Company Reports

In a Phase 3 study, individualized neoantigen therapy intismeran improved recurrence-free survival and distant metastasis-free survival in melanoma patients when combined with Keytruda, relative to Keytruda alone. Moderna shares rose nearly 150% and Merck rose over 10% intraday on Aug. 19.

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.

Moderna reported $145 million in second-quarter revenue, ahead of $50 million-$100 million guidance, and maintained full-year guidance for up to 10% revenue growth, with $200 million in additional cost savings. Also, a norovirus vaccine candidate was not effective at an interim look.

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.

Moderna held its annual Science Day on June 25 to detail its strategy and pipeline progress across several therapeutic areas and modalities, all based on its mRNA technology.

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.

Moderna reported $389 million in revenue in the first quarter, but research and development spending and a $900 million legal settlement drove a $1.3 billion net loss. Moderna maintained guidance for up to 10% revenue growth in 2026. Shares fell 3% intraday on May 1.

Moderna has entered into a global settlement with Genevant Sciences and Arbutus Biopharma related to the latter firms' lipid nanoparticle technology used in Moderna's covid vaccines. Moderna shares rose 15% in intraday trading on March 4.

Moderna reported $1.9 billion in 2025 revenue and a year-end cash balance of $8.1 billion (down from $9.5 billion at year-end 2024). Moderna maintained guidance for up to 10% revenue growth in 2026 and cash levels between $5.5 billion-$6.0 billion at year-end 2026. Shares rose 8% intraday Feb. 13.

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.

On Jan. 20, Moderna and partner Merck announced five-year data showing a 49% reduction in the risk of recurrence or death for the combination of intismeran and Keytruda, over Keytruda alone, in high-risk adjuvant melanoma patients. Moderna and Merck shares were relatively flat in early trading.

Moderna held an analyst day on Nov. 20, where it made several announcements, including a new $1.5 billion credit facility, expectations for up to 10% revenue growth in 2026, improving gross margins through 2028, and discontinuations of midstage shingles and herpes programs. Shares fell 7%.

Moderna reported third-quarter $1 billion in revenue (45% decline) and a $200 million net loss. Management updated full-year guidance, including narrowed revenue guidance and lower cost of sales and operating expenses, resulting in a higher expected $6.5 billion-$7.0 billion year-end cash balance.

On Oct. 22, Moderna announced that its cytomegalovirus vaccine candidate mRNA-1647 failed to show significant efficacy in a phase 3 trial for congenital CMV. Shares fell 4% after hours.

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.

At a Sept. 19 meeting, the Centers for Disease Control and Prevention's Advisory Committee on Immunization Practices voted to recommend healthcare provider consultation prior to covid vaccination for individuals six months and older but voted against requiring a prescription.

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.

The Food and Drug Administration's Vinay Prasad issued a memo on Aug. 25 detailing the agency's evolving thoughts on coadministration of vaccines and approval requirements.

The latest versions of covid vaccines were approved by the US Food and Drug Administration on Aug. 27, including Pfizer and BioNTech's mRNA-based Comirnaty, Moderna's mRNA-based mNexspike and Spikevax, and Novavax and Sanofi's protein-based Nuvaxovid.

Moderna reported an $825 million net loss in the second quarter and trimmed the top end of 2025 revenue guidance by $300 million (now $1.5 billion-$2.2 billion), but cost cuts allow it to maintain a year-end cash balance target of $6 billion. Moderna plans to reduce its workforce by 10% by end-2025.