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.
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
Moderna enters $1.5 billion Credit and Guaranty Agreement
MRNA
Debt Issuance
- On November 19, 2025, Moderna, Inc. and certain subsidiary guarantors executed a $1.5 billion Credit and Guaranty Agreement with a syndicate of lenders led by Ares Capital Corporation and Ares Capital Management LLC.
- Ares Capital Corporation will serve as Administrative Agent and Collateral Agent, and Ares Capital Management LLC as Sole Lead Arranger and Sole Bookrunner for the facility.
- The facility includes initial term loans issued at an original issue discount under Sections 1272–1275 of the Internal Revenue Code.
- The agreement is filed as Exhibit 10.1 to the 8-K report on November 24, 2025.
Nov 24, 2025, 9:29 PM
Moderna Analyst Day 2025 Update
MRNA
Guidance Update
Debt Issuance
Product Launch
- Moderna projects 2025 revenue of $1.6–2.0 billion, with U.S. sales $1.0–1.3 billion, and anticipates >10% revenue growth in 2026 driven by geographic expansion and new products.
- Cash costs have been cut to $4.6 billion in 2025 (down from $5.5 billion), targeting $3.7 billion in 2027, paving the way for cash break-even in 2028.
- The mNEXSPIKE COVID booster, approved mid-2025, has secured 23% of U.S. retail shots YTD (≈33% in ≥65 age group); EU, Canada, Australia, Japan, and Taiwan approvals are pending for 2026 launches.
- Long-term manufacturing and supply partnerships in the U.K. (69 M lives), Canada (41 M), and Australia (27 M) begin delivering in 2025–26, with EU market entry and Brazil collaboration slated for 2027.
- Moderna secured a $600 million delayed-draw term loan (5-year facility, ~10% spread), boosting 2025 year-end liquidity to ~$8 billion for strategic flexibility.
Nov 20, 2025, 2:00 PM
Moderna outlines 2025 Analyst Day strategy
MRNA
Debt Issuance
New Projects/Investments
- Moderna’s seasonal respiratory vaccine franchise, now with three approved products, is positioned to leverage mRNA speed and scale to serve the growing ≥65 population and improve gross margins through increased volume and productivity gains.
- Manufacturing network consolidation: mRNA drug substance is produced at Norwood (MA) and by Rovi (Spain), with new drug product (DP) capacity added in Norwood; three identical DP sites in Lavelle (Canada), Harwell (UK), and Clayton (Australia) enhance cost efficiency and supply reliability.
- Financial guidance: 2025 revenue narrowed to $1.6 billion–$2.0 billion, with cash R&D and operating costs cut to $4.6 billion, further reduced to $3.7 billion by 2027, targeting cash break-even by 2028.
- Balance sheet strengthened via a $1.5 billion non-dilutive term loan (initial draw $600 million at SOFR + 550 bp), boosting year-end 2025 liquidity to over $8 billion and preserving strategic flexibility.
- Cash flow from vaccines to fund pipeline growth: Intismeran (oncology IO) pivotal data expected in 2026 for a potential 2027 launch, and Propionic Acidemia rare disease study fully enrolled for a 2028 launch.
Nov 20, 2025, 2:00 PM
Moderna outlines growth strategy and financial outlook at 2025 Analyst Day
MRNA
Guidance Update
Product Launch
Debt Issuance
- Moderna will build a seasonal respiratory vaccine franchise targeting high-risk populations—leveraging three approved products (flu, flu + COVID, RSV) to generate cash flow for oncology and rare disease R&D.
- Strategic on-shoring deals in the U.K. (69 M lives), Canada (41 M lives) and Australia (27 M lives) begin delivering in 2026, including $0.2 B revenue in Q1 2026, with disciplined expansion into Europe thereafter.
- mNEXSPIKE captured 23% of U.S. retail COVID shots in its first year, and Moderna plans flu monovalent launches in 2027 plus flu + COVID combo and norovirus pivotal data in 2026.
- Moderna’s cash costs are guided down from $5.1 B in 2025 to $3.7 B in 2027, aiming for cash-flow break-even by 2028, and has secured a $600 M delayed-draw term loan (SOFR + 550 bps) to bolster liquidity above $8 B into 2026.
Nov 20, 2025, 2:00 PM
Moderna targets 2026 revenue growth and outlines pipeline expansion
MRNA
Guidance Update
Product Launch
New Projects/Investments
- Moderna is aiming for up to 10% revenue growth in 2026, fueled by its marketed vaccines and new long-term partnerships in the UK, Canada and Australia.
- The company plans to expand its seasonal vaccine franchise from three to as many as six approved products by 2028, including influenza, flu/COVID combination and Norovirus vaccines.
- Moderna targets readouts from nine ongoing Phase 2 and Phase 3 oncology studies, notably three Phase 3 trials for its intismeran autogene program.
- It expects to reduce GAAP operating expenses by approximately $0.5 billion in both 2026 and 2027, with a path to cash breakeven by 2028.
Nov 20, 2025, 12:12 PM
Moderna expands U.S. drug manufacturing facility
MRNA
New Projects/Investments
- $140 million investment to integrate Drug Product manufacturing at its Norwood, MA center, completing end-to-end domestic mRNA production
- Construction is underway, with the facility slated to be operational by 1H 2027, boosting capacity for commercial and clinical supply
- Project will create hundreds of skilled biomanufacturing jobs in the region, strengthening the local workforce
- Despite a -141.51% net margin and declining revenue growth, Moderna’s strong liquidity (cash exceeds debt; current ratio of 3.93) underpins this expansion
Nov 19, 2025, 2:41 PM
Quarterly earnings call transcripts for Moderna.
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