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12:00
Jul 31 ◎

MRNA FY2026 Q2 Watch

Moderna, Inc. (MRNA) FY2026 Q2 Earnings Call

MRK MRNA SNY GSK ▾

Stéphane Bancel

Moderna's flu vaccine (mRNA-1010) has the capability to update its strain selection in under two months, a potential flexibility advantage over incumbent flu vaccines in response to late-season strain mismatches. — A late strain update capability could allow Moderna to offer a better-matched vaccine in a given season, potentially shifting market share from incumbent flu vaccine makers.

"And so, as you can imagine, Moderna and their Merck colleagues have been very active Stephen talked about manufacturing a minute ago, but they've been very active on the commercial side of the house in terms of medical affairs, marketing,"

MRK WATCH

Jamie Mock

Guidance is maintained, not raised, with revenue growth expected but offset by potential COVID vaccination rate declines. Core pipeline milestones (e.g., INT readout) are highlighted as key near-term value drivers.

"We still expect total revenue to grow up to 10% in 2026 with the geographic mix and quarterly phasing I previously mentioned."

MRNA WATCH

Stephen Hoge

"Our demonstrated capability in the COVID context is less than two months, and so strain selections have happened as late as early July in the history of COVID and we've been able to make a fall vaccination season work with millions of"

SNY WATCH

Stéphane Bancel

Moderna indicates that Europe will become a major growth driver starting in 2027, as an exclusive EU partnership from the pandemic era potentially expires, opening the door for their products. — Entry into the European market for COVID/flu vaccines would directly challenge incumbents Sanofi and GSK in a major market.

"So we really see Europe as a very important growth driver for us."

GSK WATCH

HIGH

12:00
May 01 ◎

MRNA FY2026 Q1 Watch

Moderna, Inc. (MRNA) FY2026 Q1 Earnings Call

MRK GNMS CEPI ABUS MRNA ▾

Stephen Hogue

The initiation of the INT Phase III in stage 1 lung cancer as a monotherapy is a significant expansion of the addressable market and a potentially pivotal trial. — Success could open a huge market segment where treatment is surgery and watchful waiting, and also support a monotherapy profile for INT.

"We and our partner, Merck, have been really excited by the clinical data that we've seen within TIS4N to date"

MRK WATCH

Jamie Mock

A settlement payment shared with Arbutus will be a cash inflow for Geneosoma, but the exact split is not disclosed.

"we entered into a settlement agreement with Arbutus and Genobon, resolving all litigation with them worldwide."

GNMS WATCH

Stéphane Boncel

CEPI's support is funding Moderna's pandemic flu program, now in Phase III, a non-commercial partnership.

"we support from CEPI, our pandemic flu program, mRNA-1018, has now initiated its phase three study"

CEPI WATCH

Jamie Mock

A $950M settlement payment to Arbutus/Genebon is due in Q3 2026, but Moderna has not reserved the potential $1.3B Section 1498 liability, creating a binary cash risk event in 2027-2028. — A negative ruling would be a significant cash drain on an already cash-burning company.

"we entered into a settlement agreement with Arbutus and Genobon, resolving all litigation with them worldwide."

ABUS WATCH

Stéphane Boncel

Management reiterates up to 10% revenue growth for 2026, reiterates $4.2B adjusted cash costs target, and sees multiple value drivers including EU approvals and oncology pipeline catalysts.

"The Moderna team delivered a great quarter all around. In the first quarter, we grew year-over-year revenues significantly."

MRNA WATCH

HIGH

13:00
Feb 13 ◎

MRNA FY2025 Q4 Watch

Moderna, Inc. (MRNA) FY2025 Q4 Earnings Call

MRK RCDOY GILD PFE SNY ▾

Stéphane Boncel

Merck is the co-developer and commercial partner for Moderna's lead individualized cancer therapy (INT). Management's confidence is reinforced by positive five-year data, implying progress toward a potential BLA submission by Merck.

"For intramural or individual cancer therapy developed in partnership with Merck, we recently reported positive five-year phase two data in adjuvant melanoma."

MRK WATCH

Stéphane Boncel

Recordati gains global commercialization rights for Moderna's PA candidate, leveraging its rare disease infrastructure; for Recordati, this is a potential new late-stage asset in its portfolio.

"First, an agreement with Ricardati for the global commercialization of our proprionic acidemia rare disease candidate, currently in a pivotal study."

RCDOY WATCH

Stephen Hogue

Moderna's flu vaccine (mRNA-1010) was refused filing by the FDA, but is progressing in Europe, Canada, and Australia. The company highlights a potential strain mismatch in the US vs. Northern Hemisphere, positioning its mRNA platform as a solution for better strain matching. — If Moderna secures approvals abroad, it could gain share in international markets while incumbents like Pfizer and GSK are locked into traditional strain selection, leading to a competitive advantage in vaccine efficacy.

"In the United States, it is a different strain than is circulating in the rest of the Northern Hemisphere. And there doesn't look like there would be great cross protection."

GILD WATCH PFE WATCH

Stéphane Boncel

The European respiratory vaccine market (approx. $1.8 billion) is opening up to Moderna in 2027, as a competitor's pandemic contract expires, allowing Moderna to launch multiple products and challenge incumbent players. — This opens a major new market for Moderna, directly competing with established players like Pfizer, GSK, and Sanofi, potentially disrupting their respiratory franchise revenues.

"We look forward to significant expansion of our addressable market with the opening of the $1.8 billion European respiratory vaccines market. As a reminder, we have been excluded from this region for several years due to a competitor"

SNY WATCH

Stéphane Boncel

Mexico is a committed multi-year customer for Moderna's respiratory vaccines, providing demand visibility and international revenue growth.

"We also announced earlier this week a five-year strategic agreement with the government of Mexico for respiratory vaccine supply."

N/A WATCH

Stéphane Boncel

Management expresses optimism by guiding up to 10% revenue growth for 2026, driven by international partnerships and new product approvals, while maintaining strict cost discipline.

"Moderna has strong momentum as we head into 2026. We are poised to deliver up to 10% revenue growth as we continue to reduce costs."

MRNA WATCH

HIGH

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