Moderna (MRNA)
Commercializes mRNA respiratory vaccines while developing oncology and rare-disease therapies.
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Moderna is still overwhelmingly a seasonal COVID-vaccine company, even as it tries to turn its genetic-message recipe into a broader medicine cabinet. New flu and combination shots are just arriving, while cancer, stomach-virus, and rare-disease programs remain bets on what comes next. The pandemic windfall has faded, leaving today's vaccine sales to fund a costly transition.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 12 more below
Spikevax & mNEXSPIKE
Spikevax remains the main seller while lower-dose mNEXSPIKE takes more of Moderna's own COVID business. Together they delivered $1.81 billion in FY2025; watch shrinking vaccination demand and the fall ordering season.
Competes with COMIRNATY XFG (Pfizer/BioNTech) · Nuvaxovid (Novavax/Sanofi)
In plain English
Think of Moderna's COVID business as a winter shop: most buying happens before and during the colder months, so a bad demand forecast leaves costly stock on the shelf. Spikevax is the established vaccine; mNEXSPIKE uses one-fifth as much genetic-message material per shot and is the newer option.
Wholesalers, pharmacies, clinics, and governments pay when they take deliveries. FFF Enterprises, a U.S. medical distributor, Public Works and Government Services Canada, and distributor Cardinal Health together supplied 39% of FY2025 revenue. That concentration makes a few large seasonal orders unusually important.
Long-term strategic partnerships
The United Kingdom, Canada, and Australia pay Moderna to keep local vaccine-making capacity ready before an emergency arrives. Readiness fees brought in $80 million in FY2025; future value depends on licenses, budgets, and actual orders.
Competes with 10-year U.K. mRNA program (BioNTech) · Onshore influenza-manufacturing agreement (CSL Seqirus)
In plain English
A factory can be valuable even while its production line is quiet. These agreements pay Moderna to maintain local people, equipment, and vaccine-making capacity so a government can call on it when a health emergency creates sudden demand.
The United Kingdom, Canada, and Australia provide readiness fees, while any vaccines they buy are paid for separately. National health systems then distribute those doses. The arrangement gives Moderna steadier income than a purely seasonal sale, but it lasts only while governments keep funding preparedness and Moderna's products win the needed approvals.
mRESVIA
An adult vaccine for RSV, a breathing infection, that produced just $8 million in FY2025. Broader European purchasing could help, but one-dose guidance limits the repeat business that annual vaccines enjoy.
Competes with Arexvy (GSK) · Abrysvo (Pfizer)
In plain English
This shot protects older and higher-risk adults from RSV, a breathing infection that can lead to hospital care. Pharmacies and medical providers order doses for eligible people, with insurers and public programs ultimately covering much of the bill.
Unlike a flu shot that returns every year, current U.S. guidance calls for one RSV dose rather than an annual visit. That makes early uptake important but naturally reduces repeat sales. A European buying framework can cover up to 24 million doses across six countries, though it is an opening to order, not a guaranteed purchase.
mFLUSIVA
Moderna's first approved flu vaccine serves adults fifty and older, entering a large but established seasonal market. Its first U.S. season has limited retailer supply, and Moderna assumed no mFLUSIVA revenue in its FY2026 outlook.
Competes with Fluzone High-Dose (Sanofi) · FLUm3HA.b-3NA (GSK)
In plain English
Most flu vaccines are made through older production methods; mFLUSIVA instead uses a temporary genetic instruction that teaches the body what to recognize. Moderna updates that instruction for the season, makes doses, and sells them through selected U.S. retailers for adults fifty and older.
Patients receive the shot at a pharmacy or clinic, while insurers, public programs, or patients pay. The first season is intentionally narrow because approval came after much of the usual ordering cycle. The watch point is whether Moderna can win shelf space and contracts before later flu seasons begin.
mCOMBRIAX
One shot combines flu and COVID protection for European adults fifty and older. It had not launched by June 2026; national pricing and coverage decisions now determine whether authorization turns into orders.
Competes with mRNA combination candidate (Pfizer/BioNTech) · COVID-19 and Influenza Combination vaccine (Novavax)
In plain English
One appointment, two seasonal vaccines. mCOMBRIAX puts the flu and COVID ingredients into a single shot for adults fifty and older, saving patients and clinics a second injection and visit. European authorities have allowed its use, but that is only the first gate.
Each country still decides what it will pay, who is covered, and how the shot enters its vaccination program. Moderna makes money only when those decisions lead governments, pharmacies, or clinics to order doses. The product was not yet on sale by the end of June 2026, so convenience still has to become demand.
mRNA-1403
A vaccine candidate for norovirus, which causes 19–21 million U.S. illnesses a year. Its large study did not clear an early-success bar, so another winter group must supply the cases needed for a firmer answer.
Competes with Second-generation oral bivalent vaccine (Vaxart) · Norovirus vaccine program (Merck)
In plain English
The bet here is a vaccine for norovirus, a stomach infection with a heavy public-health cost. Moderna is testing one injection against several forms of the virus, aiming eventually at older adults, young children, and the health systems that pay for prevention.
There are no sales or contracted buyers yet. The large study saw too few illness cases to prove success at its planned early check, so Moderna is adding people during another winter season while keeping the results hidden from researchers. That means more spending now and a later answer on whether the vaccine works well enough to sell.
Intismeran autogene
A made-for-one-patient cancer treatment paired with Merck's KEYTRUDA cleared two major goals in a 1,137-person melanoma study. Approval, lasting benefit, and fast custom manufacturing still stand between that result and sales.
Competes with Autogene cevumeran/BNT122 (BioNTech/Roche) · TG4050 (Transgene/NEC)
In plain English
Every tumor carries its own small genetic mistakes. Intismeran reads those mistakes and turns them into a made-to-order set of instructions that trains one patient's immune system to spot that cancer, then pairs it with KEYTRUDA, a medicine that helps immune cells attack.
There are no patient sales yet. Merck, the drug company behind KEYTRUDA, generally pays about half of development; if the treatment reaches market, Moderna expects payment for making each custom dose before the partners divide profit or loss equally. The challenge is repeating that one-patient manufacturing process quickly and reliably at treatment centers.
Spikevax & mNEXSPIKESpikevax remains the main seller while lower-dose mNEXSPIKE takes more of Moderna's own COVID business. Together they delivered $1.81 billion in FY2025; watch shrinking vaccination demand and the fall ordering season.Spikevax remains the main seller while lower-dose mNEXSPIKE takes more of Moderna's own COVID business. Together they delivered $1.81 billion in FY2025; watch shrinking vaccination demand and the fall ordering season.
In plain English
Think of Moderna's COVID business as a winter shop: most buying happens before and during the colder months, so a bad demand forecast leaves costly stock on the shelf. Spikevax is the established vaccine; mNEXSPIKE uses one-fifth as much genetic-message material per shot and is the newer option.
Wholesalers, pharmacies, clinics, and governments pay when they take deliveries. FFF Enterprises, a U.S. medical distributor, Public Works and Government Services Canada, and distributor Cardinal Health together supplied 39% of FY2025 revenue. That concentration makes a few large seasonal orders unusually important.
Competes with COMIRNATY XFG (Pfizer/BioNTech) · Nuvaxovid (Novavax/Sanofi)
Long-term strategic partnershipsThe United Kingdom, Canada, and Australia pay Moderna to keep local vaccine-making capacity ready before an emergency arrives. Readiness fees brought in $80 million in FY2025; future value depends on licenses, budgets, and actual orders.The United Kingdom, Canada, and Australia pay Moderna to keep local vaccine-making capacity ready before an emergency arrives. Readiness fees brought in $80 million in FY2025; future value depends on licenses, budgets, and actual orders.
In plain English
A factory can be valuable even while its production line is quiet. These agreements pay Moderna to maintain local people, equipment, and vaccine-making capacity so a government can call on it when a health emergency creates sudden demand.
The United Kingdom, Canada, and Australia provide readiness fees, while any vaccines they buy are paid for separately. National health systems then distribute those doses. The arrangement gives Moderna steadier income than a purely seasonal sale, but it lasts only while governments keep funding preparedness and Moderna's products win the needed approvals.
Competes with 10-year U.K. mRNA program (BioNTech) · Onshore influenza-manufacturing agreement (CSL Seqirus)
mRESVIAAn adult vaccine for RSV, a breathing infection, that produced just $8 million in FY2025. Broader European purchasing could help, but one-dose guidance limits the repeat business that annual vaccines enjoy.An adult vaccine for RSV, a breathing infection, that produced just $8 million in FY2025. Broader European purchasing could help, but one-dose guidance limits the repeat business that annual vaccines enjoy.
In plain English
This shot protects older and higher-risk adults from RSV, a breathing infection that can lead to hospital care. Pharmacies and medical providers order doses for eligible people, with insurers and public programs ultimately covering much of the bill.
Unlike a flu shot that returns every year, current U.S. guidance calls for one RSV dose rather than an annual visit. That makes early uptake important but naturally reduces repeat sales. A European buying framework can cover up to 24 million doses across six countries, though it is an opening to order, not a guaranteed purchase.
Competes with Arexvy (GSK) · Abrysvo (Pfizer)
mFLUSIVAModerna's first approved flu vaccine serves adults fifty and older, entering a large but established seasonal market. Its first U.S. season has limited retailer supply, and Moderna assumed no mFLUSIVA revenue in its FY2026 outlook.Moderna's first approved flu vaccine serves adults fifty and older, entering a large but established seasonal market. Its first U.S. season has limited retailer supply, and Moderna assumed no mFLUSIVA revenue in its FY2026 outlook.
In plain English
Most flu vaccines are made through older production methods; mFLUSIVA instead uses a temporary genetic instruction that teaches the body what to recognize. Moderna updates that instruction for the season, makes doses, and sells them through selected U.S. retailers for adults fifty and older.
Patients receive the shot at a pharmacy or clinic, while insurers, public programs, or patients pay. The first season is intentionally narrow because approval came after much of the usual ordering cycle. The watch point is whether Moderna can win shelf space and contracts before later flu seasons begin.
Competes with Fluzone High-Dose (Sanofi) · FLUm3HA.b-3NA (GSK)
mCOMBRIAXOne shot combines flu and COVID protection for European adults fifty and older. It had not launched by June 2026; national pricing and coverage decisions now determine whether authorization turns into orders.One shot combines flu and COVID protection for European adults fifty and older. It had not launched by June 2026; national pricing and coverage decisions now determine whether authorization turns into orders.
In plain English
One appointment, two seasonal vaccines. mCOMBRIAX puts the flu and COVID ingredients into a single shot for adults fifty and older, saving patients and clinics a second injection and visit. European authorities have allowed its use, but that is only the first gate.
Each country still decides what it will pay, who is covered, and how the shot enters its vaccination program. Moderna makes money only when those decisions lead governments, pharmacies, or clinics to order doses. The product was not yet on sale by the end of June 2026, so convenience still has to become demand.
Competes with mRNA combination candidate (Pfizer/BioNTech) · COVID-19 and Influenza Combination vaccine (Novavax)
mRNA-1403A vaccine candidate for norovirus, which causes 19–21 million U.S. illnesses a year. Its large study did not clear an early-success bar, so another winter group must supply the cases needed for a firmer answer.A vaccine candidate for norovirus, which causes 19–21 million U.S. illnesses a year. Its large study did not clear an early-success bar, so another winter group must supply the cases needed for a firmer answer.
In plain English
The bet here is a vaccine for norovirus, a stomach infection with a heavy public-health cost. Moderna is testing one injection against several forms of the virus, aiming eventually at older adults, young children, and the health systems that pay for prevention.
There are no sales or contracted buyers yet. The large study saw too few illness cases to prove success at its planned early check, so Moderna is adding people during another winter season while keeping the results hidden from researchers. That means more spending now and a later answer on whether the vaccine works well enough to sell.
Competes with Second-generation oral bivalent vaccine (Vaxart) · Norovirus vaccine program (Merck)
Intismeran autogeneA made-for-one-patient cancer treatment paired with Merck's KEYTRUDA cleared two major goals in a 1,137-person melanoma study. Approval, lasting benefit, and fast custom manufacturing still stand between that result and sales.A made-for-one-patient cancer treatment paired with Merck's KEYTRUDA cleared two major goals in a 1,137-person melanoma study. Approval, lasting benefit, and fast custom manufacturing still stand between that result and sales.
In plain English
Every tumor carries its own small genetic mistakes. Intismeran reads those mistakes and turns them into a made-to-order set of instructions that trains one patient's immune system to spot that cancer, then pairs it with KEYTRUDA, a medicine that helps immune cells attack.
There are no patient sales yet. Merck, the drug company behind KEYTRUDA, generally pays about half of development; if the treatment reaches market, Moderna expects payment for making each custom dose before the partners divide profit or loss equally. The challenge is repeating that one-patient manufacturing process quickly and reliably at treatment centers.
Competes with Autogene cevumeran/BNT122 (BioNTech/Roche) · TG4050 (Transgene/NEC)
Named in filings, launches and programs
- mRNA-3927Product · Pre-revenueFully enrolled test of a treatment for propionic acidemia; Recordati would sell it while Moderna keeps development and manufacturing.
- mRNA-4359Product · Pre-revenueModerna-owned cancer treatment in mid-stage testing for melanoma and non-small-cell lung cancer.
- mRNA-1018Product · Pre-revenuePandemic-flu vaccine in late-stage testing, backed by up to $750 million from Blackstone with future payments attached.
- mRNA-1469Product · Pre-revenueBundibugyo Ebola vaccine in its first human study, supported by up to $50 million from epidemic-preparedness group CEPI.
- mRNA-1647Product · Pre-revenueCMV vaccine candidate continuing in a mid-stage study for transplant patients.
- mRNA-3705Product · Pre-revenueTreatment for methylmalonic acidemia in mid-stage testing; a larger study waits on the related mRNA-3927 result.
- mRNA-2808Product · Pre-revenueEarly multiple-myeloma treatment designed to bring immune cells into contact with cancer cells.
- mRNA-4106Product · Pre-revenueCancer treatment in its first human test across solid tumors.
- mRNA-4194Product · Pre-revenueCancer-prevention vaccine in an early U.K. study for people with Lynch syndrome.
- mRNA-4200Product · Pre-revenueTumor-targeted cancer treatment in its first human study.
- mRNA-4203Product · Pre-revenueEarly Immatics partnership designed to strengthen a cell therapy after it enters the body.
- mRNA-1405Product · Pre-revenueSecond norovirus vaccine candidate in mid-stage testing.
mRNA-3927Product · Pre-revenue
Fully enrolled test of a treatment for propionic acidemia; Recordati would sell it while Moderna keeps development and manufacturing.
mRNA-4359Product · Pre-revenue
Moderna-owned cancer treatment in mid-stage testing for melanoma and non-small-cell lung cancer.
mRNA-1018Product · Pre-revenue
Pandemic-flu vaccine in late-stage testing, backed by up to $750 million from Blackstone with future payments attached.
mRNA-1469Product · Pre-revenue
Bundibugyo Ebola vaccine in its first human study, supported by up to $50 million from epidemic-preparedness group CEPI.
mRNA-1647Product · Pre-revenue
CMV vaccine candidate continuing in a mid-stage study for transplant patients.
mRNA-3705Product · Pre-revenue
Treatment for methylmalonic acidemia in mid-stage testing; a larger study waits on the related mRNA-3927 result.
mRNA-2808Product · Pre-revenue
Early multiple-myeloma treatment designed to bring immune cells into contact with cancer cells.
mRNA-4106Product · Pre-revenue
Cancer treatment in its first human test across solid tumors.
mRNA-4194Product · Pre-revenue
Cancer-prevention vaccine in an early U.K. study for people with Lynch syndrome.
mRNA-4200Product · Pre-revenue
Tumor-targeted cancer treatment in its first human study.
mRNA-4203Product · Pre-revenue
Early Immatics partnership designed to strengthen a cell therapy after it enters the body.
mRNA-1405Product · Pre-revenue
Second norovirus vaccine candidate in mid-stage testing.