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Moderna vs Qiagen: revenue, profit, margins and growth compared

Moderna brought in $1.9B of revenue in fiscal 2025, Qiagen $2.1B in fiscal 2025. Revenue changed by -39.9% at Moderna and +5.7% at Qiagen on the year before, so Qiagen grew faster. Moderna kept -145.2% of its revenue as net profit, Qiagen 20.3%. Free cash flow was -$2.1B at Moderna and $453.3M at Qiagen.

Side by side, latest fiscal year

MRNAQGEN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.9B$2.1B
Revenue growth-39.9%+5.7%
Net income-$2.8B$424.9M
Net margin-145.2%20.3%
Free cash flow-$2.1B$453.3M
Free cash flow margin-106.2%21.7%
Earnings per share (diluted)-$7.26$1.94
Cash$2.6B$839M
Debt$590M$1.7B
Price to earningsn/an/a
Market value$79.4B$9.1B
Dividend yieldn/an/a
Rank by revenue in sector#111 of 523 · Health care#107 of 523 · Health care

Over the years

Revenue
MRNA FY2018: $135.1MMRNA FY2019: $60.2MMRNA FY2020: $803MMRNA FY2021: $18.5BMRNA FY2022: $19.3BMRNA FY2023: $6.8BMRNA FY2024: $3.2BMRNA FY2025: $1.9BQGEN FY2018: $1.5BQGEN FY2019: $1.5BQGEN FY2020: $1.9BQGEN FY2021: $2.3BQGEN FY2022: $2.1BQGEN FY2023: $2BQGEN FY2024: $2BQGEN FY2025: $2.1BFY18FY19FY20FY21FY22FY23FY24FY25
MRNA $1.9BQGEN $2.1B
Net income
MRNA FY2018: -$384.7MMRNA FY2019: -$514MMRNA FY2020: -$747MMRNA FY2021: $12.2BMRNA FY2022: $8.4BMRNA FY2023: -$4.7BMRNA FY2024: -$3.6BMRNA FY2025: -$2.8BQGEN FY2018: $190.4MQGEN FY2019: -$41.5MQGEN FY2020: $359.2MQGEN FY2021: $512.6MQGEN FY2022: $423.2MQGEN FY2023: $341.3MQGEN FY2024: $83.6MQGEN FY2025: $424.9MFY18FY19FY20FY21FY22FY23FY24FY25
MRNA -$2.8BQGEN $424.9M
Net margin
MRNA FY2018: -284.8%MRNA FY2019: -853.7%MRNA FY2020: -93.0%MRNA FY2021: 66.1%MRNA FY2022: 43.4%MRNA FY2023: -68.8%MRNA FY2024: -110.0%MRNA FY2025: -145.2%QGEN FY2018: 12.7%QGEN FY2019: -2.7%QGEN FY2020: 19.2%QGEN FY2021: 22.8%QGEN FY2022: 19.8%QGEN FY2023: 17.4%QGEN FY2024: 4.2%QGEN FY2025: 20.3%FY18FY19FY20FY21FY22FY23FY24FY25
MRNA -145.2%QGEN 20.3%
Revenue growth
MRNA FY2019: -55.4%MRNA FY2020: +1,233.7%MRNA FY2021: +2,200.2%MRNA FY2022: +4.3%MRNA FY2023: -64.4%MRNA FY2024: -52.7%MRNA FY2025: -39.9%QGEN FY2019: +1.6%QGEN FY2020: +22.5%QGEN FY2021: +20.4%QGEN FY2022: -4.9%QGEN FY2023: -8.2%QGEN FY2024: +0.7%QGEN FY2025: +5.7%FY19FY20FY21FY22FY23FY24FY25
MRNA -39.9%QGEN +5.7%
Free cash flow
MRNA FY2018: -$436.6MMRNA FY2019: -$491MMRNA FY2020: $2BMRNA FY2021: $13.3BMRNA FY2022: $4.6BMRNA FY2023: -$3.8BMRNA FY2024: -$4.1BMRNA FY2025: -$2.1BQGEN FY2018: $249.7MQGEN FY2019: $212.9MQGEN FY2020: $325MQGEN FY2021: $449.1MQGEN FY2022: $586MQGEN FY2023: $309.7MQGEN FY2024: $506.4MQGEN FY2025: $453.3MFY18FY19FY20FY21FY22FY23FY24FY25
MRNA -$2.1BQGEN $453.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Moderna and Qiagen

Which is bigger by revenue, Moderna or Qiagen?

Qiagen is bigger by revenue: $2.1B in fiscal 2025, against $1.9B for Moderna in fiscal 2025.

Which keeps more of its revenue as profit, Moderna or Qiagen?

Moderna had a net margin of -145.2% in fiscal 2025; Qiagen had 20.3% in fiscal 2025.

Which grew revenue faster, Moderna or Qiagen?

In their latest fiscal years revenue changed by -39.9% at Moderna and +5.7% at Qiagen.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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