Moderna's stock has been on a remarkable run this year, surging around 650% and outpacing every other stock in the S&P 500. Now, the excitement is centered around its cancer vaccine, intismeran, developed in partnership with Merck.
A recent late-stage trial showed that intismeran, when combined with Merck's Keytruda, reduced the risk of death or recurrence in melanoma patients by 42%. Moderna's CEO, Stéphane Bancel, expressed optimism that the vaccine could be effective in treating other illnesses as well, stating, "We believe it will work everywhere Keytruda works." Keytruda alone generated $32 billion in revenue for Merck last year, highlighting the potential market for intismeran.
Despite the promising results, investors should approach with caution. The vaccine is not yet approved, and while the potential for growth is significant, past performance does not guarantee future success. Moderna's revenue totaled just $1.9 billion in 2025, and the company's financial results have been underwhelming in recent years.
The stock's rally has been impressive, but expectations are high. If intismeran lives up to its potential, Moderna's stock could continue to climb, potentially doubling from its current value. However, investors should tread carefully, as the path to sustained growth is not guaranteed.