Moderna (MRNA) Goldman Sachs 47th Annual Global Healthcare Conference 2026 summary

Strategic positioning and growth outlook

• Focused on growth, diversification, and improving financial profile, with global market expansion and increased product diversity underway.

• Ten growth drivers identified for 2026–2028, including mNEXSPIKE, international partnerships, and new product launches in infectious diseases and rare diseases.

• Disciplined execution in commercial, R&D, and manufacturing has led to significant cost reductions, with over $5 billion cut in two years.

• Ended the year with $9 billion in cash and liquidity, supporting investment in infectious disease and oncology.

• Aims to diversify into additional therapeutic areas and further improve financials over the next few years.

Financial guidance and revenue expectations

• Projecting up to 10% year-over-year revenue growth, with a balanced geographic split between U.S. and international markets.

• U.S. revenue guidance accounts for declining vaccination rates, but growth in mNEXSPIKE share and higher-value products could offset declines.

• International revenue growth driven by strategic partnerships, notably in the U.K., with substantial increases already seen in the first half.

• Confident in achieving growth targets due to strong international performance and product share gains.

Path to cash flow breakeven and cost management

• Cash flow breakeven targeted for 2028, requiring both revenue growth and further cost reductions.

• Ten revenue drivers, each potentially contributing several hundred million dollars, could create a $3 billion+ business with a 50% success rate.

• Cash cost guidance for 2027 is $3.5–$3.9 billion, with further efficiencies expected as phase III trials conclude.

• Investment levels and cost choices for 2028 will depend on commercial execution and clinical readouts.