Speaking at the first day of the 44th Annual J.P. Morgan Healthcare Conference in San Francisco on January 12, Moderna CEO Stéphane Bancel outlined the company’s new positioning following the steep decline in demand for Covid-19 vaccines, placing an emphasis on narrowing cost base, strengthening balance sheets, and the growing slate of late-stage assets designed to carry Moderna into its next phase.

Following several volatile years tied to pandemic-era demand, Bancel noted that Moderna closed 2025 stronger-than-expected in its financial position, with the company expecting approximately $1.9 billion in revenue for the year (around $100 million above the midpoint of its prior guidance), reflecting improved commercial execution and the contribution of an expanded product portfolio.

Bancel also discussed progress on costs, with Moderna reducing expected 2025 GAAP operating expenses by nearly $200 million since its third-quarter earnings call, taking close to $2 billion in cash costs out of the business year over year. Bancel described the effort as a company-wide restructuring that is expected to impact several areas, including manufacturing, supplier contracts, working capital, and internal processes.

According to Bancel, Moderna ended 2025 with upwards of $8.1 billion in cash, cash equivalents, and investments, including a draw from a newly established $1.5 billion term loan facility.The company is estimating a total liquidity of around $9 billion in capital and believes it will be a sufficient fund to grow initiatives, while navigating a slower more endemic vaccine market.

The result, Bancel said, is a business that has stabilized after resizing from its pandemic peak and is now positioned to pursue growth with greater financial control.

One of the key aspects of Bancel’s presentation was Moderna’s strategy to create a seasonal respiratory vaccine franchise that can serve as a durable cash engine. The company views respiratory vaccines as the foundation for funding its longer-cycle investments in oncology and rare disease, including its three approved products on the market; Spikevax, mNexspike, mResvia along with additional submissions currently under review.

Bancel also touched on Moderna’s desire to broaden its reach with mRNA-based seasonal flu and flu/Covid combination vaccines. In his discussion, Banel noted that regulatory submissions for its standalone flu vaccine are complete across major markets, while its combination candidate remains under review in both Europe and Canada, with timing in the U.S. depending on further FDA guidance. Moderna is Anticipating potential first approvals for these products in 2026.

While vaccines remain the commercial backbone, Bancel underscored the growing importance of Moderna’s oncology and rare disease pipeline, which Bancel described as “full of catalysts” in 2026 spanning vaccines, oncology, and rare diseases.

Bancel also mentioned the company’s personalized cancer vaccine mRNA-4157, developed in partnership with Merck, which is being evaluated across multiple tumor types in eight Phase II and Phase III studies. He continued, saying that five-year follow-up data from a Phase IIb study in adjuvant melanoma is expected in early 2026, with Phase III results potentially following later in the year.

Moderna is also expected to advance its wholly owned oncology assets, such as tts cancer antigen therapy mRNA-4359, being studied in metastatic melanoma and non-small cell lung cancer, with Phase II data anticipated in 2026.

In rare disease, Moderna expects pivotal data in 2026 from its registrational study in propionic acidemia, while a registrational program in methylmalonic acidemia is slated to begin following FDA selection of the candidate for a rare disease pilot initiative.

Looking ahead, Bancel reiterated expectations of nearly 10% revenue growth in 2026 with efforts continuing to reduce its cost base. Bancel continued, saying GAAP operating expenses are projected at approximately $4.9 billion in 2026, with further reductions planned in 2027 as the company targets cash breakeven by 2028.

Bancel acknowledged that the last several years have been challenging with market contractions and strategic recalibrations, yet he framed 2026 as a year when geographic expansion, new product approvals, and pivotal clinical data converge.

Sources

1. Moderna 44^th Annual J.P. Morgan Healthcare Conference Moderna January 12, 2026 https://jpmorgan.metameetings.net/events/healthcare26/sessions/317205-moderna/webcast?gpu_only=true&kiosk=true
2. Moderna Provides Business and Pipeline Updates at 44th Annual J.P. Morgan Healthcare Conference Moderna January 12, 2026 https://feeds.issuerdirect.com/news-release.html?newsid=7193592863673937&symbol=MRNA