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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Moderna
Moderna (MRNA) investor relations material
Moderna 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.44th Annual J.P. Morgan Healthcare Conference summary13 Jan, 2026
Strategic direction and financial performance
Focus on building a respiratory and seasonal vaccine franchise to generate cash for investment in oncology and rare diseases, with three approved products and several in regulatory review or late-stage trials.
Cash generated from vaccines will be invested into oncology and rare disease therapeutics, advancing a diversified pipeline.
Multi-year partnerships in the UK, Canada, and Australia are set to provide recurring revenue and support geographic expansion.
2025 sales expected to reach $1.9 billion, exceeding previous guidance, with significant cost reductions achieved, lowering annual cash costs from $6.3 billion to $4.3–$4.5 billion.
Cash and liquidity position strengthened to $8.1 billion by end of 2025, with access to a $9 billion credit facility.
Growth drivers and product pipeline
Geographic expansion in the U.K., Canada, Australia, and re-entry into Europe post-2026 expected to drive sales growth from 2026 onward.
Anticipates up to six vaccine products by 2028, including flu, flu plus COVID, norovirus, and others.
mRESVIA and next-generation Spikevax (mNEXSPIKE) showing strong market share in the U.S. elderly segment, with further growth expected and launches planned in Europe, Canada, Australia, Taiwan, and Japan.
Oncology pipeline advancing, with mRNA-4157 in phase III for melanoma and other tumor types, and mRNA-4359 showing promise in refractory metastatic cancers.
Rare disease programs progressing, with PA phase III readout expected in 2026 and MMA ready for pivotal study.
Clinical and regulatory milestones
Multiple clinical readouts anticipated in 2026, including five-year phase II data for mRNA-4157 in melanoma and potential phase III data in RCC and other cancers.
Norovirus phase III readout and PA milestone readout expected in 2026.
Flu monotherapy and flu plus COVID combo approvals targeted for 2026–2028, with significant sales impact expected from 2027.
Potential first-mover advantage in Europe for flu plus COVID combo, with limited competition expected in 2027.
Multiple potential clinical data catalysts in 2026, including key readouts for oncology, rare disease, and norovirus programs.
Detail 2027 cash cost reduction target
What is the EU respiratory vaccine market size?
List 2026 clinical milestones for Intismeran
What supports 2026's up to 10% revenue growth
Which fully-owned oncology assets are key catalysts
How will Moderna leverage flu+COVID combo in Europe
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Next Moderna earnings date
Q4 202513 Feb, 2026
Moderna
Next Moderna earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Pioneering mRNA technology
Moderna was founded on the notion that messenger RNA (mRNA), the molecule sending genetic information from DNA to the cell’s protein factory, could be re-engineered into a versatile set of drugs and vaccines.
With these instructions from the mRNA, our cells could be taught to make whatever our bodies need to treat or prevent disease - virus-slaying antibodies, metabolism-improving enzymes, or heart-caring treats.
Wide range of treatments and vaccines
Founded in September 2010 as “ModeRNA Therapeutics,” named from the combined terms “modified” and “RNA,” the company today has produced 44 different treatments and vaccine candidates, of which 21 have entered clinical trials.
In their pipeline are, among others, vaccines and treatments for influenza, HIV, COVID-19, cancer, and coronary heart disease (CHD). With a market cap of $57 billion, many undoubtedly believe in Moderna's future products.
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