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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
—
Company details
Market cap
~$11B
Revenue (2025)
~$1.8B
Net income
~-$2B
Rev. growth
-40%
Cash & investments
~$7B
Div yield
0%
Approved products
3
2026 guidance
seasonal +up to 10%
In plain English
Moderna is the mRNA pioneer that turned a research platform into the COVID vaccine Spikevax almost overnight. The pandemic windfall is now fading fast, so the whole story is about the pipeline: a next-gen COVID shot (mNEXSPIKE), an RSV vaccine (mRESVIA), combination flu/COVID shots, and — its biggest bet — an individualized cancer vaccine (intismeran autogene / mRNA-4157) co-developed 50/50 with Merck. It still loses money as it spends heavily on R&D while annual sales have collapsed from ~$18B at the COVID peak toward the ~$1.5–2B range.
In simple terms
What Moderna really sells
Moderna is the mRNA pioneer that turned a research platform into the COVID vaccine Spikevax almost overnight. The pandemic windfall is now fading fast, so the whole story is about the pipeline: a next-gen COVID shot (mNEXSPIKE), an RSV vaccine (mRESVIA), combination flu/COVID shots, and — its biggest bet — an individualized cancer vaccine (intismeran autogene / mRNA-4157) co-developed 50/50 with Merck. It still loses money as it spends heavily on R&D while annual sales have collapsed from ~$18B at the COVID peak toward the ~$1.5–2B range.
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