During the COVID-19 pandemic, Moderna's share price shot to a peak of $497.49 in August 2021, driven by the rapid development of its mRNA vaccine Spikevax. The company posted revenue of $18.5 billion in 2021, almost entirely from vaccine sales, unprecedented growth for a biotech company with no previous commercial successes. Moderna benefited from global demand for vaccines, government contracts and unparalleled optimism about mRNA technology, making it a darling of investors. By comparison, Pfizer, with its broader portfolio and vaccine Comirnaty (along with BioNTech), also saw huge gains, with more than $80 billion in vaccine sales, but maintained stability through its diversified earnings.[](https://www.fool.com/investing/2025/03/15/down-93-is-it-finally-time-to-buy-moderna/)[](https://www.fool.com/investing/2025/03/15/down-93-is-it-finally-time-to-buy-moderna/)[](https://www.statnews.com/2024/03/25/covid-vaccine-financial-winners-losers-pfizer-biontech-moderna-astrazeneca/)
Now, on Aug. 1, 2025, Moderna's stock has plummeted to $27.20, down more than 94% from its peak. This free fall reflects a stark reality: demand for COVID-19 vaccines collapsed as the pandemic moved into an endemic phase. Moderna's 2024 sales plummeted 53% to $3.2 billion, with a net loss per share of $9.28. Recent quarterly results (Q2 2025) show a further decline to $128.3 million, 46.8% below expectations, exacerbated by the cancellation of a $766 million government contract and the withdrawal of an FDA application for a flu-COVID combination vaccine.[](https://www.fool.com/investing/2025/03/15/down-93-is-it-finally-time-to-buy-moderna/)[](https://www.fool.com/investing/2025/04/03/better-beaten-down-stock-to-buy-pfizer-vs-moderna/)[](https://www.tradingview.com/symbols/NASDAQ-MRNA/)
Moderna's reliance on Spikevax is an Achilles heel. While Pfizer spreads its revenues across oncology, immunology and RSV vaccines such as Abrysvo, Moderna's pipeline remains speculative. Despite promises of RSV and cancer vaccines such as mRESVIA and a collaboration with Merck for Keytruda, approvals and revenues remain uncertain. Recent staff reductions of 10% and planned cost cuts of $1.4-1.7 billion by 2027 underscore financial stress.[](https://www.fool.com/investing/2025/04/03/better-beaten-down-stock-to-buy-pfizer-vs-moderna/)[](https://www.fool.com/investing/2025/04/03/better-beaten-down-stock-to-buy-pfizer-vs-moderna/)[](https://www.investing.com/news/swot-analysis/modernas-swot-analysis-mrna-stock-faces-challenges-amid-vaccine-shifts-93CH-4095957)
With a market capitalization of $12.7 billion and negative earnings per share of -$8.72, Moderna is struggling to regain investor confidence. Analysts forecast a $46.76 price target, but pessimism prevails due to competition from Pfizer and BioNTech, pricing pressure and an oversaturated vaccine market. Moderna's glory days appear to be over; without breakthroughs in its pipeline, further stagnation looms, while Pfizer is better positioned for a post-COVID world.[](https://nl.investing.com/equities/moderna)[](https://stockanalysis.com/stocks/mrna/)