Moderna Inc (NASDAQ: MRNA) is a biotechnology company that discovers, develops, manufactures, and commercializes mRNA-based medicines. Revenue comes from product sales, primarily its COVID-19 vaccines. Moderna operates in the respiratory vaccine market alongside established pharmaceutical competitors, with its commercial portfolio consisting of three approved products as of FY2025: Spikevax and mNEXSPIKE (COVID-19 vaccines) and mRESVIA (RSV vaccine). mNEXSPIKE launched commercially in Q3 2025 and became the company's leading product in the U.S. retail channel. Total FY2025 revenue was $1.9 billion, largely from COVID vaccine sales. Beyond commercial products, Moderna is advancing a pipeline across oncology, rare disease, and infectious disease, including intismeran autogene (mRNA-4157), an individualized neoantigen therapy in development with Merck. The company is headquartered in the United States and filed its 10-K on February 20, 2026 (accession 000168285226000033).

Revenue model

Transactional product sales of approved mRNA vaccines, primarily COVID-19 vaccines (Spikevax and mNEXSPIKE) and the RSV vaccine mRESVIA, generating $1.9 billion in total FY2025 revenue.

Products and services

Spikevax (COVID-19 vaccine), mNEXSPIKE (COVID-19 vaccine, launched Q3 2025, leading U.S. retail channel product as of FY2025), mRESVIA (RSV vaccine), and a development pipeline including intismeran autogene (mRNA-4157) individualized neoantigen therapy in oncology (Phase 2b with Merck's pembrolizumab/KEYTRUDA), plus early-stage programs in flu, flu+COVID combination, norovirus, rare disease, and oncology.

Customers and end markets

Respiratory vaccine market (COVID-19, RSV); retail pharmacy channel in the U.S.; oncology and rare disease patients as pipeline matures. Government and institutional purchasers implied by vaccine distribution context in the filing.

Value-chain role

Vertically integrated drug developer and manufacturer: owns mRNA platform technology (mRNA science, lipid nanoparticle delivery, manufacturing process), conducts clinical trials, manufactures commercial and clinical supply, and commercializes finished vaccine products. Also relies on third-party suppliers and contract manufacturers for certain components and processes.

Geographic exposure

Filing references geographic expansion as a growth driver and mentions a global team, but specific revenue by geography is not detailed in the provided excerpts. U.S. retail channel explicitly cited for mNEXSPIKE.

Source: SEC 10-K, filed 2026-02-20

Industry: Biological Products, (No Diagnostic Substances) Peers: Alnylam Pharmaceuticals Inc Amgen Inc Biogen Inc BioMarin Pharmaceutical Inc Gilead Sciences, Inc Regeneron Pharmaceuticals Inc Seagen Inc. Vertex Pharmaceuticals Inc