Moderna (MRNA -2.45%) soared to fame -- and generated billions of dollars in profit -- thanks to its coronavirus vaccine. The biotech company also brought big gains to early investors. The stock climbed 1,200% from the start of 2020 through the end of the following year.

The company's stock market winning streak ended last year, though, when investors started worrying about post-pandemic revenue. And that left Moderna's shares down more than 60% from their peak. Some may say Moderna's moment in the spotlight is over. But a good look at the company's pipeline and vaccine market predictions tells a different story. And that means this cheap growth stock offers you a once-in-a-decade buying opportunity right now. 

The path so far

First, a quick word on Moderna's path so far. The company generated $17.7 billion in vaccine revenue in 2021. And it expects to report $18.4 billion for 2022. The bad news is Moderna's vaccine may not be able to replicate these levels in a post-pandemic environment.

The good news is the vaccine still could lead to significant blockbuster revenue -- and that will support the development of Moderna's late-stage pipeline. As a result, Moderna could launch other potential blockbusters over the next few years. I'll get back to this in a minute in more detail. But first, let's look at two reasons why vaccine revenue should continue at high levels.

These reasons are market size and pricing. Moderna expects the vaccine market to follow that of the flu. That could result in a global annual market size in the range of $12 billion to $24 billion. Today, in the U.S. alone, about half of the population goes for a flu vaccine.

As for price, Moderna has suggested lifting its vaccine price to as much as $130 from today's level of about $25. This could help compensate for demand that won't be as high as it was back in the earlier stages of the health crisis.

Now, let's get back to the subject of potential products beyond the coronavirus vaccine. Moderna has said it expects to bring a flu vaccine and a respiratory syncytial virus (RSV) vaccine to market in the next couple of years.

In fact, the U.S. Food and Drug Administration just granted the RSV candidate Breakthrough Therapy designation. This is to speed up the path to commercialization for candidates with strong trial results -- and that treat or prevent serious conditions. Moderna aims to request approval of the candidate in the first half of this year.

Three billion-dollar opportunities

Flu and RSV represent billion-dollar opportunities for Moderna. The company's cytomegalovirus candidate -- in phase 3 studies -- also represents billions of dollars in potential revenue. And if all goes well, that candidate may also reach commercialization over the next few years.

I'm focusing on Moderna's closest-to-market candidates right now -- those that should transform it into a company with multiple blockbusters beyond the coronavirus program. But Moderna has 48 programs in development. This means the company has what it takes to add to its product portfolio over time even if just a handful of these projects are successful.

Meanwhile, sales of the coronavirus vaccine have put Moderna in an excellent position to embark on this new wave of growth. Thanks to the vaccine, Moderna has more than $18 billion in cash right now.

So, what does this mean for investors? Moderna's data from its phase 3 programs are solid. And the market size for each represents billions of dollars. Phase 3 also implies these potential products are close to the finish line. So, new sources of revenue growth could be right around the corner.

All of this means Moderna's shares may not struggle too much longer. As it is, they've been on the rise over the past few months. Of course, they probably won't return to their peak in a flash. But potential product approvals ahead could help them return to record levels over time. And that makes Moderna a once-in-a-decade buying opportunity right now -- before the new era of growth starts.