Moderna Raises 2026 Revenue Growth Forecast to 15%-25% and Reports Progress in Cancer Vaccine Development

Moderna, Inc. (NASDAQ:MRNA) increased its 2026 revenue growth forecast to between 15% and 25%, compared with its previous outlook of up to 10%, as the biotechnology company outlined financial expectations and clinical development updates during its 2026 Analyst Day in Cambridge, Massachusetts.

The company also expects gross margin to expand by approximately 10 percentage points in 2026, excluding a litigation settlement charge.

Moderna anticipates ending the year with approximately $9 billion in total liquidity, including cash, investments and available borrowing capacity.

Moderna Extends Credit Facility and Outlines Spending Plans

Moderna announced revised terms for its $1.5 billion credit facility with Ares Management Credit Funds.

The amendments extend the facility’s maturity by one year to 2031, maintain access to $900 million in remaining borrowing capacity through 2029 and reduce the interest rate on borrowed amounts by 75 basis points.

Looking ahead, the company expects cash costs of approximately $4 billion in 2027, with annual cash expenditures ranging from $4 billion to $4.5 billion between 2027 and 2030.

Moderna attributed the projected spending primarily to increased investment in its oncology development programs.

The company plans to provide formal financial guidance for 2027 when it reports fourth-quarter 2026 earnings.

Moderna Reports Phase 3 Results for Melanoma Treatment Developed With Merck

Moderna also provided an update on intismeran autogene (mRNA-4157/V940), an investigational individualized cancer therapy being developed in collaboration with Merck.

According to the company, the Phase 3 study in patients with resected high-risk melanoma met its primary endpoint.

Treatment with intismeran autogene in combination with Merck’s Keytruda was associated with a 42% reduction in the risk of recurrence or death and a 38% reduction in the risk of distant metastasis or death compared with Keytruda alone.

Intismeran autogene has not received approval from the U.S. Food and Drug Administration.

If the treatment receives regulatory approval, Moderna and Merck intend to jointly promote it in the United States, while Merck would lead commercialization in international markets.

Moderna’s manufacturing facility in Marlborough, Massachusetts, is expected to become the global supply site for intismeran in 2027. The facility has been designed to support production for tens of thousands of patients annually.

Moderna Reports Initial Uptake of mFLUSIVA Influenza Vaccine

Moderna also reported more than 110,000 vaccinations during the limited U.S. launch of mFLUSIVA, its mRNA-based influenza vaccine.

The vaccine received regulatory approval in the United States and Canada in 2026.

The company is preparing for a broader commercial launch during the 2027–2028 respiratory virus season.

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