Moderna’s Post-Pandemic Struggle: From Vaccine Windfall to R&D Bet
Moderna's market valuation soared past $195 billion during the COVID-19 vaccine Gold rush, but the biotech now faces existential questions as demand wanes. The company's revenue plummeted from $18.9 billion in 2022 to just $3.1 billion in the trailing twelve months, with operating losses exceeding sales.
Unlike Pfizer's acquisition-driven diversification strategy, Moderna doubled down on mRNA research—including combination flu/COVID shots and experimental cancer vaccines. Its most promising pipeline asset, mRNA-4157, showed a 44% reduction in recurrence/death risk for melanoma patients when combined with Merck's Keytruda in Phase 2 trials.