Shares of Moderna MRNA rose 13% in the past week after the company announced preliminary sales for the full-year 2025, as well as business outlook for 2026 and beyond. It also outlined some expected milestones for its pipeline candidates.
Moderna Posts Encouraging Financial Updates
The company reported unaudited/preliminary total revenues of $1.9 billion in 2025, which is above the mid-point of the previously issued guidance range of $1.6-$2.0 billion. MRNA also expects to incur between $5.0 billion and $5.2 billion in operating expenses for the full year, compared to the previous guidance of $5.2-$5.4 billion.
Moderna now anticipates ending 2025 with cash and cash equivalents worth $8.1 billion, up from its previous forecast of $6.5-$7.0 billion. This uptick is mainly due to the company’s drawdown of $0.6 billion from its recently announced $1.5 billion term loan facility from Ares Management Credit Funds.
However, the highlight of these financial updates was the 2026 guidance. Moderna expects the full-year revenues to grow up to 10%, while targeting operating expenses of about $4.9 billion.
Though MRNA did not provide any information on revenues for 2027, it expects operating expenses in the range of $4.2-$4.7 billion. Management reiterated its target of achieving break-even on an operating cash flow basis by 2028.
MRNA Stock Performance
Year to date, Moderna’s shares have risen 20% compared with the industry’s 19% growth.
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Moderna’s 2026 Expected Milestones and Pipeline Goals
The company has more than 30 mRNA-based investigational candidates across different stages of clinical studies, targeting various indications, including cancer.
Earlier this month, Moderna announced that it submitted regulatory filings seeking approval for its seasonal influenza vaccine mRNA-1010 across the United States, European Union, Canada and Australia. These filings are based on data from multiple late-stage studies, which show that the immune responses generated by the vaccine are at least as effective as those from currently available standard and high-dose flu shots marketed by GSK plc GSK and Sanofi SNY. Although MRNA expects to secure approval for this vaccine this year, we do not expect a commercial launch until next year.
This development has also raised hope for mRNA-1083, Moderna’s investigational combination vaccine against COVID-19 and influenza. Although a filing was initially submitted for this vaccine, it was withdrawn by Moderna in May 2025 after the agency requested additional efficacy data for the flu component. This candidate integrates the company’s COVID-19 shot with mRNA-1010. This requested data has also been submitted as one of the studies supporting the mRNA-1010 filing. The company is currently awaiting further guidance from the FDA for a potential filing of this vaccine.
Before this year’s end, Moderna expects data readouts from two late-stage studies on its RSV and norovirus vaccines.
An important candidate in the company’s pipeline is intismeran autogene, a personalized cancer therapy which is being developed in collaboration with Merck MRK. The companies are evaluating the therapy in three pivotal phase III studies — one in the melanoma indication and the other two in the non-small cell lung cancer (NSCLC) space. Moderna and Merck are also evaluating the therapy across various mid-stage studies for other cancer indications. A commercial launch for this cancer therapy is targeted for next year.
Based on the success achieved with intismeran, Moderna is now focusing on expanding its oncology pipeline. It is also prioritizing the development of mRNA-4359, an investigational checkpoint adaptive immune modulation therapy, currently being evaluated in early-to-mid-stage studies for first-line melanoma and first-line metastatic NSCLC. A data readout on the phase II portion of this study is expected before the end of 2026.
Moderna, Inc. Price
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MRNA’s Zacks Rank
Moderna currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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