Moderna
Commercializes mRNA respiratory vaccines while developing oncology and rare-disease therapies.
Something off on this page? Send us feedback.
Profile
Develops mRNA medicines and earns product revenue from Spikevax and mNEXSPIKE COVID-19 vaccines, mRESVIA for RSV, and EU-authorized mCOMBRIAX for influenza and COVID-19. Commercial sales remain dominated by seasonal COVID-19 demand while the pipeline spans infectious-disease vaccines, oncology, and rare-disease therapeutics.
Develops and commercializes messenger RNA vaccines and therapeutics through an integrated platform spanning drug discovery, clinical development, manufacturing, and sales. Marketed products include Spikevax and mNEXSPIKE for COVID-19, mRESVIA for RSV, and the EU-authorized mCOMBRIAX combination vaccine for influenza and COVID-19.
Generates product revenue chiefly from seasonal respiratory vaccines sold through U.S. commercial channels and to governments and international organizations. A global manufacturing network supports local supply partnerships, while the clinical pipeline extends into standalone influenza and other infectious-disease vaccines, individualized cancer therapy with Merck, and rare-disease therapeutics.
Most revenue still comes from COVID-19 vaccines, with RSV sales remaining limited. Results depend on seasonal vaccination demand, regulatory and reimbursement decisions, strain updates, manufacturing quality and capacity planning, and successful clinical development; the business is managed as one mRNA-based medicines segment.
Company facts
Key statistics
Year to date +347% · Average volume (30d) 21.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 28, 2026 | CLSA | Upgrade | Outperform | |||
| Aug 28, 2026 | Deutsche Bank | Initiate | Hold | |||
| Aug 28, 2026 | William Blair | Initiate | Outperform | |||
| Aug 28, 2026 | Bradesco | Upgrade | Outperform | |||
| Aug 28, 2026 | Argus Research | Target | $150 | $180 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 31, 2026Q2 FY26 | −$2.03 | −$1.97 | +3.0% | $102.9M | $145.0M | +40.9% | −5.35% |
| May 1, 2026Q1 FY26 | −$3.02 | −$1.18 | +60.9% | $236.4M | $389.0M | +64.6% | +4.25% |
| Feb 13, 2026Q4 FY25 | −$2.54 | −$2.11 | +16.9% | $635.2M | $678.0M | +6.7% | +4.03% |
| Nov 6, 2025Q3 FY25 | −$1.87 | −$0.51 | +72.7% | $920.9M | $1.02B | +10.3% | +0.86% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $107.0M | $142.0M | $1.02B | $678.0M | $389.0M | $145.0M | |
| Gross profit | $17.0M | $23.0M | $8.0M | $226.0M | −$566.0M | $52.0M | |
| Operating income | −$1.05B | −$907.0M | −$260.0M | −$857.0M | −$1.39B | −$815.0M | |
| Net income | −$971.0M | −$825.0M | −$200.0M | −$826.0M | −$1.34B | −$782.0M | |
| Diluted EPS | −$2.52 | −$2.13 | −$0.51 | −$2.11 | −$3.40 | −$1.96 | |
| Gross margin | 15.9% | 16.2% | 0.8% | 33.3% | -145.5% | 35.9% | |
| Operating margin | -981.3% | -638.7% | -25.6% | -126.4% | -356.8% | -562.1% |
Fiscal years (4-quarter sums)FY21 $17.74B · FY22 $18.88B · FY23 $6.83B · FY24 $3.20B · FY25 $1.94B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $5.14B · Total debt $1.29B · Total assets $10.96B · Shareholders' equity $6.76B
Dividends
No dividends on record.
Ownership
Shares outstanding 396.79M · Float 372.35M · 93.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 51.86M | 13.07% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 30.60M | 7.71% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 23.21M | 5.85% | 13F | Aug 13, 2026 |
| Capital World Investors | 22.28M | 5.60% | 13G | Aug 12, 2026 |
| Baillie Gifford & Co | 18.21M | 4.59% | 13F | Aug 6, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 5, 2026 | Stephane Bancel | director, officer: Chief Executive Officer | −499,246 | $57.52 |
| Jul 15, 2026 | Stephen Hoge | officer: President | −53,336 | $67.60 |
| Jun 15, 2026 | Stephen Hoge | officer: President | −53,336 | $51.37 |
| Jun 4, 2026 | Shannon Thyme Klinger | officer: Chief Legal Officer | −3,471 | $50.00 |
| May 21, 2026 | Noubar Afeyan | director | −9,263 | $46.84 |
Peers
- Pfizer
Commercial pressure across mRNA COVID and RSV vaccines
- BioNTech (ADR)
mRNA platform rival in COVID vaccines and oncology
- GSK (ADR)
Adult RSV leader with mRNA flu and flu/COVID pipeline
- Sanofi (ADR)
Flu incumbent with RSV and COVID combination reach
- Novavax
Protein-based COVID and flu/COVID alternative
- AstraZeneca (ADR)
RSV prevention overlap through Beyfortus
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Moderna | $136.53 | −1.06% | $54.75B | — | — | 24.6 | +2.1% |
| Pfizer | $27.95 | −0.04% | $159.36B | 36.9 | 10.0 | 2.5 | +2.6% |
| BioNTech (ADR) | $102.50 | +0.40% | $25.64B | — | — | 8.4 | −60.7% |
| GSK (ADR) | $50.57 | −0.51% | $101.82B | 15.8 | 9.2 | 2.2 | +2.7% |
| Sanofi (ADR) | $44.83 | +0.02% | $107.62B | 78.9 | — | 1.9 | +11.2% |
| Novavax | $9.27 | +0.11% | $1.52B | — | — | 3.7 | −76.3% |
| AstraZeneca (ADR) | $161.79 | −0.55% | $252.33B | 24.4 | 15.2 | 4.1 | +6.4% |
| Median | 30.7 | 10.0 | 3.1 | +2.7% |