Moderna outlined an ambitious three-year growth strategy at its Analyst Day event, targeting up to 10% revenue growth in 2026 while expanding its seasonal vaccine franchise and advancing its oncology pipeline toward potential breakthrough treatments.
The Cambridge-based mRNA pioneer plans to leverage cash generated from its current marketed products—Spikevax, mRESVIA, and mNEXSPIKE—along with anticipated launches of influenza, flu/COVID combination, and Norovirus vaccines to fund investments in oncology and rare disease therapeutics.
"Over the next three years, we expect to build a large seasonal vaccine franchise for at-risk populations and invest the cash generated into oncology and rare disease therapeutics," said Stéphane Bancel, CEO of Moderna. "We plan to deliver up to 10 percent revenue growth in 2026 while continuing to reduce our R&D investments and diversify further into oncology."
Expanding Vaccine Portfolio
Moderna expects to grow its seasonal vaccine franchise from three currently approved products to as many as six by 2028. The expansion includes several key programs in various stages of development and regulatory review.
The company's seasonal influenza vaccine, mRNA-1010, is approaching regulatory submissions, with Moderna expecting to complete filings for approval in the U.S., EU, Canada, and Australia by January 2026. The flu/COVID combination vaccine mRNA-1083 is currently under review with the European Medicines Agency, with a submission to Health Canada completed in 2025.
For Norovirus prevention, the ongoing Phase 3 study for mRNA-1403 has enrolled a second Northern Hemisphere season (2025-2026) for additional case accruals, with an interim analysis expected in 2026.
Oncology Pipeline Advances
The company's oncology portfolio centers on intismeran autogene (mRNA-4157), developed in collaboration with Merck, which is advancing through eight Phase 2 and Phase 3 clinical trials across multiple tumor types including melanoma, non-small cell lung cancer, bladder cancer, and renal cell carcinoma.
Moderna targets readouts from nine ongoing Phase 2 and Phase 3 clinical studies in its oncology pipeline, including three Phase 3 programs for intismeran autogene. The company has established a purpose-built manufacturing facility in Marlborough, Massachusetts, specifically for individualized neoantigen therapy production, which began clinical batch supply in September 2025.
Additionally, mRNA-4359, a cancer antigen therapy designed to elicit T-cell immune responses against tumor and immunosuppressive cells, continues in Phase 1/2 studies with cohorts in first-line metastatic melanoma and first-line metastatic NSCLC.
Manufacturing and Financial Strategy
Moderna has streamlined its global production network since 2022, exiting eight contract manufacturers while adding three company-built facilities in the UK, Canada, and Australia. The company projects a 10% improvement in gross margins over the next three years through increased volume, manufacturing efficiency, and waste reduction.
The financial outlook includes reducing 2026 and 2027 expected cash costs to approximately $4.2 billion and a range of $3.5 to $3.9 billion, respectively, achieved through disciplined cost management and R&D prioritization. Moderna announced closing a five-year term loan facility for up to $1.5 billion from Ares Management Credit Funds, updating its 2025 projected year-end cash and investment balance to $7.1 to $7.6 billion.
Strategic Portfolio Decisions
As part of its strategic prioritization, Moderna discontinued four pipeline programs: the congenital Cytomegalovirus clinical development program (mRNA-1647), herpes simplex virus program (mRNA-1608), Varicella-Zoster virus program (mRNA-1468), and Glycogen Storage Disease Type 1a program (mRNA-3745).
The company continues advancing rare disease therapeutics, with mRNA-3927 for Propionic Acidemia reaching target enrollment in a registrational study, and mRNA-3705 for Methylmalonic Acidemia selected for the FDA's START program with a registrational study expected to begin in 2026.
