Health Care · NASDAQ: MRNA
Moderna: how the business works
Moderna sells mRNA vaccines, almost all for COVID, with revenue of $1,944 million and a net loss of $2,822 million in FY2025.
By Hardik Bhandare · Checked against filings:
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Moderna, Inc. · Cambridge, Massachusetts · Founded 2010
Last updated
- Revenue, FY2025
- $1,944M
- Operating loss, FY2025
- -$3,074M
- Net loss, FY2025
- -$2,822M
- Cash and investments, Jun 30, 2026 (before July payment and September notes)
- $6,910M
- Employees, Dec 31, 2025
- About 4,700
The short version
Moderna in 5 points
1 · What it sells
Moderna sells mRNA vaccines, with COVID shots at $1,810 million of its $1,944 million FY2025 revenue and its RSV vaccine at $8 million.
2 · Who pays it
In FY2025 FFF Enterprises paid 15% of Moderna's revenue, Public Works and Government Services Canada 13% and Cardinal Health 11%; the 10-K names no customer for the other 61%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, which includes $314 million of interest income, costs were $225.0, so Moderna lost $125.0; on revenue alone, the operating loss was $158.1 per $100.
4 · Where the operating profit comes from
Moderna reports one segment, so no product shows its own profit; the whole company went from $9,420 million of operating income in FY2022 to a $3,074 million operating loss in FY2025.
5 · The one thing to watch
The Q2 FY2026 10-Q shows $6,910 million of cash and investments at Jun 30, 2026; that predates the $950 million settlement paid in July 2026 and the $3.0 billion of notes closed on Sep 1, 2026.
Sources: From Moderna's FY2025 and FY2023 10-Ks, Q2 FY2026 10-Q and a Sep 1, 2026 8-K · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Moderna's money go?
Moderna · FY2025
Receipt for every $100
| Research and development | $138.7 |
|---|---|
| Selling, general and administrative | $45.1 |
| Cost of sales | $38.4 |
| Other expense, net | $0.4 |
| Income tax | $2.4 |
| Net loss (costs above money in) | −$125.0 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue $1,944 million + interest income $314 million = $2,258 million). Costs added up to $225.0, so the last line is a net loss of $125.0. Measured on revenue alone, the operating loss was $158.1 per $100 and the net loss $145.2. Interest income is not money from operations. Costs came to $225.0 per $100 that came in.
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02The business in one line
What does Moderna do?
Wholesalers, governments and other buyers pay Moderna for vaccines, mostly COVID shots; most of the money goes on research, which costs more than all its revenue, so it reports losses.
- COVID vaccines brought in $1,810 million of Moderna's $1,944 million revenue in FY2025. Q3 and Q4 were 87% of that year's revenue.
- Research and development cost $3,132 million in FY2025. The operating loss was $3,074 million and the net loss $2,822 million.
03Who pays it
Who pays Moderna?
FFF Enterprises
15%
of revenue
Paid 13% in FY2024. The customer table does not describe it; the 10-K says US sales go mainly to wholesalers and distributors.
Public Works and Government Services Canada
13%
of revenue
A Government of Canada buyer. It was under 10% in each of the four years before FY2025.
Cardinal Health
11%
of revenue
Under 10% in each of the four years before FY2025. The customer table does not describe it.
Customers the 10-K does not name
61%
of revenue
The filing gives customer shares only above 10% of revenue, so this 61% is not split by name. It is 100% minus the three rounded shares above.
- FFF Enterprises15%
- Public Works and Government Services Canada13%
- Cardinal Health11%
- Customers the 10-K does not name61%
Customer concentration
Three named customers paid 39% of FY2025 revenue. The largest payers change: the European Commission was 32% in FY2021, Japan's health ministry 21% in FY2023 and the UK Health Security Agency 16% in FY2024. Separately, Moderna deducted 45.0% of FY2025 gross product sales for chargebacks, discounts, fees, returns and rebates before reporting net product sales.
- Largest customer
- 15%
04Why it makes money
Why does Moderna make money?
Sales come mostly in vaccine season; research bills come every quarter.
Operating income was $9,420 million in FY2022; the operating loss was $3,074 million in FY2025. In FY2025, Q3 and Q4 brought in 87% of revenue, while R&D ran between $700 million and $856 million in every quarter. Operating expenses fell from $11,087 million in FY2023 to $5,018 million in FY2025. Revenue fell faster, from $6,848 million to $1,944 million.
Operating result per $100 of revenue
$48.9−$158.1
FY2022 to FY2025
- Moderna pays for research and trials every quarter
- Regulators decide which vaccines can be sold
- Doses are made and stocked ahead of the season
- Buyers order mostly for the second half of the year
- Inventory write-downs ($291 million in FY2025) add to cost of sales
- Sales and cash on hand pay for the next round of research
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Moderna?
Moderna (one reported segment)
100%Moderna reports one segment, and its CEO reviews consolidated figures, so no product shows its own profit. Revenue by product and by location is in the sections on what it sells and where it sells.
Revenue $1.9B · Operating profit −$3.1B
How the mix changed
- Moderna (one reported segment)
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Moderna done?
Revenue
$1.9BFY2025
Revenue fell from $19,263 million in FY2022 to $1,944 million in FY2025; Q3 and Q4 were 87% of FY2025 revenue.
US$
See the numbers
Net profit
−$2.8BFY2025
Moderna earned $12,202 million in FY2021 and $8,362 million in FY2022, then reported net losses, $2,822 million in FY2025; Q1 FY2026 cost of sales includes $876 million of the Arbutus and Genevant settlement.
US$
See the numbers
Profit kept per $100 of revenue
−$145.2FY2025
Net result per $100 of revenue went from $66.1 in FY2021 to -$145.2 in FY2025, and stock-based pay of $483 million was 24.8% of FY2025 revenue.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
−$2.1BFY2025
Cash from operations minus purchases of property and equipment was -$2,065 million in FY2025 and -$4,055 million in FY2024; the $950 million settlement was paid in July 2026, so it is not in the first-half 2026 cash flow.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31). Net profit is the share belonging to the company's owners.
Learn: Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Moderna, and did they deliver?
Stéphane Bancel
Chief Executive Officer · since 2011
CEO since October 2011. Total pay was $19,932,217 in 2025; the proxy gives a CEO pay ratio of 89 to 1.
Noubar Afeyan
Co-founder and Chairman · since 2012
Chairman since 2012.
Stephen Hoge
President
Joined Moderna in January 2013. Oversees the commercial organization and strategy across R&D, medical affairs and commercial.
James Mock
Chief Financial Officer · since 2022
Joined in September 2022. Total pay was $5,857,761 in 2025.
Juan Andres
Chief Operating Officer · since 2026
Named on Sep 30, 2026, effective Oct 5. Jerh Collins is to retire.
Ester Banque
Chief Commercial Officer · since 2026
From Jun 15, 2026.
What they said, and what happened
4 delivered · 3 too early to tell
Said on Nov 7, 2024
Moderna said it expected 2024 net product sales of $3.0–3.5 billion and year-end cash and investments of about $9 billion.
DeliveredWhat happened
Net product sales were $3,109 million and cash and investments $9,519 million.
Said on Jan 13, 2025
Moderna said it expected 2025 revenue of $1.5–2.5 billion and year-end cash of about $6.0 billion.
DeliveredWhat happened
Revenue was $1,944 million. Cash and investments were $8,135 million, including the $600 million term loan drawn in November 2025.
Said on Aug 1, 2025
Moderna lowered its 2025 revenue range to $1.5–2.2 billion and moved UK deliveries to Q1 2026.
DeliveredWhat happened
Revenue was $1,944 million. Moderna said it delivered the first shipment under its UK partnership in Q1 2026, when Europe product sales were $239 million.
Said on Nov 6, 2025
Moderna said it expected 2025 revenue of $1.6–2.0 billion and year-end cash of $6.5–7 billion.
DeliveredWhat happened
Revenue was $1,944 million. Cash and investments were $8,135 million, above the range, including the $600 million term loan.
Said on Nov 20, 2025
At its Analyst Day, Moderna said it targeted up to 10% revenue growth in 2026 and cash breakeven in 2028. It also targeted gross margin up more than 10 points over three years.
Too early to tellWhat happened
First-half 2026 revenue was $534 million, against $250 million a year earlier. Moderna repeated the up-to-10% target on Jul 31, 2026.
Said on Jan 12, 2026
Moderna said it expected 2026 GAAP operating expenses of about $4.9 billion and $4.2–4.6 billion in 2027.
Too early to tellWhat happened
First-half 2026 operating expenses were $2,737 million, including the $876 million settlement charge. The $4.9 billion predates the settlement. On Jul 31, 2026 Moderna said it expected 2026 cost of sales of about $1.7 billion, including the $0.9 billion settlement, R&D of about $2.9 billion and SG&A of about $1.0 billion.
Said on Feb 13, 2026
Moderna said it expected year-end 2026 cash and investments of $5.5–6.0 billion.
Too early to tellWhat happened
Moderna lowered the range to $4.5–5.0 billion on May 1, 2026, after the settlement, and gave $4.7–5.2 billion on Jul 31, 2026. Those predate the $3.0 billion notes.
08What could go wrong
What could go wrong for Moderna?
- Concentration
One product line brings in most of the money
COVID vaccines were 93.1% of FY2025 revenue. Revenue fell from $19,263 million in FY2022 to $1,944 million in FY2025. The RSV vaccine sold $8 million in FY2025.
Watch COVID sales in Q3 and Q4 of FY2026, against $971 million and $642 million a year earlier.
- Cash and liquidity
Operating losses and cash
Moderna has reported an operating loss every year since FY2023, and cash from operations was -$1,873 million in FY2025. Its $6,910 million of cash and investments at Jun 30, 2026 predates the $950 million July payment and the $3.0 billion September notes.
Watch Cash and investments on the Sep 30, 2026 balance sheet, once filed.
- Legal
A further payment of up to $1.3 billion
Moderna settled with Arbutus and Genevant on Mar 3, 2026 and paid $950 million in July. Up to $1.3 billion more depends on a Federal Circuit appeal over doses sold to the US government. Moderna has recorded nothing for it, as it does not consider a loss probable.
Watch The Federal Circuit's decision on the 28 U.S.C. § 1498 appeal.
- Legal
Patent suits with no stated amounts
GSK, Northwestern University, Bayer and Monsanto, mNG Bio, BioNTech, CureVac, and Translate Bio and other Sanofi subsidiaries have filed patent suits against Moderna. Translate Bio and the other Sanofi subsidiaries filed in July 2026, seeking unspecified damages.
Watch Legal notes in each 10-Q, which list new suits and any amounts.
- Debt
Debt secured on the business, and new notes
The $600 million term loan gives lenders first claim on substantially all assets and carried interest of about 9.20% at Jun 30, 2026. It also has a minimum-cash test. The $3.0 billion of notes, due Mar 1, 2032, are senior unsecured and carry no regular interest.
Watch Further loan draws, and the market-value and cash tests in the credit agreement.
- Other
More shares from the notes and stock pay
The notes could convert into up to 14,246,100 shares at the initial rate, 3.6% of shares at Jul 24, 2026; a make-whole adjustment can add to that. Capped calls are meant to reduce dilution up to about $392.62 a share, subject to their terms. Stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $483 million in FY2025.
Watch Share count on each 10-Q cover: 399,235,889 at Jul 24, 2026.
- Regulation
Approvals depend on regulators
The FDA first refused to file Moderna's flu vaccine application in February 2026, then accepted an amended one and approved it on Aug 5, 2026. Approval for people 65 and older is accelerated, and requires a follow-up study.
Watch The required study: completion due Jul 31, 2029, final report May 31, 2030.
- Demand
Seasonal orders and inventory write-downs
Q3 and Q4 were 87% of FY2025 revenue. Inventory write-downs were $291 million in FY2025 and $495 million in FY2024. The 10-K calls these markets seasonal, and fragmented in the US.
Watch Inventory ($280 million at Jun 30, 2026) and write-downs in cost of sales.
09Both sides
What do supporters and critics point to?
What supporters point to
- Operating expenses fell from $11,087 million in FY2023 to $5,018 million in FY2025.
- The FDA approved mFLUSIVA on Aug 5, 2026, and the EU authorized mCOMBRIAX in April 2026, adding to the COVID and RSV vaccines.
- Moderna said in October 2026 that its INTerpath-001 Phase 3 melanoma trial met its primary endpoint, recurrence-free survival; the treatment is investigational and not approved.
- Cash and investments were $6,910 million at Jun 30, 2026 against $591 million of filed debt, before the July payment and the September notes.
What critics point to
- Moderna reported an operating loss in FY2023, FY2024, FY2025 and every quarter since; it was $3,074 million in FY2025.
- COVID vaccines were 93.1% of FY2025 revenue, and the RSV vaccine sold $8 million.
- Up to $1.3 billion more may be owed to Arbutus and Genevant, depending on an appeal, and several other patent suits state no amounts.
- Moderna deducted 45.0% of FY2025 gross product sales for chargebacks, discounts, fees, returns and rebates.
- Moderna said on Jul 31, 2026 that its norovirus Phase 3 trial did not meet statistical criteria for early success at its interim analysis.
10What to watch next
What should you watch next at Moderna?
Next event
Q3 FY2026 results
Nov 6, 2026
Date confirmed by the company
The Sep 30, 2026 balance sheet
Moderna announced on Oct 13, 2026 that it will report on Nov 6, 2026. The Q2 FY2026 figure of $6,910 million predates the $950 million July payment and the $3.0 billion September notes.
How much revenue arrives in Q3
Moderna said on Jul 31, 2026 that it expected about 55% of second-half 2026 revenue in Q3. Q3 FY2025 revenue was $1,016 million.
The Federal Circuit appeal
Up to $1.3 billion more to Arbutus and Genevant depends on it. Moderna pays $1.3 billion if it loses on all the doses in the appeal, and a prorated amount if it wins on some.
11Key dates
What are the key dates for Moderna?
| Event | Date | Source |
|---|---|---|
| Q3 FY2026 results8:00 a.m. ET, as Moderna announced on Oct 13, 2026. | Moderna to Report Third Quarter 2026 Financial Results on Friday, November 6, 2026 | |
| Analyst Day | Q2 2026 earnings release (Form 8-K Ex. 99.1) | |
| mFLUSIVA required study: completion dueFinal report due May 31, 2030. | FDA approval letter, BL 125869/0, Influenza Vaccine, mRNA (mFLUSIVA) | |
| Convertible notes: earliest optional redemptionOnly if the share price has been at least 130% of the conversion price, as the 8-K sets out. | Form 8-K: $3.0 billion convertible senior notes due 2032 and capped calls | |
| Term loan due | Form 8-K: $1.5 billion credit and guaranty agreement; Form 10-Q for Q2 fiscal 2026 (quarter ended June 30, 2026) | |
| Convertible notes due | Form 8-K: $3.0 billion convertible senior notes due 2032 and capped calls |
Learn: IPO lock-up agreements: what they are and when they end
12Key facts
Key facts about Moderna
- What does Moderna do?
- Moderna, Inc. develops and sells medicines built on mRNA, the molecule cells use as instructions to make a protein. Its sales in FY2025 were almost all COVID vaccines: $1,810 million of $1,944 million total revenue.
- How does Moderna make money?
- Moderna makes money mainly by selling vaccines. In FY2025 net product sales were $1,818 million (93.5% of revenue) and other revenue, such as grants, partner payments and stand-ready manufacturing, was $126 million (6.5%).
- What is Moderna's business model?
- Moderna's business model is to pay for research and trials on mRNA medicines, then sell the ones that win approval. In FY2025 Moderna spent $3,132 million on research and development and had $1,944 million of revenue.
- Is Moderna profitable?
- Moderna is not profitable: it reported a net loss of $2,822 million in FY2025 and $782 million in Q2 FY2026. Moderna's last full-year net income was $8,362 million in FY2022.
- How big is Moderna?
- Moderna had revenue of $1,944 million, an operating loss of $3,074 million and a net loss of $2,822 million in FY2025, and about 4,700 full-time employees on Dec 31, 2025.
- What is Moderna's revenue by segment?
- Moderna reports one segment, so it has no revenue by segment. By product in FY2025: COVID vaccines $1,810 million, RSV vaccine $8 million, other revenue $126 million. By customer location: US 61.7%, Europe 2.7%, rest of world 35.6%.
- How much does Moderna earn from COVID vaccines?
- Moderna's COVID vaccines, Spikevax and mNEXSPIKE, had net product sales of $1,810 million in FY2025, down from $3,084 million in FY2024. Moderna's filings report the two vaccines as one line.
- What else does Moderna sell besides COVID vaccines?
- Moderna's RSV vaccine, mRESVIA, had net product sales of $8 million in FY2025. The FDA approved Moderna's flu vaccine, mFLUSIVA, on Aug 5, 2026, and the EU authorized its flu plus COVID vaccine, mCOMBRIAX, in April 2026. Moderna's sales table through Jun 30, 2026 lists only COVID and RSV.
- Who are Moderna's customers?
- In FY2025 FFF Enterprises paid 15% of Moderna's revenue, Public Works and Government Services Canada 13% and Cardinal Health 11%. Moderna's FY2025 10-K names no customer for the other 61%.
- Who owns Moderna?
- FMR LLC reported 13.1% of Moderna's shares at Jun 30, 2026. CEO Stéphane Bancel held 7.6%, and all 12 officers, directors and nominees held 10.8%, at Mar 9, 2026, counting options. Moderna has one share class, with one vote per share.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Moderna sell?
COVID vaccines: Spikevax and mNEXSPIKE ($1,810M in FY2025)
Shots against COVID-19. Filings report the two as one line. The FDA approved mNEXSPIKE in May 2025, and it launched in the third quarter of 2025.
RSV vaccine: mRESVIA ($8M)
A vaccine against respiratory syncytial virus, approved by the FDA in May 2024. Sales were $25 million in FY2024.
Flu vaccine: mFLUSIVA (approved Aug 5, 2026)
FDA-approved for people 50 and older; for 65 and older, the approval is accelerated, with a required follow-up study. No sales line through Jun 30, 2026.
Flu plus COVID vaccine: mCOMBRIAX (EU, April 2026)
Authorized in Europe for people 50 and older. The Q2 FY2026 10-Q reports no FDA approval, and no sales line through Jun 30, 2026.
Other revenue ($126M)
In FY2025: stand-ready manufacturing $80 million, grants $22 million, partner payments $13 million, licensing and royalties $11 million. Stand-ready means governments pay Moderna to keep mRNA capacity ready for a pandemic.
What it does
- Does: Sells vaccines through wholesalers and distributors in the US, and to governments
- Does: Makes vaccines in its own plants in Massachusetts, Canada, Australia and the UK
- Does: Runs 36 development programs (Jun 30, 2026) and shares the cancer program's costs with Merck
What it does not do
- Does not: Does not split COVID sales between Spikevax and mNEXSPIKE
- Does not: Does not report revenue or profit by segment: it has one segment
- Does not: Does not sell a cancer treatment: intismeran, tested with Merck, is investigational and not approved
14How the money flows
14How the money flows · FY2025
How does money flow through Moderna?
Money in
- Net product sales (vaccines)$1.8B
- Other revenue (grants, partners, stand-ready manufacturing)$126M
- Interest income on cash and investments$314M
The company
Moderna
$2.3B came in
Money out
- Cost of sales, including royalties and inventory write-downs$868M
- Research and development$3.1B
- Selling, general and administrative$1.0B
- Other expense, net$8M
- Income tax$54M
- Net loss−$2.8B
- Customers paid $1,944 million in FY2025: $1,818 million for vaccines and $126 million from grants, partners and other sources.
- Interest on Moderna's cash and investments added $314 million.
- Making the vaccines took $868 million, including $291 million of inventory write-downs and $88 million of royalties.
- Research and development took $3,132 million. Selling and administration took $1,018 million.
- That left an operating loss of $3,074 million, and a net loss of $2,822 million after interest, other costs and tax.
15What it needs to run
15What it needs to run
What does Moderna need to run?
Its own plants
A Norwood, Massachusetts campus of about 722,000 square feet, bought in December 2024, plus Marlborough, Massachusetts. Sites in Laval, Canada and Clayton, Australia can each make up to 100 million doses a year. Harwell, UK opened in September 2025.
Research staff and partners
About 4,700 full-time employees at Dec 31, 2025, down from about 5,800 a year earlier. Merck generally shares intismeran's costs and any profits or losses equally worldwide.
Outside funding for research
Blackstone agreed in March 2024 to fund up to $750 million of the flu program, which cut R&D expense by $340 million in FY2025. It gets low single-digit royalties and up to $750 million in sales milestones if approval depends on the funded work.
Long purchase commitments
At Dec 31, 2025 Moderna had non-cancelable commitments of $411 million for raw materials and manufacturing through 2029, and $1.0 billion for R&D and other goods.
16Where it sells
16Where it sells · FY2025
Where does Moderna sell?
- United States62%
- Rest of world36%
- Europe3%
17Competitors and what protects it
17Competitors and what protects it
Who does Moderna compete with?
Pfizer and BioNTech
The 10-K's main named COVID vaccine rival, also using mRNA. It adds that Pfizer's antiviral pill may reduce vaccine demand, and that Pfizer also sells an RSV vaccine.
GlaxoSmithKline
Sells an RSV vaccine. The 10-K says GSK and Pfizer entered the US market before Moderna.
Sanofi
Named in the 10-K as a COVID vaccine competitor.
Novavax
Named in the 10-K as a COVID vaccine competitor.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Approved vaccines3 of 5
Moderna had four approved products at Jun 30, 2026, and the FDA approved mFLUSIVA on Aug 5, 2026. COVID still made up 93.1% of FY2025 revenue.
- Own manufacturing3 of 5
Moderna runs plants in the US, Canada, Australia and the UK. Governments paid $80 million of stand-ready manufacturing revenue in FY2025, while unused capacity and wind-down cost $93 million.
- Patents2 of 5
Moderna has patent suits against Pfizer and BioNTech in six countries. It also faces patent suits from several companies, and paid $950 million in July 2026 to settle with Arbutus and Genevant.
Weak spot
One product line
COVID vaccines were 93.1% of FY2025 revenue. The 10-K says RSV sales "have been minimal to date": they were $8 million in FY2025.
18Where growth could come from
18Where growth could come from
Where could Moderna's growth come from?
Moderna said in its Q2 2026 release (Jul 31, 2026) that it targets up to 10% revenue growth from 2025. It expected a split of about 50% US and 50% international, and about 55% of second-half revenue in Q3. It expected R&D of about $2.9 billion and year-end cash and investments of $4.7–5.2 billion, excluding further credit facility draws. That cash range predates the $3.0 billion of notes closed on Sep 1, 2026.
COVID vaccines
Mixed$1,810M in FY2025
Sales fell from $3,084 million in FY2024. They were $436 million in the first half of 2026, up from $198 million a year earlier; Moderna had moved UK deliveries to Q1 2026.
Status: Mixed, partly on track.
mFLUSIVA flu vaccine
NewFDA approval Aug 5, 2026
No sales line through Jun 30, 2026. The FDA requires a follow-up study for people 65 and older, due to finish by Jul 31, 2029.
Status: New, recently announced.
mCOMBRIAX flu plus COVID vaccine
NewEU authorization, April 2026
Authorized in Europe for people 50 and older. No sales line through Jun 30, 2026.
Status: New, recently announced.
Intismeran cancer treatment, with Merck
EarlyInvestigational, not approved
Moderna said in an Oct 24, 2026 web post that its INTerpath-001 Phase 3 melanoma trial, testing intismeran with pembrolizumab, met its primary endpoint, recurrence-free survival. Moderna's SEC filings through Nov 1, 2026 do not give the trial's figures, so this page does not show them.
Status: Early, too early to judge.
Norovirus vaccine mRNA-1403
BehindNo early success at interim
Moderna said on Jul 31, 2026 that the Phase 3 trial did not meet statistical criteria for early success at its interim analysis. It is working toward enrolling an additional group.
Status: Behind, behind the company's own plan.
Lower costs
Working$5,018M operating expenses, FY2025
Operating expenses fell from $7,181 million in FY2024. Moderna said on Jan 12, 2026 that it expected about $4.9 billion in 2026; first-half 2026 expenses were $2,737 million, including the $876 million settlement charge. The $4.9 billion predates the settlement. On Jul 31, 2026 Moderna said it expected 2026 cost of sales of about $1.7 billion, including the $0.9 billion settlement, R&D of about $2.9 billion and SG&A of about $1.0 billion.
Status: Working, on track against what the company said.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
19Financial strength and debt
19Financial strength · Jun 30, 2026
How much debt does Moderna have?
- Total debt$591M
- Cash and investments$6.9B
- Net cash (cash minus debt)$6.3B
- Net worth (shareholders' money)$6.8B
- Debt to equity
- 0.09×
- $ of debt for every $1 of shareholders' money
- Contingent liabilities
- $1.3B
- possible future payments, e.g. disputed claims
- Cash and investments of $6,910 million at Jun 30, 2026 are $1,723 million of cash, $3,415 million of current investments and $1,772 million of non-current investments. Net cash is a Cityfort calculation from Q2 FY2026 earnings release.
- After that date: Moderna paid the $950 million settlement in July 2026, which was an accrued liability at Jun 30. It closed $3.0 billion of convertible notes on Sep 1, 2026, with net proceeds of about $2,957.3 million, of which $328.8 million paid for capped calls. The Q2 FY2026 balance sheet reflects neither cash movement. This page does not combine them.
- Debt is the term loan: $600 million principal, $591 million on the balance sheet, due Nov 24, 2030. Interest is Term SOFR, a floating benchmark rate, plus 5.50% (about 9.20% at Jun 30, 2026). Lenders have first claim on substantially all assets (a first-priority lien).
- The loan requires at least $500 million of cash and equivalents ($750 million if more than $1.0 billion is drawn). That test does not apply while 30-day average market value exceeds $5.0 billion. A further $400 million (through Nov 2027, on customary conditions) and $500 million (through Nov 2028, subject to regulatory milestones) are undrawn.
- Up to $1.3 billion more may be owed to Arbutus and Genevant, depending on a Federal Circuit appeal. Moderna has not recorded it as owed, because it does not consider a loss probable.
- Leases are not counted as debt here. At Dec 31, 2025 non-current lease liabilities were $653 million (operating) and $20 million (financing).
20Who owns it
20Who owns it · ownership as of Mar 9, 2026
Who owns Moderna?
- Officers and directors (as a group), shares
- 10.8%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q for Q2 fiscal 2026 (quarter ended June 30, 2026); Proxy statement for the 2026 annual meeting (DEF 14A); Schedule 13G/A: FMR LLC (event June 30, 2026) and 4 more
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
21What it does with profit
21What it does with profit
What does Moderna do with its profit?
Buyback · Dec 31, 2021
FY2021: repurchased $857 million of stock.
$857M
Buyback · Dec 31, 2022
FY2022: repurchased $3,329 million of stock.
$3.3B
Buyback · Dec 31, 2023
FY2023: repurchased $1,153 million of stock, including excise tax, as labeled in the FY2023 10-K.
$1.2B
Money raised · Nov 19, 2025
Signed a credit agreement for up to $1.5 billion, with lenders headed by Ares Capital; $600 million drawn.
$1.5B
Money raised · Sep 1, 2026
Closed $3.0 billion of 0.00% convertible senior notes due Mar 1, 2032: debt that can turn into shares. Initial conversion price about $210.58 a share, stated as 47.5% above the $142.77 Nasdaq close on Aug 27, 2026. Capped calls, side contracts meant to reduce dilution, cost $328.8 million.
$3.0B
22Governance signals
22Governance signals
What do Moderna's governance filings show?
- Auditor
- Ernst & Young LLP, since 2014
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The proxy reports no related-party transactions above $120,000 since Jan 1, 2025, other than compensation and indemnification.
- Credit rating
- No public credit rating found
Flags to know about
other
Patent suits
At Jun 30, 2026 Moderna had patent suits against Pfizer and BioNTech in the US, Germany, the Netherlands, the UK, Ireland and Belgium. GSK, Northwestern University, Bayer and Monsanto, mNG Bio, BioNTech, CureVac, and Translate Bio and other Sanofi subsidiaries have filed patent suits against Moderna. The 10-Q gives no amounts.
other
Shareholder suits
Moderna faces shareholder class action and derivative litigation in the US District Court for the District of Massachusetts, related to statements about its RSV vaccine. The 10-Q gives no amount.
regulatory · Feb 3, 2026
FDA refusal-to-file letter, then approval
Moderna said the FDA notified it on Feb 3, 2026 that it would not start reviewing its flu vaccine application, a refusal-to-file letter. Moderna's Feb 10 release said the letter cited its choice of comparison vaccine as the sole reason. The FDA accepted an amended filing that month and approved the vaccine on Aug 5, 2026.
other
Insider sales under Rule 10b5-1 plans
Bancel exercised 751,715 options on Aug 5–6, 2026 and sold 499,246 shares on Aug 5 under a plan covering expiring options, exercise price and taxes. Hoge sold 478,961 shares from Feb 23 to Oct 15, 2026, and Mock 34,836 on Sep 10.
other · May 6, 2026
Pay vote
At the 2026 annual meeting, 65.1% of votes cast for or against supported executive pay (169,401,841 for, 90,761,924 against).
disclosure
No adjusted figures
The Q4 FY2025 and Q2 FY2026 earnings releases show no non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more reconciliation, so this page has only GAAP figures. Directors, officers and employees may not hedge Moderna shares or use them as collateral.
23What the market paid
23What the market paid · price as of Oct 30, 2026
What did the market pay for Moderna on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: Moderna shares closed at $221.72 on Nasdaq. Market value = $221.72 × 399,235,889 shares (Jul 24, 2026 10-Q cover) = about $88,519 million (Cityfort calculation from the Oct 30, 2026 Nasdaq closing price and the Q2 FY2026 10-Q cover). Shares that the convertible notes could add are not counted. P/E (price ÷ earnings per share) is not shown because Moderna reports a net loss.
- Share price
- $221.72
- Market value (market cap)
- $88.5B
Source: MRNA historical prices, October 26 to 30, 2026; Form 10-Q for Q2 fiscal 2026 (quarter ended June 30, 2026); Form 8-K: $3.0 billion convertible senior notes due 2032 and capped calls
24How it got here
24How it got here
How did Moderna get here?
2010
Milestone
Founded
Moderna was founded in 2010. Stéphane Bancel became CEO in October 2011.
2020
Business-model change
First product sales
FY2020 revenue reached $803 million, including $200 million of product sales. FY2019 revenue was $60 million, with no product sales.
2021
Business-model change
COVID vaccine sales peak
Revenue was $18,471 million in FY2021 and $19,263 million in FY2022. The European Commission paid 32% and the US government 29% in FY2021.
2022
Milestone
Merck partnership and buyback
Merck exercised its intismeran option in September 2022 for a $250 million fee. A $3.0 billion buyback was authorized from Aug 1, 2022.
2023
Crisis
Revenue falls and losses begin
Revenue fell to $6,848 million in FY2023, with an operating loss of $4,239 million. A $772 million tax charge, from a valuation allowance, took the net loss to $4,714 million.
2024
Milestone
RSV vaccine and a new campus
The FDA approved mRESVIA in May 2024. Blackstone agreed to fund up to $750 million of flu work in March, and Moderna bought its Norwood campus in December.
2025
Business-model change
First long-term debt
In November 2025 Moderna signed a credit agreement for up to $1.5 billion and drew $600 million. Its balance sheet had shown no long-term debt before then.
2026
Crisis
Settlement with Arbutus and Genevant
Settled on Mar 3, 2026. Moderna paid $950 million in July, with up to $1.3 billion more depending on an appeal.
2026
Milestone
Flu vaccine approved
The FDA approved mFLUSIVA on Aug 5, 2026, after the EU authorized the flu plus COVID vaccine mCOMBRIAX in April.
2026
Business-model change
$3.0 billion of convertible notes
Closed on Sep 1, 2026, with 0.00% interest and a Mar 1, 2032 due date.
25Sources and changes
Where every number on this page comes from
Sources (38 documents)
- S1Form 10-K for fiscal 2025 (year ended December 31, 2025) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2026
- S2Form 10-K for fiscal 2024 · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2025
- S3Form 10-K for fiscal 2023 · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 23, 2024
- S4Form 10-K for fiscal 2022 · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2023
- S5Form 10-K for fiscal 2021 · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2022
- S6Form 10-Q for Q2 fiscal 2026 (quarter ended June 30, 2026) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2026
- S7Form 10-Q for Q1 fiscal 2026 · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2026
- S8Form 10-Q for Q3 fiscal 2025 · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
- S14Q2 2026 earnings release (Form 8-K Ex. 99.1) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2026
- S15Q1 2026 earnings release (Form 8-K Ex. 99.1) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2026
- S16Q4 and full-year 2025 earnings release (Form 8-K Ex. 99.1) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 13, 2026
- S17Q3 2025 earnings release (Form 8-K Ex. 99.1) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
- S18Q2 2025 earnings release (Form 8-K Ex. 99.1) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 1, 2025
- S19Q1 2025 earnings release (Form 8-K Ex. 99.1) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2025
- S20Q4 and full-year 2024 earnings release (Form 8-K Ex. 99.1) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 14, 2025
- S21Q3 2024 earnings release (Form 8-K Ex. 99.1) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2024
- S22Proxy statement for the 2026 annual meeting (DEF 14A) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 16, 2026
- S24Form 8-K: $3.0 billion convertible senior notes due 2032 and capped calls · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 1, 2026
- S25Form 8-K: Juan Andres appointed Chief Operating Officer · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 30, 2026
- S27Form 8-K: 2026 annual meeting voting results · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 11, 2026
- S28Form 8-K: Arbutus/Genevant settlement agreement · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 5, 2026
- S29Form 8-K: refusal-to-file letter for mRNA-1010 (Ex. 99.1 press release) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
- S30Form 8-K: preliminary 2025 results and 2026 framework (Ex. 99.1) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 12, 2026
- S31Form 8-K: 2025 Analyst Day release (Ex. 99.1) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 20, 2025
- S32Form 8-K: $1.5 billion credit and guaranty agreement · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 24, 2025
- S33Form 8-K: preliminary 2024 results and 2025 framework (Ex. 99.1) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 13, 2025
- S34Schedule 13G/A: FMR LLC (event June 30, 2026) · FMR LLC (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
- S35Schedule 13G: Capital World Investors (event June 30, 2026) · Capital World Investors (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
- S36Schedule 13G/A: Baillie Gifford & Co (event June 30, 2026) · Baillie Gifford & Co (SEC EDGAR) · Tier 1: company or exchange filing · Jul 24, 2026
- S37Schedule 13G: Vanguard Capital Management (event March 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S38Schedule 13G/A: The Vanguard Group (event March 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S39Forms 4 filed for Moderna, February 1 to October 16, 2026 (EDGAR list) · SEC EDGAR · Tier 1: company or exchange filing · Oct 16, 2026
- S40FDA approval letter, BL 125869/0, Influenza Vaccine, mRNA (mFLUSIVA) · U.S. Food and Drug Administration · Tier 2: rating agency or regulator · Aug 5, 2026
- S42IR Insights: Recapping the Phase 3 INTerpath-001 Results · Moderna, Inc. · Tier 3: context only · Oct 24, 2026
- S43Moderna to Report Third Quarter 2026 Financial Results on Friday, November 6, 2026 · Moderna, Inc. (Newswire.com) · Tier 3: context only · Oct 13, 2026
- S45EDGAR filing list and submissions data for Moderna, Inc. (CIK 0001682852) · SEC EDGAR · Tier 1: company or exchange filing · Nov 1, 2026
- S46MRNA historical prices, October 26 to 30, 2026 · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
- S47Form 8-K: FDA notice on mRNA-1010 (main document, Item 8.01) · Moderna, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q2 FY2026)
- v1 · Nov 1, 2026First version, through Q2 FY2026 (quarter ended Jun 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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