Moderna outlined its growth strategy at its 2026 Analyst Day, emphasizing oncology as a key long-term opportunity alongside efforts to improve profitability in its infectious disease vaccine business. The company is leveraging its mRNA platform to develop multiple product franchises beyond COVID-19 vaccines. A standout opportunity is intismeran autogene, a personalized cancer therapy being developed with Merck for high-risk melanoma. Moderna plans to submit a regulatory filing for this therapy by year-end 2026, with potential approval in 2027.
Despite the promising outlook, Moderna's shares fell 7% following the Analyst Day update. The company provided cost expectations for 2027 but offered limited visibility into revenue growth prospects. Shares have surged 684.5% year to date, significantly outpacing the industry's 11.6% rise. The company expects cash costs of approximately $4 billion in 2027 and $4-$4.5 billion annually through 2030, driven by increased investment in oncology.
Moderna is also expanding its infectious disease vaccine portfolio, which includes COVID-19, RSV, and influenza vaccines. The company is preparing for a broader U.S. commercial launch of mFlusiva, its seasonal influenza vaccine, during the 2027-2028 respiratory season. However, Moderna faces stiff competition from larger players like Pfizer, Sanofi, and GSK in the broader vaccines market.
The company continues to expect 2026 revenues to grow 15-25%, as announced earlier with its third-quarter 2026 results. Moderna aims to improve profitability through revenue growth and lower spending on research and development as clinical studies conclude. It expects to end 2026 with approximately $9 billion in total liquidity, providing financial flexibility to support its prioritized pipeline investments.