Morningstar

Moderna Inc

MRNA: XNAS (USA)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Moderna's Impressive Intismeran Data in Melanoma Could Form Foundation of Oncology Portfolio

Nov 6, 2026

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, largely because of uncertainties tied to an evolving virus and a changing competitive and regulatory landscape for innovative vaccines. However, Moderna is making progress applying its mRNA technology to oncology, which could support competitive advantages down the road.

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