Moderna
What matters nowUpdated 13 h ago
- On September 30, 2026 Moderna created a chief operating officer role and appointed Juan Andres, effective October 5, 2026; Jerh Collins, Chief Technical Operations and Quality Officer, will retire, and the company tied the change to preparing for a possible launch of intismeran autogene 1.
- Citi downgraded Moderna to Sell from Neutral on September 30 and raised its price target from $60 to $80, arguing the valuation had run ahead of expected revenue and earnings; the shares fell about 6% to around $191 in early trading that day 2.
- MRNA traded at $214.86 on the pooled 24/7 venue price, up 0.90% from the previous close of $212.95. It rose 15.11% on October 9, the day Moderna's return to the Nasdaq-100 took effect, replacing Warner Bros. Discovery 3, and fell 5.17% on October 12.
- Trailing revenue is $2.23 billion, down 27.6% year on year as of June 30, 2026, with a trailing net loss of $3.15 billion, free cash flow of -$1.24 billion and a 23.4% gross margin; the market value is $85.7 billion, or 38.5 times trailing sales, and the company holds net cash of $1.13 billion. Insiders sold $55.4 million of stock over the last 180 days across 11 sales, 10 of them under pre-arranged trading plans, and made no purchases; President Stephen Hoge's September sales of about 80,600 shares under such a plan were worth about $11.7 million 4.
- Q3 2026 results are estimated for November 5, 2026 and are not yet confirmed; the pivotal readout for the propionic acidemia therapy mRNA-3927 is expected by the end of 2026, and Q4 and full-year results are estimated for February 2027.
- Polymarket odds for the October 2026 Fed meeting are 81.5% for no change in rates and 17.5% for a 25 basis point increase, with September CPI due on October 14.
SEC (Moderna Form 8-K) · Sep 30
24/7 Wall St. · Sep 30
Nasdaq · Oct 1
SEC Form 4 · Sep 14
Moderna is a biotechnology company that develops messenger RNA (mRNA) medicines, mainly vaccines for respiratory viruses. Its revenue still depends on COVID-19 vaccines, Spikevax and mNEXSPIKE, which brought in $1.8 billion of product sales in 2025, down from $3.1 billion in 2024. Its next revenue sources are a US-approved flu vaccine, mFLUSIVA, approved in August 2026, a combined flu and COVID vaccine approved in the EU, and a cancer vaccine with Merck that reported positive Phase 3 results in August 2026.
How it makes money
Moderna sells mRNA vaccines to governments, public health agencies, pharmacies and healthcare providers, mostly in the US, Europe and other international markets, and earns collaboration and stand-ready manufacturing revenue on top. Revenue is driven by seasonal vaccine demand, government contracts, approvals in new markets and partner payments. The company has cut costs sharply since 2024, and its 2026 guidance calls for revenue of up to 10 percent growth over 2025, with a year-end 2026 cash and investments balance of $4.7 to $5.2 billion.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
COVID-19 vaccines (Spikevax and mNEXSPIKE)
Largest revenue source, but sales fell in 2025 and Q2 2026 product sales were lower than a year earlier.
RSV vaccine (mRESVIA)
Launched, but sales are minimal.
Seasonal flu vaccine (mFLUSIVA, mRNA-1010)
FDA approved for adults 50 and older in August 2026; retail availability is expected in the coming weeks.
Next: Broad US availability for the 2026-2027 respiratory season · 2026-10-01
Flu and COVID combination vaccine (mCOMBRIAX, mRNA-1083)
Authorized in the EU in April 2026 for adults 50 and older; US filing is waiting on FDA guidance.
Latest newsAll news →
Moderna to join the Nasdaq-100 index, replacing Warner Bros. Discovery
Nasdaq said Moderna will become a component of the Nasdaq-100 Index before the market opened on October 9, 2026, replacing Warner Bros.
Citi downgrades Moderna to Sell and raises price target to $80
Citi analyst Geoff Meacham cut Moderna from Neutral to Sell and lifted the price target from $60 to $80.
Moderna names Juan Andres chief operating officer; Jerh Collins to retire
Moderna created a new chief operating officer role and appointed Juan Andres, a former Moderna technical operations executive who left in 2023, to fill it, effective October 5, 2026.
Moderna President Stephen Hoge sells about 80,600 shares under a trading plan
Moderna President Stephen Hoge sold 80,575 shares on September 14 and 15, 2026, at weighted average prices of about $144 and $146, for roughly $11.7 million in total.
CFO James Mock sells 34,836 shares at $134.49 under a trading plan
Chief Financial Officer James Mock exercised 19,836 options at $30.96 and sold 34,836 shares at $134.49 on September 10, 2026, for about $4.7 million.
Chief Legal Officer Shannon Thyme Klinger sells 3,471 shares
Chief Legal Officer Shannon Thyme Klinger sold 3,471 shares at $139.95 on September 1, 2026, about $0.5 million, after exercising options at $30.96.
Products & businesses
COVID-19 vaccines (Spikevax and mNEXSPIKE)
Largest revenue source, but sales fell in 2025 and Q2 2026 product sales were lower than a year earlier.
RSV vaccine (mRESVIA)
Launched, but sales are minimal.
Seasonal flu vaccine (mFLUSIVA, mRNA-1010)
FDA approved for adults 50 and older in August 2026; retail availability is expected in the coming weeks.
Next: Broad US availability for the 2026-2027 respiratory season · 2026-10-01
Flu and COVID combination vaccine (mCOMBRIAX, mRNA-1083)
Authorized in the EU in April 2026 for adults 50 and older; US filing is waiting on FDA guidance.
What it's building next
Intismeran autogene with KEYTRUDA (cancer vaccine, with Merck)
Positive Phase 3 melanoma results in August 2026; detailed data and regulatory filing are still to come.
Next: Regulatory submissions to be discussed with health authorities · 2026-12-31
Propionic acidemia therapy (mRNA-3927)
Pivotal study has finished enrolment; data expected in 2026. Recordati will commercialize it.
Next: Pivotal study data readout · 2026-10-01
Norovirus vaccine (mRNA-1403)
Phase 3 interim analysis did not meet early-success criteria; the trial continues with an extra cohort.
Next: Phase 3 interim analysis did not meet early-success criteria; additional cohort to be enrolled · 2026-07-31
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| COVID-19 products (Spikevax and mNEXSPIKE) Net product sales of Spikevax and mNEXSPIKE, Moderna's COVID-19 vaccines. Most of Moderna's 2025 revenue came from this line, which fell sharply from 2024 as demand for COVID-19 vaccines dropped. | $1.81B | 93.1% | |
| RSV vaccine (mRESVIA) Net product sales of mRESVIA, Moderna's respiratory syncytial virus vaccine. Sales were minimal in 2025. | $8.0M | 0.4% | |
| Other revenue Collaboration revenue, stand-ready manufacturing and other revenue that is not net product sales. | $126.0M | 6.5% |
Fiscal FY2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026 2026-06-30 | Q1 FY2026 2026-03-31 | Q4 FY2025 2025-12-31 | Q3 FY2025 2025-09-30 | Q2 FY2025 2025-06-30 | Q1 FY2025 2025-03-31 | Q4 FY2024 2024-12-31 | Q3 FY2024 2024-09-30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.23B | $145.0M +2% | $389.0M +260% | $678.0Md -30% | $1.02B -45% | $142.0M -41% | $108.0M -35% | $966.0Md -66% | $1.86B +2% |
| Gross profit | $521.0M | $52.0Md +126% | −$566.0Md -3244% | $226.0Md -0% | $809.0Md -40% | $23.0Md -82% | $18.0Md -75% | $227.0Md -88% | $1.35Bd |
| Operating income | −$3.32B | −$815.0M | −$1.39B | −$857.0Md | −$260.0M | −$907.0M | −$1.05B | −$1.25Bd -20867% | −$70.0M |
| Net income | −$3.15B | −$782.0M | −$1.34B | −$826.0Md | −$200.0M -1638% | −$825.0M | −$971.0M | −$1.12Bd -616% | $13.0M |
| EPS (diluted) | $-7.99 | $-1.97 | $-3.40 | $-2.11d | $-0.51 -1800% | $-2.13 | $-2.52 | $-2.91d -620% | $0.03 |
| Operating cash flow | −$1.07B | −$526.0Md | −$630.0M | $930.0Md +13% | −$847.0Md | −$919.0Md | −$1.04B | $825.0Md +33% | −$1.57Bd |
| Capital expenditure | $171.0M | $37.0Md +1133% | $62.0M -47% | $39.0Md -93% | $33.0Md -78% | $3.0Md -98% | $117.0M -40% | $522.0Md +137% | $151.0Md +8% |
| Share buybacks | — | — | — | — | — | — | — | $0d | $0d |
| Cash & equivalents | $1.72B | $1.72B | $1.91B | $2.60B | $1.13B | $1.28B | $1.62B | $1.93B | $1.64B |
| Total debt | $591.0M | $591.0M | $590.0M | $590.0M | — | — | — | $0 | — |
| Shares outstanding | 399.0M | 399.0M | 397.0M | 394.0M | 391.0M | 389.0M | 387.0M | 386.0M | 385.0M |
| Metric | FY2025 2025-12-31 | FY2024 2024-12-31 | FY2023 2023-12-31 | FY2022 2022-12-31 |
|---|---|---|---|---|
| Revenue | $1.94B -40% | $3.24B -53% | $6.85B -64% | $19.26B |
| Cost of revenue | $868.0M -41% | $1.46B -69% | $4.69B -13% | $5.42B |
| Gross profit | $1.08Bd -39% | $1.77Bd -18% | $2.15Bd -84% | $13.85Bd |
| Research & development | $3.13B -31% | $4.54B -6% | $4.84B +47% | $3.29B |
| Operating income | −$3.07B | −$3.94B | −$4.24B -145% | $9.42B |
| EBIT | −$3.07B | −$3.94B | −$4.24B -145% | $9.42B |
| Depreciation & amortization | $211.0M +14% | $185.0M -70% | $617.0M +77% | $348.0M |
| Income tax | $54.0M | −$46.0M -106% | $772.0M -36% | $1.21B |
| Net income | −$2.82B | −$3.56B | −$4.71B -156% | $8.36B |
| EPS (diluted) | $-7.26 | $-9.28 | $-12.33 -161% | $20.12 |
| Diluted shares (weighted) | 389.0M | 384.0M | 382.0M | 416.0M |
| Operating cash flow | −$1.87B | −$3.00B | −$3.12B -163% | $4.98B |
| Capital expenditure | $192.0M -82% | $1.05B +49% | $707.0M +77% | $400.0M |
| Share buybacks | $2.0M | $0 -100% | $1.15B -65% | $3.33B |
| Cash & equivalents | $2.60B | $1.93B | $2.91B | $3.21B |
| Long-term debt (incl. current portion) | $590.0M | $0 | — | — |
| Total debt | $590.0M | $0 | — | — |
| Total assets | $12.34B | $14.14B | $18.43B | $25.86B |
| Total liabilities | $3.69B | $3.24B | $4.57B | $6.74B |
| Shareholders' equity | $8.65B | $10.90B | $13.85B | $19.12B |
| Shares outstanding | 394.0M | 386.0M | 382.0M | 385.0M |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Moderna to join the Nasdaq-100 index, replacing Warner Bros. Discovery
Nasdaq said Moderna will become a component of the Nasdaq-100 Index before the market opened on October 9, 2026, replacing Warner Bros.
Citi downgrades Moderna to Sell and raises price target to $80
Citi analyst Geoff Meacham cut Moderna from Neutral to Sell and lifted the price target from $60 to $80.
Moderna names Juan Andres chief operating officer; Jerh Collins to retire
Moderna created a new chief operating officer role and appointed Juan Andres, a former Moderna technical operations executive who left in 2023, to fill it, effective October 5, 2026.
Moderna President Stephen Hoge sells about 80,600 shares under a trading plan
Moderna President Stephen Hoge sold 80,575 shares on September 14 and 15, 2026, at weighted average prices of about $144 and $146, for roughly $11.7 million in total.
CFO James Mock sells 34,836 shares at $134.49 under a trading plan
Chief Financial Officer James Mock exercised 19,836 options at $30.96 and sold 34,836 shares at $134.49 on September 10, 2026, for about $4.7 million.
Chief Legal Officer Shannon Thyme Klinger sells 3,471 shares
Chief Legal Officer Shannon Thyme Klinger sold 3,471 shares at $139.95 on September 1, 2026, about $0.5 million, after exercising options at $30.96.
Moderna to present at Morgan Stanley and Bernstein healthcare conferences in September
Moderna said it will present at two investor conferences in September 2026: the Morgan Stanley 24th Annual Global Healthcare Conference on September 14 and the Bernstein healthcare forum on September 23.
FDA approves updated 2026-2027 Spikevax and mNEXSPIKE COVID-19 vaccines
The FDA approved Moderna's updated 2026-2027 COVID-19 vaccines, Spikevax and mNEXSPIKE, which both target the JN.1-lineage XFG subvariant.
Intismeran autogene with KEYTRUDA beats Keytruda alone in Phase 3 melanoma trial
Merck and Moderna said the Phase 3 INTerpath-001 trial met its primary endpoint of recurrence-free survival and its key secondary endpoint of distant metastasis-free survival, with the combination improving both over KEYTRUDA alone in patients with completely resected melanoma.
FDA approves Moderna's mFLUSIVA, the first US mRNA flu vaccine, for adults 50 and older
The FDA approved mFLUSIVA (mRNA-1010), Moderna's seasonal flu vaccine, for adults 50 and older.
Moderna Q2 2026 revenue rises to $145 million; 2026 guidance kept, R&D outlook cut
Moderna reported Q2 2026 total revenue of $145 million, up from $142 million a year earlier, while net product sales fell to $94 million from $114 million.
Former Biogen CFO Michael McDonnell joins Moderna board and Audit Committee
Moderna appointed Michael McDonnell to its board of directors effective July 8, 2026, as a Class II director with a term to the 2029 annual meeting, and to the Audit Committee.
FDA advisory committee votes 9-0 for Moderna's mRNA flu vaccine in both age groups
The FDA's vaccine advisory committee voted 9-0 that the benefits of mRNA-1010 outweigh its risks for adults 50 to 64, and also voted 9-0 for adults 65 and older.
Moderna hires Ester Banque as Chief Commercial Officer and widens Stephen Hoge's remit
Moderna named Ester Banque Chief Commercial Officer, effective June 15, 2026, with a seat on the Executive Committee reporting to CEO Stephane Bancel.
Five-year Phase 2b melanoma data: intismeran plus KEYTRUDA cuts recurrence risk 49%
Moderna and Merck presented five-year Phase 2b data for intismeran autogene plus KEYTRUDA at ASCO, showing a 49% lower risk of recurrence or death than KEYTRUDA alone in 157 patients with high-risk melanoma.
FDA advisers back a monovalent XFG COVID-19 vaccine formula for fall 2026
The FDA's vaccine advisory committee recommended a monovalent JN.1-lineage XFG strain for US COVID-19 vaccines for the 2026-2027 season, and the FDA told manufacturers to make that formula.
Moderna Q1 2026: revenue $389 million, GAAP loss $1.3 billion after $878 million settlement charge
Moderna reported first-quarter 2026 revenue of $389 million, up from $108 million a year earlier, with about 80% from international markets.
European Commission authorizes mCOMBRIAX, the first flu plus COVID combination vaccine
The European Commission granted marketing authorization for mCOMBRIAX, Moderna's mRNA vaccine combining flu and COVID-19 antigens, for adults 50 and older.
FDA grants Fast Track to Moderna's mRNA-4359 with pembrolizumab for PD-L1-positive melanoma
The FDA granted Fast Track designation to mRNA-4359 combined with Merck's pembrolizumab for checkpoint-inhibitor-refractory, unresectable or metastatic melanoma with PD-L1 positive tumors.
Moderna settles Arbutus and Genevant patent litigation for a $950 million lump sum
Moderna agreed on March 3, 2026 to settle all worldwide patent litigation with Arbutus and Genevant over lipid nanoparticle technology, with no future royalties on its vaccines.
FDA reverses course and accepts Moderna's mRNA flu vaccine filing with an August 5 decision date
After a Type A meeting, Moderna proposed splitting the request by age: full approval for adults 50 to 64 and accelerated approval for adults 65 and older, with a post-marketing study.
European Commission authorizes Moderna's mNEXSPIKE COVID-19 vaccine for people 12 and older
The European Commission granted marketing authorization for mNEXSPIKE, Moderna's lower-dose COVID-19 vaccine, for active immunization of people aged 12 and older.
Moderna Q4 2025: revenue $678 million, full-year revenue $1.94 billion, 2026 growth target kept
Moderna reported fourth-quarter 2025 revenue of $678 million, down 30% from a year earlier, as COVID-19 vaccine sales fell.
FDA refuses to file Moderna's mRNA flu vaccine application over its comparator choice
The FDA's vaccine center issued a refusal-to-file letter for mRNA-1010, Moderna's seasonal flu vaccine, even though Moderna had used a priority review voucher.
Moderna names David Berman Chief Development Officer; Jacqueline Miller steps down as CMO
Moderna appointed David Berman, M.D., Ph.D.
Recordati licenses global commercial rights to Moderna's propionic acidemia therapy mRNA-3927
Recordati agreed to a collaboration and license for mRNA-3927, Moderna's mRNA therapy for propionic acidemia, a rare inherited metabolic disorder.
Moderna lifts 2025 revenue estimate to about $1.9 billion and reiterates up to 10% growth for 2026
At the J.P.
Moderna reports fiscal Q3 2025 results: revenue $1.02B, down 45% from a year earlier
Moderna filed a Form 8-K with the SEC on Nov 6, 2025, 7:03 AM ET, reporting an event dated Nov 6, 2025.
SEC filings
| Oct 7, 26 | 4 | Form 4: Mock James M (Chief Financial Officer) — option exercise 1,454 sh, tax withholding 704 sh | sec.gov ↗ |
| Oct 5, 26 | 3 | Form 3: Initial insider ownership statement | sec.gov ↗ |
| Sep 30, 26 | 8-K | 8-K: Director/Officer Change, Regulation FD Disclosure (Items 5.02, 7.01) | sec.gov ↗ |
| Sep 16, 26 | 4 | Form 4: Hoge Stephen (President) — option exercise 152,905 sh, open-market sale 80,575 sh | sec.gov ↗ |
| Sep 15, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 14, 26 | 4 | Form 4: Mock James M (Chief Financial Officer) — option exercise 19,836 sh, open-market sale 34,836 sh | sec.gov ↗ |
| Sep 14, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 10, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 8, 26 | 4 | Form 4: Mock James M (Chief Financial Officer) — option exercise 11,797 sh, tax withholding 5,704 sh | sec.gov ↗ |
| Sep 8, 26 | 4 | Form 4: Klinger Shannon Thyme (Chief Legal Officer) — option exercise 11,797 sh, tax withholding 5,704 sh | sec.gov ↗ |
| Sep 3, 26 | 4 | Form 4: Klinger Shannon Thyme (Chief Legal Officer) — option exercise 5,637 sh, open-market sale 3,471 sh, tax withholding 1,048 sh | sec.gov ↗ |
| Sep 3, 26 | 4 | Form 4: Mock James M (Chief Financial Officer) — option exercise 2,475 sh, tax withholding 1,197 sh | sec.gov ↗ |
| Sep 3, 26 | 4 | Form 4: Hoge Stephen (President) — option exercise 9,283 sh, tax withholding 4,489 sh | sec.gov ↗ |
| Sep 1, 26 | 8-K | 8-K: Material Agreement, New Financial Obligation, Unregistered Equity Sale, Other Events (Items 1.01, 2.03, 3.02, 8.01) | sec.gov ↗ |
| Sep 1, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 31, 26 | 4 | Form 4: Hoge Stephen (President) — option exercise 2,048 sh, tax withholding 991 sh | sec.gov ↗ |
| Aug 31, 26 | 4 | Form 4: Klinger Shannon Thyme (Chief Legal Officer) — option exercise 1,103 sh, tax withholding 535 sh | sec.gov ↗ |
| Aug 31, 26 | 4 | Form 4: Mock James M (Chief Financial Officer) — option exercise 1,103 sh, tax withholding 535 sh | sec.gov ↗ |
| Aug 12, 26 | SCHEDULE 13G | SCHEDULE 13G: Passive ownership report (5%+) | sec.gov ↗ |
| Aug 7, 26 | 4 | Form 4: Bancel Stephane (Chief Executive Officer, Director) — option exercise 751,715 sh, open-market sale 499,246 sh | sec.gov ↗ |
| Aug 6, 26 | SCHEDULE 13G/A | SCHEDULE 13G/A: Passive ownership report (5%+) (amended) | sec.gov ↗ |
| Aug 5, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jul 31, 26 | 10-Q | 10-Q: Quarterly report for the period ended Jun 30, 2026 | sec.gov ↗ |
| Jul 31, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Jul 24, 26 | SCHEDULE 13G/A | SCHEDULE 13G/A: Passive ownership report (5%+) (amended) | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-15 | Hoge Stephen President | Sale 10b5-1 plan | 40.3K | $146.07 | $5.9M |
| 2026-09-14 | Hoge Stephen President | Sale 10b5-1 plan | 40.3K | $144.13 | $5.8M |
| 2026-09-10 | Mock James M Chief Financial Officer | Sale 10b5-1 plan | 34.8K | $134.49 | $4.7M |
| 2026-09-01 | Klinger Shannon Thyme Chief Legal Officer | Sale 10b5-1 plan | 3.5K | $139.95 | $485.8K |
| 2026-08-05 | Bancel Stephane Chief Executive Officer, Director | Sale 10b5-1 plan | 499.2K | $57.52 | $28.7M |
| 2026-07-15 | Hoge Stephen President | Sale 10b5-1 plan | 53.3K | $67.60 | $3.6M |
| 2026-06-15 | Hoge Stephen President | Sale 10b5-1 plan | 53.3K | $51.37 | $2.7M |
| 2026-06-04 | Klinger Shannon Thyme Chief Legal Officer | Sale 10b5-1 plan | 3.5K | $50.00 | $173.6K |
| 2026-05-21 | AFEYAN NOUBAR Director | Sale | 9.3K | $46.84 | $433.9K |
| 2026-05-15 | Hoge Stephen President | Sale 10b5-1 plan | 53.3K | $48.40 | $2.6M |
| 2026-05-01 | Hussain Abbas Director | Sale 10b5-1 plan | 5.7K | $46.63 | $265.0K |
| 2026-03-02 | Klinger Shannon Thyme Chief Legal Officer | Sale 10b5-1 plan | 13.9K | $52.29 | $726.0K |
| 2026-02-23 | Hoge Stephen President | Sale 10b5-1 plan | 160.0K | $48.84 | $7.8M |