Earnings summaries and quarterly performance for Moderna.
Executive leadership at Moderna.
Stéphane Bancel
Detailed
Chief Executive Officer
CEO
JM
Jacqueline Miller
Detailed
Chief Medical Officer
JM
James Mock
Detailed
Chief Financial Officer
JC
Jerh Collins
Detailed
Chief Technical Operations and Quality Officer
KC
Kate Cronin
Detailed
Chief Brand Officer
RL
Rose Loughlin
Detailed
Executive Vice President, Research
ST
Shannon Thyme Klinger
Detailed
Chief Legal Officer and Corporate Secretary
SH
Stephen Hoge
Detailed
President
TF
Tracey Franklin
Detailed
Chief People and Digital Technology Officer
Board of directors at Moderna.
Research analysts who have asked questions during Moderna earnings calls.
CB
Courtney Breen
AllianceBernstein
6 questions for MRNA
Also covers: ABBV, AMGN, BMY +4 more
HW
Huidong Wang
Barclays
6 questions for MRNA
Also covers: ALNY, BCRX, BEAM +15 more
Salveen Richter
Goldman Sachs
6 questions for MRNA
Also covers: ACAD, AGIO, ALLO +20 more
LI
Luca Issi
RBC Capital Markets
5 questions for MRNA
Also covers: ADVM, ALLO, ALNY +12 more
TV
Tyler Van Buren
TD Cowen
5 questions for MRNA
Also covers: ADVM, ALLO, ARQT +12 more
EM
Eliana Merle
UBS
3 questions for MRNA
Also covers: ALNY, APLS, ARVN +17 more
MM
Myles Minter
William Blair & Company
3 questions for MRNA
Also covers: ALEC, ARCT, ARGX +11 more
Cory Kasimov
Evercore ISI
2 questions for MRNA
Also covers: BBIO, BMRN, BNTX +5 more
Cory William Kasimov
Evercore
2 questions for MRNA
ET
Edward Tenthoff
Piper Sandler Companies
2 questions for MRNA
Also covers: ARVN, ARWR, CAPR +14 more
Geoff Meacham
Citigroup Inc.
2 questions for MRNA
Also covers: ABBV, AMGN, BMY +8 more
JF
Jessica Five
JPMorgan Chase & Co.
2 questions for MRNA
Also covers: CRNX
Michael Yee
Jefferies
2 questions for MRNA
Also covers: ALLO, AMGN, BEAM +14 more
Terence Flynn
Morgan Stanley
2 questions for MRNA
Also covers: ABBV, AMGN, ARVN +17 more
Ao
Adi on
Evercore ISI
1 question for MRNA
C
Chris
Morgan Stanley
1 question for MRNA
Also covers: GILD, REGN, VRTX
DE
Dina Elmonshed
Jefferies Financial Group
1 question for MRNA
EM
Ellie Merle
UBS Group AG
1 question for MRNA
Also covers: ALNY, ALT, ARVN +12 more
EW
Evan Wang
Guggenheim Securities
1 question for MRNA
Also covers: ARCT, BOLD, IVA +1 more
GW
Greg Wiessner
TD Cowen
1 question for MRNA
Also covers: TVTX
JO
Jarvi On
Citigroup
1 question for MRNA
JF
Jessica Fye
JPMorgan Chase & Co.
1 question for MRNA
Also covers: ALKS, ALNY, AMRN +23 more
MS
Manuel Smithers
Deutsche Bank
1 question for MRNA
Mike Yee
Jefferies
1 question for MRNA
SB
Simon Baker
Redburn Atlantic
1 question for MRNA
Also covers: AUTL, AZN, BNTX +5 more
S
Solve
RBC Capital Markets
1 question for MRNA
TA
Timothy Anderson
BofA Securities
1 question for MRNA
Also covers: ABBV, AMGN, AZN +10 more
Recent press releases and 8-K filings for MRNA.
Moderna reports 2025 results and 2026 growth plan
MRNA
Guidance Update
Product Launch
- 2025 revenue of $1.9 billion, beating the $1.62 billion guidance and exceeding midpoint by $100 million.
- Cash costs reduced to $4.3–4.5 billion in 2025 from $6.3 billion in 2024.
- Year-end liquidity of $8.1 billion cash plus $900 million undrawn credit, totaling $9 billion.
- 2026 targets up to 10% sales growth, driven by U.K./Canada/Australia manufacturing partnerships and mRESVIA launch.
- Key 2026 catalysts include mRNA-4157 phase 3 interim data, flu/flu-COVID submissions, norovirus phase 3 readout, and PA rare disease phase 3 data.
Jan 13, 2026, 12:30 AM
Moderna reports 2025 results and 2026 growth outlook
MRNA
Guidance Update
New Projects/Investments
- 2025 sales of $1.9 B, beating guidance midpoint by $100 M; cash costs reduced from $6.3 B to $4.3–4.5 B, and year-end cash & equivalents of $7.6 B (liquidity $9 B)
- Targets up to 10% revenue growth in 2026, led by government-backed manufacturing partnerships in the UK, Canada & Australia and strong uptake of higher-efficacy COVID vaccine mRESVIA (24% retail, 32% elderly share in US)
- Plans multiple 2026 pipeline catalysts, including interim Phase 3 adjuvant melanoma readout for mRNA-4157, Phase 2 data for mRNA-4359 in metastatic lung & melanoma, norovirus Phase 3 results, and Phase 3 PA rare disease readout by year-end
- Emphasizes disciplined cost management, with R&D sunsetting and SG&A flat, aiming for cash break-even by 2028
Jan 13, 2026, 12:30 AM
Moderna reports robust 2025 results and projects up to 10% sales growth in 2026
MRNA
Guidance Update
- 2025 pre-audited sales of $1.9 billion exceeded guidance midpoint by $100 million; cash costs reduced from $6.3 billion in 2024 to $4.3–4.5 billion in 2025, delivering nearly $2 billion in savings
- Ending 2025 cash and cash equivalents totaled $8.1 billion, with an overall liquidity position of $9 billion including undrawn credit facility capacity
- For 2026, Moderna targets up to 10% sales growth, driven by geographic partnerships in the UK, Canada and Australia, and launches of higher-efficacy COVID and flu products
- Multiple 2026 pipeline catalysts include phase III readouts for mRNA-4157 (with Keytruda), mRNA-4359 phase II expansion in metastatic indications, and a potential norovirus readout
Jan 13, 2026, 12:30 AM
Moderna provides business and pipeline updates
MRNA
Guidance Update
Debt Issuance
- Moderna expects 2025 revenue of approximately $1.9 billion, $100 million above prior midpoint, and has improved GAAP operating expenses to $5.0–$5.2 billion.
- Year-end 2025 cash, cash equivalents and investments of approximately $8.1 billion, including a $0.6 billion drawdown on its term loan facility.
- Reiterates up to 10% revenue growth target for 2026 and forecasts $4.9 billion in GAAP operating expenses.
- Anticipates potential first approvals of flu and flu/COVID combination vaccines and pivotal trial data readouts in oncology, rare disease and infectious disease in 2026.
- Closed a five-year $1.5 billion term loan facility with Ares Management Credit Funds.
Jan 12, 2026, 12:01 PM
Moderna outlines 2025 performance and 2026 outlook
MRNA
Guidance Update
Debt Issuance
Product Launch
- Moderna projected 2025 revenue of $1.6–2.0 billion, reflecting strengthened seasonal vaccine demand.
- Launched mNEXSPIKE mid-year, achieving 24 percent share of U.S. retail COVID vaccinations and bringing its approved commercial portfolio to three products.
- Secured a non-dilutive $1.5 billion five-year term loan and expects $4.2 billion in cash costs for 2026, continuing disciplined cost management.
- Forecasts up to 10 percent revenue growth in 2026, driven by geographic expansion, new product launches and nine anticipated oncology readouts.
Jan 5, 2026, 2:04 PM
Moderna seeks approval for mRNA-1010 flu vaccine
MRNA
Product Launch
Debt Issuance
- Moderna has filed regulatory applications for its mRNA-1010 seasonal influenza vaccine for adults 50+ with the FDA, EMA, Health Canada and Australia’s TGA, supported by Phase 3 data.
- In Phase 3 trials, mRNA-1010 demonstrated 26.6% relative efficacy in adults 50+ (and 27.4% in those 65+) with a favorable safety profile and superior immune responses versus high-dose and standard vaccines.
- The company faces declining revenues and negative margins — trailing twelve-month sales of $2.202 billion and a net margin of -141.51% — and has secured a $1.5 billion term loan, targeting cash breakeven by 2028 after cost cuts.
- Approval of mRNA-1010 could strengthen Moderna’s respiratory vaccine portfolio, stabilize revenue and support growth prospects into 2027 and beyond.
Jan 5, 2026, 12:52 PM
Roivant updates pipeline progress and outlook at 2025 Investor Day
MRNA
Guidance Update
New Projects/Investments
- Accelerated brepocitinib timelines: NDA filing for dermatomyositis now expected in early CY 2026 with launch early CY 2027; topline data for non-infectious uveitis in H2 2026 and cutaneous sarcoidosis in H1 2026.
- IMVT-1402 advances and financing: Registrational trial in difficult-to-treat RA topline data now due in CY 2026, and a Roivant-led Immunovant financing raised $550 million, extending cash runway to the Graves’ disease launch.
- Mosliciguat Phase 2 on track: Pulmonary hypertension-ILD trial enrollment remains on schedule with topline data in H2 2026 and a combo study with inhaled treprostinil to start imminently.
- Genevant litigation update: US Moderna case set for jury trial in March 2026; ex-US Pfizer/BioNTech proceedings expected in CY 2026.
Dec 11, 2025, 12:30 PM
Moderna outlines 2025 guidance and pipeline at Piper Sandler Healthcare Conference
MRNA
Guidance Update
New Projects/Investments
Debt Issuance
- Moderna guided $1.6–$2.0 billion COVID vaccine revenue for 2025, comprising $1.0–$1.3 billion U.S. and $600–$700 million ex-U.S., with vaccination rates down ~27–28% Y/Y.
- Seasonal vaccine filings include mRNA flu submissions by January targeting a 2027 launch, and a COVID/flu combination vaccine under review in Europe aiming for 2026–2027 approval.
- RSV vaccine mRESVIA has seen a slow start amid market contraction and channel inventory ahead of revaccination guidance expected in the next 1–2 years ; norovirus candidate mRNA-1403 is in phase III, with a new cohort running into spring 2026 and an interim efficacy analysis planned next year.
- Oncology programs include a 50/50 partnership with Merck on individualized neoantigen therapy, phase III melanoma enrollment completed Sept 2024 with a 2026 data readout ; off-the-shelf 4359 vaccine showed a 67% response rate in phase I, and T-cell engager and in vivo cell therapy studies are underway.
- Financial position: ended Q3 2025 with $6.6 billion cash, secured a $1.5 billion five-year credit facility with Ares (drawing $600 million upfront at ~1% interest) to support operations toward break-even in 2028.
Dec 2, 2025, 4:00 PM
Moderna outlines commercial outlook and pipeline at Healthcare Conference
MRNA
Guidance Update
Product Launch
Debt Issuance
- 2025 COVID vaccine revenue guidance of $1.6–$2.0 billion, including $1.0–$1.3 billion in the US and $0.6–$0.7 billion ex-US, with vaccination rates down ~28% supporting confidence in the full-year outlook.
- Seasonal flu filings to be completed by January for a 2027 market launch, with Phase III data showing 26.6% higher efficacy vs. standard-dose vaccines.
- Pipeline advancement: norovirus vaccine mRNA-1403 Phase III resumed with an interim efficacy readout expected in 2026 ; oncology 50/50 Merck partnership individualized neoantigen therapy targets Phase III melanoma data and Phase II RCC readout in 2026.
- Secured a $1.5 billion five-year credit facility with Ares, drawing $600 million upfront of non-dilutive financing to support R&D and operations en route to breaking even by 2028.
Dec 2, 2025, 4:00 PM
Moderna outlines 2025 guidance and pipeline progress
MRNA
Guidance Update
Debt Issuance
New Projects/Investments
- Moderna guides $1.6–2.0 B in 2025 COVID vaccine revenue (US $1–1.3 B; ex-US $600–700 M) and maintains confidence despite a 27% drop in vaccination rates.
- MNEXP Spike (new COVID booster) captures 55% market share vs Spikevax’s 45% after June approval, prompting doubled production for 2025.
- Moderna will file its mRNA seasonal flu vaccine globally by January for a 2027 launch; its combination COVID/flu vaccine is under EU review with potential 2026/27 approval.
- Pipeline milestones include Phase 3 melanoma cancer vaccine data with Merck expected in 2026, and propionic acidemia gene therapy readout in 2026/27 targeting a 2028 launch.
- The company drew $600 M on a $1.5 B credit facility with Ares at low cost to extend its cash runway, still targeting breakeven in 2028.
Dec 2, 2025, 4:00 PM
Quarterly earnings call transcripts for Moderna.
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