Moderna, Inc.
- Open
- 134.10
- Day high
- 144.20
- Day low
- 133.85
- Prev close
- 137.99
- Volume
- 18.5M
- Mkt cap
- $56.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 8.3
- P/S
- 25.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$35.2M over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions accumulating (13F)
Moderna, Inc. (MRNA) is a Healthcare company listed on NASDAQ. The stock is up 485% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4).
Moderna, Inc. (MRNA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MRNA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 31, 2026 | $-2.03 | $-1.97 | +3.0% | $145M | +41.1% |
| May 1, 2026 | $-3.02 | $-1.18 | +60.9% | $389M | +64.6% |
| Feb 13, 2026 | $-2.60 | $-2.11 | +18.8% | $678M | +135.3% |
| Nov 6, 2025 | $-1.87 | $-0.51 | +72.7% | $1.0B | +9.1% |
| Aug 1, 2025 | $-2.99 | $-2.13 | +28.8% | $142M | -84.1% |
| May 1, 2025 | $-2.92 | $-2.52 | +13.7% | $107M | -6.8% |
| Feb 14, 2025 | $-2.68 | $-2.50 | +6.7% | $956M | -1.9% |
| Nov 7, 2024 | $-1.91 | $0.03 | +101.6% | $1.9B | +50.6% |
| Aug 1, 2024 | $-3.35 | $-3.33 | +0.6% | $241M | +88.3% |
| May 2, 2024 | $-3.56 | $-3.07 | +13.8% | $167M | +79.1% |
| Feb 22, 2024 | $-0.97 | $0.55 | +156.7% | $2.8B | +12.6% |
| Nov 2, 2023 | $-2.01 | $-1.39 | +30.8% | $1.8B | +37.3% |
MRNA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 7, 2026 | Bancel Stephanedirector, officer: Chief Executive Officer | Option | 370,853 | $19.15 |
| Aug 7, 2026 | Bancel Stephanedirector, officer: Chief Executive Officer | Sell | 187,044 | $58.79 |
| Aug 7, 2026 | Bancel Stephanedirector, officer: Chief Executive Officer | Sell | 124,838 | $56.96 |
| Aug 7, 2026 | Bancel Stephanedirector, officer: Chief Executive Officer | Option | 252,469 | $19.15 |
| Aug 7, 2026 | Bancel Stephanedirector, officer: Chief Executive Officer | Option | 499,246 | $19.15 |
| Aug 7, 2026 | Bancel Stephanedirector, officer: Chief Executive Officer | Sell | 39,891 | $58.12 |
| Aug 7, 2026 | Bancel Stephanedirector, officer: Chief Executive Officer | Option | 128,393 | $19.15 |
| Aug 7, 2026 | Bancel Stephanedirector, officer: Chief Executive Officer | Sell | 147,473 | $56.21 |
| Aug 7, 2026 | Bancel Stephanedirector, officer: Chief Executive Officer | Option | 64,928 | $19.15 |
| Jul 16, 2026 | Hoge Stephenofficer: President | Option | 16,110 | $19.15 |
| Jul 16, 2026 | Hoge Stephenofficer: President | Sell | 53,336 | $67.60 |
| Jul 16, 2026 | Hoge Stephenofficer: President | Option | 37,226 | $19.15 |
| Jul 10, 2026 | McDonnell Michael R.director | Grant | 7,415 | $73.80 |
| Jul 10, 2026 | McDonnell Michael R.director | Grant | 5,733 | — |
| Jul 10, 2026 | McDonnell Michael R.director | Grant | 1,618 | — |
Source: MRNA SEC Form 4 filings, latest Aug 7, 2026. For informational purposes only — not investment advice.
See the full MRNA insider & 13F page →Moderna, Inc. company profile
Overview
Moderna, Inc. (NASDAQ:MRNA) is a biotechnology company founded in 2010 and headquartered in Cambridge, Massachusetts. The company went public in December 2018 and gained global prominence during the COVID-19 pandemic as one of the first companies to develop and commercialize an mRNA-based vaccine. Originally founded as Moderna Therapeutics, the company changed its name to Moderna, Inc. in August 2018. Today, Moderna has evolved from a single-product COVID vaccine company into a multi-product biotechnology firm with an expanding pipeline of mRNA-based therapeutics and vaccines across multiple disease areas.
Business
Moderna operates in the biotechnology sector, specializing in messenger RNA (mRNA) therapeutics and vaccines. The company's core technology platform uses synthetic mRNA to instruct cells in the human body to produce specific proteins that can prevent or treat diseases. This represents a fundamentally different approach from traditional vaccines, which typically use weakened or inactivated viruses, or protein subunits. The mRNA technology works by delivering genetic instructions wrapped in lipid nanoparticles directly into human cells. Once inside, the cells read these instructions and produce the target protein, which then triggers an immune response or provides therapeutic benefit. This platform approach allows Moderna to potentially develop treatments for a wide range of diseases by simply changing the genetic sequence in the mRNA. Moderna's business is organized around several key therapeutic areas: 1. Respiratory Vaccines (approximately 95% of current revenue): This includes their flagship COVID-19 vaccine Spikevax, which generated the majority of company revenues, and the recently launched RSV vaccine mRESVIA. The company is also developing vaccines for influenza, endemic human coronaviruses, and combination vaccines that target multiple respiratory viruses simultaneously. 2. Oncology Programs (development stage): Moderna's cancer vaccine approach focuses on personalized treatments, particularly their Individualized Neoantigen Therapy (INT) program developed in partnership with Merck, which creates customized vaccines based on each patient's unique tumor profile. 3. Rare Disease Therapeutics (development stage): These programs use mRNA to replace or supplement deficient enzymes in patients with genetic disorders, including treatments for Propionic Acidemia (PA) and Methylmalonic Acidemia (MMA). 4. Latent and Public Health Vaccines (development stage): This includes vaccines for cytomegalovirus (CMV), Epstein-Barr virus, HIV, herpes simplex virus, Zika, and Nipah virus. The company maintains strategic partnerships with major pharmaceutical companies including AstraZeneca, Merck & Co., and Vertex Pharmaceuticals, as well as government agencies like DARPA and BARDA.
Revenue model
Moderna generates revenue primarily through product sales of its approved vaccines, with COVID-19 vaccine sales historically representing the vast majority of revenues. The company sells directly to government agencies, healthcare systems, pharmacies, and through international distributors. Customers include the U.S. government, European health authorities, and private healthcare providers. The business model has evolved significantly since the pandemic peak. In 2022, Moderna generated $18.4 billion in product sales, primarily from COVID-19 vaccines sold to governments during the pandemic emergency phase. However, as the market transitioned to an endemic state, revenues declined substantially to $3.1 billion in 2024, reflecting the shift from government procurement to commercial sales through pharmacies and healthcare providers. Revenue streams include: 1. Direct product sales to government agencies and health systems, 2. Commercial sales through retail pharmacy networks, 3. International sales through distributors and direct contracts, 4. Milestone payments and royalties from partnership agreements. Several factors significantly impact Moderna's margins and profitability. Positive margin drivers include the company's high-margin mRNA platform technology, economies of scale in manufacturing, premium pricing for innovative vaccines, and the potential for combination vaccines that provide multiple disease protection in a single dose. The company's manufacturing scale and process improvements have helped maintain relatively strong gross margins around 50-60% for vaccine products. Negative margin pressures include intense competition from established pharmaceutical giants like Pfizer and GSK, seasonal demand volatility for respiratory vaccines, high research and development costs across multiple therapeutic programs, and pricing pressure as markets transition from pandemic emergency procurement to competitive commercial markets. The company also faces regulatory risks, manufacturing scale-up challenges, and the need for continued investment in clinical trials across its diverse pipeline. Additionally, the shift from government contracts to commercial sales has introduced more complex market dynamics and competitive pressures that can impact both pricing and volume.
Competitive moat
Moderna's competitive moat is moderately strong but faces significant challenges. The company's primary moat stems from its proprietary mRNA platform technology and manufacturing capabilities, which provide several advantages. The platform's versatility allows rapid development of new vaccines and therapeutics by simply modifying the genetic sequence, potentially enabling faster response to emerging diseases and more cost-effective pipeline development compared to traditional biotechnology approaches. The company has built substantial manufacturing expertise in mRNA production, including specialized lipid nanoparticle formulation and cold-chain distribution capabilities. Moderna also benefits from an extensive intellectual property portfolio around mRNA technology and has established regulatory pathways with health authorities globally, providing some barriers to entry for competitors. However, Moderna's moat faces considerable competitive threats. Large pharmaceutical companies like Pfizer-BioNTech, GSK, and others have successfully entered the mRNA space and possess significantly greater resources, established commercial relationships, and broader product portfolios. These competitors can leverage existing sales forces and customer relationships to gain market share in respiratory vaccines. The mRNA technology itself, while sophisticated, is not insurmountable for well-funded competitors to replicate or improve upon. Patent protections will eventually expire, and the fundamental scientific principles are increasingly well understood across the industry. Additionally, traditional vaccine technologies continue to compete effectively in many therapeutic areas, and some may offer advantages in terms of storage requirements or manufacturing costs. Moderna's dependence on respiratory vaccines, particularly COVID-19, creates vulnerability to market saturation and cyclical demand patterns. The company's success in expanding beyond respiratory vaccines into oncology and rare diseases will be crucial for maintaining competitive differentiation, but these areas face their own intense competition from established players with deeper therapeutic expertise and clinical development capabilities.
Risks & safety
Moderna presents a moderate margin of safety with strong liquidity but significant cash burn concerns. **Liquidity and Solvency:** - Strong cash position: $8.4 billion in cash and investments as of Q1 2025 - Low debt levels: Debt-to-equity ratio of 0.07, minimal financial leverage - Current ratio of 4.2x indicates strong short-term liquidity - However, substantial cash burn: $1.2 billion negative free cash flow in Q1 2025 alone **Cash Burn Analysis:** - Operating cash flow negative $1.0 billion in Q1 2025 - Annual cash burn rate projected at approximately $4-5 billion based on recent quarters - At current burn rates, cash runway extends roughly 2-3 years - Management targeting cash breakeven by 2028, requiring significant revenue growth or cost reductions **Valuation Metrics:** - Trading at negative P/E ratios due to current losses - Price-to-book ratio of 1.09x suggests reasonable asset valuation - Enterprise value reflects substantial cash position **Other Considerations:** - Revenue concentration risk: ~95% dependent on COVID vaccine sales - Regulatory approval risks for pipeline products - Competitive pressure in core respiratory vaccine markets - Execution risk on cost reduction targets ($1.4-1.7 billion planned cuts by 2027)
Recent development
Over the past few years, Moderna has undergone a significant strategic transformation from a pandemic-focused single-product company to a diversified mRNA therapeutics platform. The most notable development has been the company's evolution into a multi-product commercial entity with the 2024 approval and launch of mRESVIA, their RSV vaccine for adults, marking their second commercial product alongside the COVID-19 vaccine Spikevax. The company has aggressively pursued cost optimization initiatives, reducing operating expenses by $2.6 billion in 2024 and committing to an additional $1.4-1.7 billion in cost reductions by 2027. This includes streamlining their pipeline focus to approximately 10 high-value programs with near-term approval potential, winding down less promising Phase 3 trials, and optimizing manufacturing operations. Pipeline advancement has been substantial across multiple therapeutic areas. In respiratory vaccines, Moderna has filed for FDA approval of their next-generation COVID vaccine, received positive Phase 3 results for their seasonal flu vaccine, and submitted a combination flu-COVID vaccine for regulatory review. The company has also expanded their RSV vaccine indication to include high-risk adults aged 18-59. In oncology, Moderna has significantly expanded their Individualized Neoantigen Therapy (INT) program beyond melanoma into multiple cancer types, reporting sustained three-year follow-up data showing continued efficacy when combined with Merck's Keytruda. The company is preparing for potential accelerated approval pathways and expanding manufacturing capabilities for personalized cancer vaccines. The rare disease portfolio has shown encouraging progress, with their Propionic Acidemia program selected for FDA's START program and early positive results in Methylmalonic Acidemia treatment. Additionally, Moderna has lifted clinical holds on their Norovirus vaccine program and continues advancing their high-value CMV vaccine through Phase 3 trials. Manufacturing and commercial expansion has included establishing international production capabilities in the UK, Canada, and Australia, while transitioning from government contract sales to commercial pharmacy-based distribution models globally.
MRNA company profile · for informational purposes only — not investment advice.
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