Moderna (NASDAQ:MRNA) gained 3% on Thursday after presenting a new multi-year roadmap at its Analyst Day, detailing how it intends to expand its vaccine portfolio and accelerate progress in oncology.
The biotech company said it is aiming for up to 10% revenue growth in 2026, supported by its seasonal vaccine franchise and a stronger late-stage pipeline, while also targeting cash-flow breakeven by 2028. Moderna plans to scale its seasonal vaccine offerings from three products today to as many as six authorized vaccines by 2028, with potential additions including an influenza shot, a flu/COVID combination, and a Norovirus vaccine.
Moderna also emphasized its growing presence in oncology. The company expects key data readouts across nine Phase 2 and Phase 3 trials, including three pivotal Phase 3 studies for intismeran autogene, which it is co-developing with Merck.
To improve its bottom line, Moderna said it has trimmed projected GAAP operating expenses by roughly $0.5 billion for both 2026 and 2027. Management also anticipates that manufacturing efficiencies will lift gross margins by more than 10 percentage points over the next three years.
“Over the next three years, we expect to build a large seasonal vaccine franchise for at-risk populations and invest the cash generated into oncology and rare disease therapeutics,” said Stéphane Bancel, CEO of Moderna.
Moderna also strengthened its liquidity profile, securing a five-year term loan facility of up to $1.5 billion from Ares Management Credit Funds. The company now expects to finish 2025 with $7.1–$7.6 billion in cash and investments, an increase from its earlier estimate of $6.5–$7.0 billion.
As part of its pipeline review, Moderna said it has decided to discontinue four programs, including the clinical development efforts for its congenital Cytomegalovirus and herpes simplex virus vaccines.