Company / R&D Expense
Moderna R&D Expense History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest R&D Expense
$3.1B
FY2025
5-year range
$496.0M / $4.8B
FY2021-FY2025
Trend
-31.1%
vs FY2024
Sector context
#10 of 210
Health Care
What the data says
Among 210 Health Care companies, Moderna is in the top 5% for r&d expense. R&D Expense has fluctuated over the past 10 years, ranging from $275M in FY2016 to $4.8B in FY2023.
Based on SEC 10-K filings.
$3.1B in FY2025 with a 5-year CAGR of +18.0%. Top quartile in the Health Care sector.
Declined from $4.8B to $3.1B over the past 2 years.
Health Care sector context is included.
R&D Expense over time
Growth rates
- 3-Year CAGR
- +31.7%
- 5-Year CAGR
- +18.0%
- 10-Year CAGR
- -
Sector benchmark
Top 5% in Health CareTop 5% of 210This company $3.1B Sector average $644.1M
▼
+386.2% above sector average
Key checks
Key Insights
- 5-year CAGR of +18.0%, indicating consistent growth.
- In FY2025, r&d expense decreased 31.1% year-over-year.
- Ranks #10 out of 210 companies in the Health Care sector.
- Peak r&d expense was recorded in FY2023.
Company context
Key Data Points
- Low Piotroski F-Score: 2/9 (multiple financial health concerns)
- Altman Z-Score 1.13 (distress zone, below 1.8 threshold)
- High earnings quality (cash-backed earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | R&D ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $3.1B | -31.1% |
| FY2024 | $4.5B | -6.2% |
| FY2023 | $4.8B | +253.6% |
| FY2022 | $1.4B | +176.2% |
| FY2021 | $496.0M | -63.8% |
| FY2020 | $1.4B | +176.2% |
| FY2019 | $496.0M | +9.2% |
| FY2018 | $454.1M | +10.6% |
| FY2017 | $410.5M | +49.4% |
| FY2016 | $274.7M | - |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026