Moderna

Moderna makes medicines that teach human cells how to create their own protective proteins. These products help people fight off viruses and manage serious health conditions like cancer. The company serves patients and healthcare providers around the world using a unique biological coding system.

The Product Lineup

• Respiratory Vaccines: Protective shots against COVID-19 and respiratory syncytial virus (RSV), an infection that affects the lungs and breathing passages.
• Cancer Therapies: Personalized treatments designed to help a patient's own immune system find and destroy tumor cells.
• Rare Disease Treatments: Medicines for inherited metabolic disorders where the body cannot properly break down certain proteins or fats.
• Latent Virus Vaccines: Preventative shots for viruses that stay hidden in the body for years, such as the one causing mono.

New Paths and Partnerships

• Formed a strategic alliance with Recordati in January 2026 to finish developing and sell a new treatment for a rare metabolic disorder.
• Partnered with Merck to test a personalized cancer vaccine combined with an existing immunotherapy drug across eight different clinical trials.
• Launched mNEXSPIKE in the third quarter of 2025 as a new option for COVID-19 protection in U.S. retail pharmacies.
• Collaborated with Vertex Pharmaceuticals to develop a treatment that patients breathe into their lungs to treat cystic fibrosis.
• Received an investment of up to $54.3 million from CEPI in December 2025 to advance a vaccine for pandemic flu.

What Makes the Company Different

Moderna uses a digital-first approach to design medicines on computers before testing them in the lab. Its global manufacturing network includes specialized facilities in the UK, Canada, and Australia to ensure countries have quick access to vaccines during health emergencies.

A Look at the Numbers

• Total revenue was $678 million in Q4 2025, down 29.1% from $956 million in Q4 2024.
• Free cash flow rose to $912 million in Q4 2025, up 201% from $303 million in Q4 2024.
• Net income was a loss of $826 million in Q4 2025, an improvement of 26.2% from a loss of $1.1 billion in Q4 2024.
• Operating cash flow reached $951 million in Q4 2025, up 15.3% from $825 million in Q4 2024.

The Bottom Line

Moderna has transitioned from a research-focused startup to a commercial company with multiple approved vaccines. By applying its messenger RNA technology to different diseases, it continues to shift its focus from pandemic response to a broader range of long-term health solutions.