Moderna expects up to 10% revenue growth in FY26

Moderna (MRNA) expects up to 10% revenue growth in 2026, driven by the annualized impact of its long-term partnerships with the UK, Canada and Australia and continued strong uptake of mNEXSPIKE in the U.S. and launches in other countries. In addition, the Company has multiple growth opportunities in 2027 and beyond. The Company is reducing its 2026 and 2027 expected cash costs to approximately $4.2 billion and a range of $3.5 to $3.9 billion, respectively. Moderna will achieve this through disciplined cost management and R&D prioritization, while manufacturing improvements are projected to improve gross margins by more than 10 percentage points over the next three years. Moderna is increasing its R&D investment allocation in oncology and rare diseases as large infectious disease investments conclude. The Company’s balance sheet sufficiently funds its investments through targeted cash breakeven in 2028.