Moderna beat Q4 2025 revenue estimates with $678 million, driven by COVID-19 vaccine sales, while posting a narrower-than-expected quarterly loss of $2.11 per share.

For 2026, Moderna’s guidance includes roughly $3.0 billion in R&D, about $1.0 billion in SG&A, capital spending of $0.2–0.3 billion, and year-end cash and investments between $5.5 and $6.0 billion.

The company reiterated a 2026 revenue target of up to 10% growth over 2025, with an even US-international sales split anticipated.

Moderna’s ongoing collaborations with Merck and Vertex are matched by evaluations across several cancer trials.

Commercial updates include three approved products (Spikevax, mNEXSPIKE, mRESVIA), new international manufacturing sites, long-term vaccine agreements with Mexico and Taiwan, regulatory approvals for mNEXSPIKE in Canada and Australia, a UK strain-up of Spikevax for spring vaccinations, and a collaboration with Recordati on a propionic acidemia candidate.

In 2026, investors will be watching interim Merck-partnered cancer vaccine data, resolution of FDA concerns on the flu vaccine filing, and Moderna’s ability to sustain 10% revenue growth while keeping costs disciplined.

Moderna’s pipeline includes over 30 mRNA-based candidates, with norovirus vaccine data readout expected in 2026 and a propionic acidemia registrational study delivering potential data that year; the regulatory setback on the seasonal flu vaccine filing is being addressed via a Type A meeting.

Late-stage progress includes eight Phase 2/3 trials for mRNA-4157 in oncology and a 2026 data readout cadence, plus a registrational study for mRNA-3927 with a potential 2026 readout.

Corporate updates feature leadership and investor events (Analyst Day 2025, CEO letter Jan 2026, JP Morgan Conference), with David Berman named Chief Development Officer effective March 2, 2026 and a shareholder meeting set for May 6, 2026.

The broader biotech shift toward disciplined commercialization positions Moderna as a lean, multi-product platform with about $8.1 billion in cash, competing with Pfizer and GSK through partnerships like Merck on neoantigen cancer therapies.

Management reaffirmed a 2026 target of up to 10% revenue growth, signaling confidence in a stabilizing non-COVID pipeline and stricter cost discipline.

Moderna cited stronger commercial execution and pipeline progress as key drivers for 2026, while regulatory headwinds on mRNA-1010 remain a near-term risk.