |
| Q3 2021 | 2021-09-30 | $521.0M | $177.0M | +51.45% |
| Q2 2021 | 2021-06-30 | $421.0M | $269.0M | +176.97% |
| Q1 2021 | 2021-03-31 | $401.0M | $286.0M | +248.70% |
| Q4 2020 | 2020-12-31 | $759.0M | $641.4M | +545.16% |
| Q3 2020 | 2020-09-30 | $344.0M | $224.4M | +187.54% |
| Q2 2020 | 2020-06-30 | $152.0M | $23.7M | +18.47% |
| Q1 2020 | 2020-03-31 | $115.0M | −$15.4M | −11.82% |
| Q4 2019 | 2019-12-31 | $117.6M | −$32.8M | −21.79% |
| Q3 2019 | 2019-09-30 | $119.6M | $10.6M | +9.71% |
| Q2 2019 | 2019-06-30 | $128.3M | $23.8M | +22.80% |
| Q1 2019 | 2019-03-31 | $130.4M | $40.3M | +44.70% |
| Q4 2018 | 2018-12-31 | $150.4M | — | — |
| Q3 2018 | 2018-09-30 | $109.0M | — | — |
| Q2 2018 | 2018-06-30 | $104.5M | — | — |
| Q1 2018 | 2018-03-31 | $90.1M | — | — |
Moderna r&d spending trends
Over the last five fiscal years, Moderna's r&d spending increased from $1.37B to $3.13B, a change of $1.76B. The latest reported quarter, Q2 2026, shows $651.0M.
About the metric
What research and development spending means
Research and development (R&D) spending covers the costs of creating and improving products, services, software, technologies, and processes. Higher R&D spending may support future innovation, but the amount alone does not show whether those investments will generate returns.
Calculation and source
SEC-reported R&D expense
TickerStat standardizes research and development expense reported in company SEC filings, including the software-specific US-GAAP R&D concept when it is the filer’s primary R&D expense line. It is historical company-reported spending, not an estimate or forecast. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Moderna source filings ↗