CAMBRIDGE, MA — November 20, 2025 — Leads & Copy — Moderna, Inc. (NASDAQ:MRNA) unveiled its three-year business strategy and financial outlook, including mRNA pipeline advancements, at its Analyst Day event today.
The company anticipates revenue growth of up to 10% in 2026, driven by its seasonal vaccine franchise and strategic investments in oncology and rare disease therapeutics. By 2028, Moderna aims to expand its seasonal vaccine offerings from three to up to six approved products.
Moderna CEO Stéphane Bancel said the company plans to reduce R&D investments while diversifying into oncology, projecting a strong financial outlook and disciplined execution. The company expects to achieve cash breakeven in 2028.
Key elements of Moderna’s business strategy include:
- Building a large seasonal vaccine franchise targeting at-risk populations.
- Investing cash generated from marketed products (Spikevax®, mRESVIA®, and mNEXSPIKE®) into oncology and rare disease programs.
- Geographic expansion and new product launches, including long-term partnerships in the UK, Canada, and Australia.
- Continued uptake of mNEXSPIKE in the U.S. and its launch in other countries.
- Targeting the European market for respiratory virus vaccines as competitor contracts lapse and more product approvals are expected in 2027.
- Potential new long-term partnerships in Latin America and Asia-Pacific, along with entry into the flu vaccine market.
- Anticipating a first-to-market flu/COVID combination vaccine and continued momentum with a potential novel Norovirus vaccine in 2028.
Since 2022, Moderna has streamlined its production sites into a global manufacturing network. It exited eight contract manufacturers, announced new drug product capabilities in the U.S., and added three Moderna-built and managed facilities in the UK, Canada, and Australia. This is expected to drive a projected 10% improvement in gross margins over the next three years.
Pipeline progress includes:
- Spikevax (mRNA-1273, COVID-19 vaccine): Approved in 40 countries.
- mNEXSPIKE (mRNA-1283, COVID-19 vaccine): Approved in the U.S. and Canada, targeting 2026 approvals in Australia, the EU, Japan and Taiwan.
- mRESVIA (mRNA-1345, RSV vaccine): Approved in 40 countries for adults aged 60 and older, and in 31 of those countries for adults 18-59 at increased risk for RSV disease.
- mRNA-1010 (Seasonal Influenza vaccine): Submissions for approval expected in the U.S., EU, Canada and Australia by January 2026.
- mRNA-1083 (Seasonal flu + COVID combination vaccine): Filing is under review with the European Medicines Agency (EMA), submitted for approval to Health Canada in 2025, awaiting further guidance from the U.S. FDA on refiling.
- mRNA-1403 (Norovirus vaccine): A Phase 3 study is ongoing with an interim analysis expected in 2026.
- mRNA-4157 (Intismeran autogene): Advancing in collaboration with Merck, with eight Phase 2 and Phase 3 clinical trials underway.
- mRNA-4359 (Cancer antigen therapy): A Phase 1/2 study is ongoing.
- mRNA-3927 (Propionic Acidemia therapeutic): Reached target enrollment in a registrational study.
- mRNA-3705 (Methylmalonic Acidemia therapeutic): Selected for the U.S. FDA’s START program, with a registrational study expected to begin in 2026.
Based on strategic prioritization, Moderna discontinued four programs: mRNA-1647 (congenital Cytomegalovirus), mRNA-1608 (herpes simplex virus), mRNA-1468 (Varicella-Zoster virus), and mRNA-3745 (Glycogen Storage Disease Type 1a).
Moderna also announced it has closed a five-year term loan facility for up to $1.5 billion of capital from Ares Management Credit Funds.
Moderna expects up to 10% revenue growth in 2026 and is reducing its 2026 and 2027 expected cash costs to approximately $4.2 billion and a range of $3.5 to $3.9 billion, respectively.
Chris Ridley
Head, Global Media Relations
+1 617-800-3651
Chris.Ridley@modernatx.com
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
Lavina.Talukdar@modernatx.com
Source: Moderna, Inc.
