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Moderna (MRNA) investor relations material

Moderna Piper Sandler 37th Annual Healthcare Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Piper Sandler 37th Annual Healthcare Conference summary2 Dec, 2025

Industry context and safety discussion

  • mRNA vaccines face public scrutiny and regulatory challenges, with recent claims about safety being refuted by experts and lacking disclosed supporting data.

  • Safety monitoring systems across 90+ countries have not identified new or undisclosed issues after over a billion doses administered.

Financial outlook and revenue drivers

  • COVID vaccine revenues are projected at $1.6–$2 billion for 2025, with U.S. sales expected between $1–$1.3 billion, depending on vaccination rates.

  • Growth over the next three years will be driven by COVID, with flu and norovirus vaccines expected to contribute significantly from 2026 onward, especially through long-term contracts in the U.K., Australia, and Canada.

  • mNEXSPIKE, approved in June, has quickly gained 55% market share and is expected to be a key growth driver.

Product pipeline and regulatory milestones

  • Seasonal flu vaccine filings in the U.S., Europe, Australia, and Canada are targeted for completion by January, aiming for a 2027 market launch.

  • Combination COVID/flu vaccine is under review in Europe and Canada, with potential international approval as early as 2026.

  • RSV vaccine mRESVIA has expanded its label but faces a contracting market and competition; future growth depends on revaccination guidelines.

  • Norovirus vaccine is in phase III, with interim data expected next year and a possible market launch by 2028.

Rationale for Ares credit facility now
INT Phase III melanoma data impact on Moderna
Combination vaccine approval timeline and market
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Frequently asked questions

Pioneering mRNA technology

Moderna was founded on the notion that messenger RNA (mRNA), the molecule sending genetic information from DNA to the cell’s protein factory, could be re-engineered into a versatile set of drugs and vaccines.

With these instructions from the mRNA, our cells could be taught to make whatever our bodies need to treat or prevent disease - virus-slaying antibodies, metabolism-improving enzymes, or heart-caring treats.

Wide range of treatments and vaccines

Founded in September 2010 as “ModeRNA Therapeutics,” named from the combined terms “modified” and “RNA,” the company today has produced 44 different treatments and vaccine candidates, of which 21 have entered clinical trials.

In their pipeline are, among others, vaccines and treatments for influenza, HIV, COVID-19, cancer, and coronary heart disease (CHD). With a market cap of $57 billion, many undoubtedly believe in Moderna's future products.

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