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Moderna
Moderna (MRNA) investor relations material
Moderna Barclays 28th Annual Global Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Barclays 28th Annual Global Healthcare Conference summary10 Mar, 2026
Financial and operational performance
Achieved $1.9 billion in 2025 revenue, at the high end of guidance, driven by commercial execution.
Reduced costs by $2 billion in 2025, doubling the initial $1 billion target, resulting in a cash balance of $8.1 billion, including $600 million from a new credit facility.
Ex-U.S. revenue expected to rise from $700 million in 2025 to $1 billion in 2026, mainly from strategic partnerships with the U.K., Canada, and Australia.
U.S. sales projected to decline by 20% in 2026, but overall revenue growth of up to 10% is guided, driven by international markets.
Multi-year international contracts provide revenue visibility for several years.
Product approvals and pipeline progress
mNEXSPIKE, a second COVID vaccine, approved and launched in 2025; COVID vaccine also approved for pediatric use (6 months to 5 years).
RSV vaccine indication broadened for high-risk adults; positive phase III flu data led to regulatory filings in the U.S. and globally.
Cancer pipeline advanced: phase III adjuvant melanoma study fully enrolled, as well as renal cell carcinoma and PA rare disease studies.
Combination flu plus COVID vaccine received positive CHMP opinion in Europe; approval expected in 2026, with revenue contribution starting in 2027.
U.S. flu vaccine filing accepted with PDUFA date in August 2026; combination vaccine awaiting further FDA guidance.
Growth drivers and market outlook
Up to 10% revenue growth in 2026 underpinned by mNEXSPIKE U.S. market share (24% at end of 2025) and international partnerships.
Ex-U.S. growth is key, as U.S. sales are expected to decline.
Combination flu plus COVID vaccine seen as highly attractive for single-payer markets due to compliance and cost benefits; pricing strategy still under consideration.
Europe respiratory vaccine market ($1.8 billion) opens in 2027 as competitor contracts lapse.
New partnerships in Latin America and Asia-Pacific, including Mexico, Taiwan, and Brazil, to drive growth from 2027.
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Next Moderna earnings date
Q1 202630 Apr, 2026
Moderna
Next Moderna earnings date
Q1 202630 Apr, 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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