Moderna Inc

MRNA: XNAS (USA)

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Moderna's mRNA Technology Remains Valuable but Covid Vaccine Headwinds Create Pressure

Karen Andersen

Sep 3, 2025

Business Strategy and Outlook

Moderna's mRNA technology gained rapid validation as sales of its covid vaccine soared in 2021 and 2022, but we think the firm has yet to secure a narrow economic moat around its business, largely due to uncertainties tied to an evolving virus and the changing competitive landscape and regulatory landscape for innovative vaccines.

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Moderna Inc

Moderna's mRNA Technology Remains Valuable but Covid Vaccine Headwinds Create Pressure

Business Strategy and Outlook

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