Moderna
| File:Moderna logo.svg Logo of Moderna | |
| Company type | Public |
|---|---|
| Industry | Biotechnology, Pharmaceuticals |
| Founded | 2010 |
| Founder | Derrick Rossi, Timothy A. Springer, Kenneth R. Chien, Robert S. Langer, Noubar Afeyan |
| Headquarters | Cambridge, Massachusetts , United States |
Key people | Stéphane Bancel (CEO), Stephen Hoge (President) |
| Products | mRNA vaccines and therapeutics including Spikevax (COVID-19 vaccine), Mresvia (RSV vaccine) |
| Website | www |
Moderna, Inc. () is a biotechnology and pharmaceutical firm based in Cambridge, Massachusetts, United States. The company focuses on RNA therapeutics, with a primary emphasis on mRNA vaccines that utilize messenger RNA to direct protein synthesis for immune system activation. Its name derives from a blend of the words "modified," "RNA," and "modern."
Among Moderna’s principal marketed products are the Moderna COVID-19 vaccine, sold under the brand name Spikevax, and an RSV vaccine known as Mresvia. The company’s development pipeline includes 44 candidates for treatments and vaccines, with 37 currently undergoing clinical trial phases. These candidates address illnesses such as influenza, HIV, Epstein–Barr virus, Nipah virus, chikungunya, human metapneumovirus, and varicella zoster virus. Additional projects in progress encompass a cytomegalovirus vaccine, a Zika virus vaccine supported by the Biomedical Advanced Research and Development Authority, along with three experimental cancer vaccines.
History
Founded in 2010 by Derrick Rossi, Timothy A. Springer, Kenneth R. Chien, Robert S. Langer, and Noubar Afeyan, Moderna appointed Stéphane Bancel as CEO in 2011, who has played a pivotal role in shaping the company’s strategic direction. Between 2011 and 2017, the firm secured $2 billion through venture capital investments. In November 2024, Bancel relinquished his position as Chief Commercial Officer but continued to serve as CEO, while President Stephen Hoge took over responsibilities for sales, medical affairs, and research operations.
Product development
Moderna established key collaborations with leading pharmaceutical companies to broaden its therapeutic scope: a 2013 partnership with AstraZeneca aimed at cardiovascular, metabolic, renal diseases, and oncology; a 2014 alliance with Alexion Pharmaceuticals targeting treatments for ten distinct conditions; a 2015 agreement with Merck & Co. focusing on cancer therapies; and a 2016 collaboration with Vertex Pharmaceuticals to develop treatments for cystic fibrosis. Additionally, the Bill & Melinda Gates Foundation contributed at least $20 million in grants during 2016.
To foster innovation more rapidly, Moderna created specialized subsidiaries: Onkaido Therapeutics (2014) concentrating on oncology; Valera (2015) dedicated to infectious diseases including an mRNA vaccine candidate against Zika virus; and Elpidera (2015), which advances RNA-based therapies for rare disorders.
In July 2018, Moderna inaugurated a 200,000-square-foot manufacturing and clinical facility in Norwood, Massachusetts. The company went public in December 2018 through the largest biotechnology initial public offering at that time, raising $621 million and achieving a market valuation of $7.5 billion under the Nasdaq ticker MRNA.
The company’s inaugural mRNA vaccine targeted influenza in 2015, followed by its first mRNA-encoded antibody developed in 2019. In 2023, Moderna completed its first acquisition by acquiring OriCiro Genomics, a Japanese firm specializing in genetic engineering tools. That same year, Moderna and Merck received FDA breakthrough therapy designation for their mRNA-4157/V940 cancer vaccine candidate.
In July 2023, Moderna entered into an exclusive agreement with the Chinese government to develop mRNA therapeutics tailored specifically for the Chinese market. By May 2024, the FDA approved Moderna’s RSV vaccine Mresvia for adults aged 60 and older, marking the company’s third RSV vaccine authorized within the United States.
These milestones highlight Moderna’s growth-oriented strategy that prioritizes innovation through strategic partnerships, creation of focused ventures, expansion of global operations, and diversification of its product portfolio across vaccines and therapeutic agents.
COVID-19 vaccine
Between 2020 and 2021, Moderna secured $955 million from Operation Warp Speed to expedite the development of its COVID-19 vaccine, with an overall funding commitment reaching $4.9 billion aimed at manufacturing 300 million doses.
In March 2020, the Food and Drug Administration authorized clinical trials for Moderna’s mRNA-1273 vaccine candidate, which subsequently obtained emergency use authorization in the United States by December of the same year. By 2022, the FDA had granted approval for both the monovalent vaccine, marketed as Spikevax, and a bivalent booster formulation.
In April 2022, Moderna revealed plans to invest $180 million to establish a vaccine manufacturing facility in Montreal. This initiative involves collaboration with the Canadian government and McGill University, targeting an annual production capacity of 100 million doses of Spikevax alongside enhanced research operations. The facility is anticipated to begin supplying vaccines by autumn 2025.
In February 2023, Moderna resolved a $400 million dispute regarding intellectual property rights related to vaccine chemical processes with the National Institutes of Health, Dartmouth College, and Scripps Research.
Among legal challenges, Moderna faced a patent infringement suit filed in 2022 by Arbutus Biopharma concerning lipid nanoparticle technology incorporated in its vaccine. Judicial decisions have varied: in April 2023, a ruling invalidated an Arbutus patent; however, in April 2024, a court ruling reinforced Arbutus’s claims by interpreting patents favorably toward them.
Additionally, Moderna is involved in ongoing patent litigation against Pfizer and BioNTech in several jurisdictions, accusing them of infringing on mRNA vaccine technology patents used in the Pfizer–BioNTech COVID-19 vaccine.
Legal disputes
In November 2024, British pharmaceutical firm GlaxoSmithKline (GSK) initiated legal proceedings against Moderna Inc. in a U.S. federal court. The lawsuit alleges that Moderna’s COVID-19 vaccine Spikevax and its RSV vaccine mResvia infringe on GSK’s patents tied to mRNA technology. Central to the complaint is Moderna’s utilization of lipid nanoparticles for mRNA delivery, which GSK asserts violates its patent rights.
This action follows GSK’s prior litigation targeting Pfizer and BioNTech over patents related to mRNA vaccines. GSK is pursuing undisclosed financial compensation from Moderna.
Financial data
| Year | Revenue (mln. US$) |
Net income (loss) (mln. US$) |
|---|---|---|
| 2019 | 60 | (514) |
| 2020 | 803 | (747) |
| 2021 | 18,471 | 12,202 |
| 2022 | 19,263 | 8,362 |
| 2023 | 6,848 | (4,710) |
| 2024 | 3,200 | (3,600) |