Moderna 2026 at JPM 2026: Projects $1.9B Revenue and Eyes Vaccine Approvals

Moderna, Inc. (NASDAQ: MRNA) reported strong 2025 performance and outlined its 2026 growth strategy at the 44th Annual J.P. Morgan Healthcare Conference (JPM 2026). The company expects revenue of approximately $1.9 billion, surpassing prior guidance, while advancing its mRNA vaccine pipeline and oncology and rare disease programs. Moderna entered 2026 focused on expanding commercial sales, launching new infectious disease products, and achieving pivotal clinical readouts across multiple portfolios.

2025 Financial Performance Exceeds Expectations

In 2025, Moderna strengthened its commercial execution and launched its third product. The company reduced operating expenses by roughly $2 billion, surpassing prior financial commitments. Projected GAAP expenses improved by $200 million, totaling $5.0–$5.2 billion. Year-end cash and investments reached approximately $8.1 billion, including $0.6 billion drawn from a recently closed $1.5 billion term loan. CEO Stéphane Bancel emphasized that these results support Moderna’s plan to build a large seasonal vaccine franchise for at-risk populations.

Moderna 2026 Pipeline and Outlook

Moderna expects up to 10% revenue growth in 2026 and GAAP operating expenses of about $4.9 billion. The company anticipates pivotal clinical data across oncology, rare disease, and infectious disease programs. Potential approvals for seasonal influenza and combined flu/COVID vaccines could arrive next year. 

Moderna’s COVID vaccine, mNEXSPIKE®, is approved in the U.S., Canada, and Australia, with additional approvals expected in Europe, Japan, and Taiwan. RSV vaccine mRESVIA® continues Phase 3 trials, while flu vaccine mRNA-1010 has submitted approvals globally. Combined flu/COVID vaccine mRNA-1083 is under EMA review. Norovirus vaccine mRNA-1403 is enrolling a second Northern Hemisphere season, with interim data expected in 2026.

Oncology programs include mRNA-4157, developed with MSD, targeting multiple tumor types. Five-year Phase 2b melanoma data are expected early in 2026, followed by potential Phase 3 results. Wholly-owned mRNA-4359 may report Phase 2 data for metastatic melanoma and NSCLC cohorts. 

Rare disease candidates mRNA-3927 for propionic acidemia and mRNA-3705 for methylmalonic acidemia are progressing toward pivotal trials. The FDA selected mRNA-3705 for the START pilot program to support accelerated development.

Major Capital Infusions Supporting Growth

Moderna secured a $1.5 billion five-year term loan and received $54.3 million from CEPI to advance its H5 pandemic influenza vaccine, mRNA-1018, toward licensure. Key 2026 investor events include the fourth-quarter and full-year 2025 earnings call on February 13, and Analyst Day on November 12. 

Entering 2026, Moderna aims to expand its commercial vaccine portfolio, deliver key clinical milestones, and maintain strong cash generation to fund innovation across vaccines, oncology, and rare disease programs.

Author

Steven Chung

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