Company Overview - Madna's shares have rallied after the company narrowed its fourth quarter loss and reiterated its 10% revenue growth target, despite a 30% year-over-year revenue decline for the quarter [1] - The company anticipates a revenue rebound in 2026, with revenue expected to be split equally between the US and international markets [1] Market Performance - Madna's stock has increased by approximately 32% over the past 52 weeks, outperforming the healthcare sector, which has faced challenges recently [3] - The stock moved 5% higher in a recent trading session, indicating positive market sentiment despite previous pullbacks [2] Sector Analysis - The healthcare sector is experiencing a rotation away from high-flying technology and AI stocks towards more defensive sectors like healthcare and consumer staples [4] - However, the healthcare sector is facing government and legislative risks, particularly related to public healthcare spending and vaccine regulations [5][6] Analyst Insights - Analysts have adjusted their price targets for Madna, with RBC raising its target from $25 to $30 and Jefferies from $30 to $37, suggesting a more favorable outlook [7] Technical Analysis - Recent trading activity shows that Madna's stock has not yet surpassed previous relative highs near $45, with notable highs around $48 and $52 [8] - The stock is currently closing above its shorter-term moving averages, indicating potential upward momentum [9] - Significant volume activity is noted between price levels of $33 to $35, with current trading closer to $40 to $42, suggesting potential for rapid price movements [11] Options Activity - Madna has seen outsized options activity, with a volume five times the 5-day average, totaling about 170,000 options traded [12][13] - The expected price move for February is approximately ±8.2%, indicating market volatility [14] - A notable bullish trade involved 14,400 call options at a $47 strike price, reflecting positive sentiment among traders [15]

U.S. equity markets extended their slide on Friday, February 13, 2026, as a deepening sell-off in the technology sector overshadowed a surprisingly cool inflation report. Despite data showing that price pressures are easing faster than economists anticipated, investor anxiety regarding the long-term profitability of artificial intelligence (AI) and a significant technical setback for the world’s largest company sent major indexes into the red for a second consecutive session.Major Market Indexes Performance ...

Core Insights - Moderna reported a loss of $2.11 per share in Q4 2025, which is an improvement compared to the Zacks Consensus Estimate of a loss of $2.60 and a loss of $2.91 in the same quarter last year [1][6] - Total revenues for the quarter were $678 million, exceeding the Zacks Consensus Estimate of $659.5 million, but reflecting a 30% decline year over year due to lower net product sales [1][3] - Year-to-date, Moderna's stock has increased by 26%, outperforming the industry growth of 18% [1] Financial Performance - Overall product sales decreased by 31% year over year to $645 million, primarily due to reduced sales volume of COVID-19 vaccines [3] - The company generated $33 million from grants, collaborations, licensing, and royalty revenues, marking an 18% increase year over year [4] - For the full year 2025, Moderna's total revenues were $1.94 billion, down 40% year over year, with a loss of $7.26 per share, which is an improvement from a loss of $9.28 per share in the previous year [7] Cost Management - Selling, general and administrative (SG&A) expenses were $308 million, down 12% year over year due to reductions in consulting and external services [5] - Research and development (R&D) expenses decreased by 31% to $775 million, reflecting prioritization and efficiency in clinical development [5] Future Guidance - Moderna expects total revenues to grow by up to 10% in 2026 compared to 2025 levels, with a revenue split nearly equal between domestic and international operations [8] - The company is targeting operating expenses of approximately $4.9 billion, including $3 billion for R&D and $1 billion for SG&A [8] - Capital expenditure is projected to be between $0.2 billion and $0.3 billion [8] - Moderna anticipates ending 2026 with cash and cash equivalents between $5.5 billion and $6.0 billion [9] Pipeline Developments - Moderna is developing over 30 mRNA-based investigational candidates across various clinical stages, including a late-stage study for a norovirus vaccine [10] - The company faced a setback when the FDA refused to review its filing for a seasonal flu vaccine due to inadequacies in the supporting study [11] - An important candidate in the pipeline is intismeran autogene, a personalized cancer therapy being evaluated in collaboration with Merck across multiple pivotal studies [12][13]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Core Insights - Moderna reported a fourth-quarter loss of $2.11, which was better than the expected loss of $2.59 and an improvement from a loss of $2.91 a year ago [1] - Quarterly sales reached $678 million, exceeding the expected $626.097 million, primarily driven by COVID vaccine sales [1] - Total revenue decreased by 30% year over year, mainly due to lower COVID vaccine sales volume compared to the previous year [2] Financial Performance - Product sales in the U.S. were $264 million, while international markets contributed $381 million [2] - Moderna's total revenue for 2025 is targeted at $1.94 billion, with expectations of up to 10% revenue growth [5] - Projected costs for 2026 include approximately $0.9 billion for cost of sales, $3.0 billion for R&D expenses, and $1.0 billion for SG&A expenses [5] Strategic Developments - CEO Stéphane Bancel highlighted the launch of a third product and the establishment of three international manufacturing sites, alongside a significant reduction in annual operating expenses by approximately $2.2 billion [3] - The company aims for revenue growth through mNEXSPIKE expansion and international strategic partnerships [4] Regulatory Challenges - Moderna received a refusal-to-file letter from the FDA regarding its investigational influenza vaccine, mRNA-1010, which could impact its vaccine franchise and breakeven guidance for 2028 [6][7] - Analysts noted that the refusal significantly lowers the probability of success for mRNA-1010 and affects the potential U.S. sales of related products [8] Market Reaction - Following the news, Moderna shares increased by 7.58% to $43.15 [10]

分组1 - Moderna reported a quarterly loss of $2.11 per share, better than the Zacks Consensus Estimate of a loss of $2.6, and an improvement from a loss of $2.5 per share a year ago, resulting in an earnings surprise of +18.75% [1] - The company achieved revenues of $678 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.81%, although this represents a decline from year-ago revenues of $966 million [2] - Moderna has outperformed the S&P 500, with shares increasing by about 36% since the beginning of the year, while the S&P 500 has declined by 0.2% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is -$2.14 on revenues of $254.87 million, and for the current fiscal year, it is -$6.70 on revenues of $2.09 billion [7] - The Medical - Biomedical and Genetics industry, to which Moderna belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Data and Key Metrics Changes - In 2025, the company reported revenues of $1.9 billion, primarily driven by sales of the COVID vaccine Spikevax and mNEXSPIKE [4][10] - Operating expenses decreased by $2.2 billion, or 30% year-over-year, reflecting significant cost management efforts [4] - The net loss for the year was $2.8 billion, an improvement from a net loss of $3.6 billion in 2024 [14] - Cash and investments at the end of 2025 totaled $8.1 billion, down from $9.5 billion at the end of 2024 [14][15] Business Line Data and Key Metrics Changes - The company had three products on the market in 2025: Spikevax, mNEXSPIKE, and mRESVIA, with mNEXSPIKE becoming the leading product in the U.S. shortly after its launch [7] - Total revenue for the fourth quarter was $700 million, with $300 million from the U.S. and $400 million from international markets [10] - U.S. revenue for the full year was $1.2 billion, while international revenue was $700 million [10] Market Data and Key Metrics Changes - In the U.S., despite a decline in overall COVID market demand, the company maintained strong market share in the retail channel, particularly with mNEXSPIKE [11] - Internationally, the company achieved revenue at the higher end of expectations, driven by operational performance and vaccination rates [11] Company Strategy and Development Direction - The company aims for up to 10% revenue growth in 2026, primarily from international markets and local manufacturing in the U.K. and Australia [15][16] - Strategic partnerships in Latin America and Asia Pacific are expected to drive growth, alongside the anticipated launch of multiple vaccines in Europe by 2027 [20][22] - The company is focused on expanding its oncology pipeline and expects significant clinical milestones in 2026 [32] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the FDA's refusal to file letter regarding the flu program, highlighting challenges in the regulatory environment [5] - The company remains optimistic about its growth potential, citing strong momentum heading into 2026 with multiple levers for revenue growth [19][33] - Management emphasized the importance of cost discipline and the adoption of AI tools to improve productivity [33] Other Important Information - The company announced a five-year strategic agreement with the government of Mexico for respiratory vaccine supply [7] - A new Chief Development Officer, Dr. David Berman, was appointed to enhance the oncology pipeline [9] Q&A Session Summary Question: Implications of flu RTF on cash flow break-even guidance and INT program timing - Management noted that the flu filing is under review in Europe, Canada, and Australia, with the U.S. refile pending a Type A meeting with the FDA [37] - The INT program for adjuvant melanoma is event-driven, with data expected this year [41] Question: Thoughts on flu and COVID combination vaccine refile - The company is awaiting feedback from the FDA on what is needed to refile the mRNA-1010 program [45] - The phase III study for mRNA-1010 showed superior efficacy compared to standard vaccines [46] Question: European COVID vaccination market and flu vaccine strain selection - The company anticipates a larger market share in Europe, with mNEXSPIKE expected to be competitive [54] - Discussions on better strain matching for flu vaccines are ongoing, with strong support from international regulators [57]

Financial Data and Key Metrics Changes - In 2025, the company reported revenues of $1.9 billion, primarily driven by sales of its COVID vaccine Spikevax and mNEXSPIKE [4][10] - Operating expenses decreased by $2.2 billion, or 30% year-over-year, reflecting significant cost management efforts [4] - The net loss for the year was $2.8 billion, an improvement from a net loss of $3.6 billion in 2024 [14] - Cash and investments at year-end totaled $8.1 billion, down from $9.5 billion at the end of 2024 [14][15] Business Line Data and Key Metrics Changes - The company had three products on the market in 2025: Spikevax, mNEXSPIKE, and mRESVIA, with mNEXSPIKE quickly becoming the leading product in the U.S. [7] - Total revenue for the fourth quarter was $700 million, with $300 million from the U.S. and $400 million from international markets [10] - The U.S. revenue for the full year was $1.2 billion, while international revenue was $700 million [10] Market Data and Key Metrics Changes - In the U.S., despite a decline in overall COVID market demand, the company maintained strong market share in the retail channel, particularly with mNEXSPIKE capturing 24% of the total U.S. retail market [11][25] - Internationally, revenue performance was driven by operational efficiency and vaccination rates meeting expectations [10] Company Strategy and Development Direction - The company aims for up to 10% revenue growth in 2026, primarily from international markets and local manufacturing in the U.K. and Australia [15][16] - Strategic partnerships in Latin America and Asia Pacific are expected to drive growth, alongside the anticipated launch of multiple vaccines in 2027 [20][22] - The company is focused on expanding its oncology pipeline and expects significant clinical milestones in 2026 [32] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the FDA's refusal to file letter regarding the flu program, highlighting regulatory uncertainty as a challenge for innovation [5] - The company remains optimistic about its growth trajectory, citing strong momentum and multiple levers for revenue growth [19][33] Other Important Information - The company has completed enrollment in several late-stage oncology studies and anticipates data readouts in 2026 [28][32] - A new Chief Development Officer has joined the company, expected to enhance the oncology pipeline [9] Q&A Session Summary Question: Implications of flu RTF on cash flow break-even guidance and INT program timing - Management is pleased with the flu filing progress in Europe and Canada, with the U.S. refile dependent on the Type A meeting with the FDA [36] - The INT program for adjuvant melanoma is event-driven, with data expected this year [40] Question: Thoughts on flu and COVID combination vaccine re-filing - The company is awaiting feedback from the FDA on what is needed for re-filing the mRNA-1010 program [43] - The phase III study for mRNA-1010 showed superior efficacy compared to standard vaccines [45] Question: European COVID vaccination market and flu vaccine strain selection - The company anticipates a larger market than the current $700 million estimate, with mNEXSPIKE expected to capture significant share [52] - Discussions on better strain matching for flu vaccines are ongoing, with strong support from international regulators [55][57] Question: Higher-than-expected cash balance explanation - The cash balance exceeded expectations due to lower cash costs and strong working capital performance [60] Question: Details on the adjuvant phase 3 melanoma study and Norovirus confidence - The adjuvant melanoma study includes interim analyses, with the first expected this year [65] - The Norovirus vaccine is targeting older adults, with a different approach than previous studies [68]

Financial Data and Key Metrics Changes - In 2025, the company reported revenues of $1.9 billion, primarily driven by sales of its COVID vaccine Spikevax and mNEXSPIKE [5][11] - Operating expenses decreased by $2.2 billion, or 30%, compared to the previous year [5] - The net loss for the year was $2.8 billion, an improvement from a net loss of $3.6 billion in 2024 [14] - The company ended the year with $8.1 billion in cash and investments, down from $9.5 billion at the end of 2024 [14][15] Business Line Data and Key Metrics Changes - The company had three products on the market in 2025: Spikevax, mNEXSPIKE, and mRESVIA, with mNEXSPIKE quickly becoming the leading product in the U.S. [7] - For the fourth quarter, total revenue was $700 million, with $300 million from the U.S. and $400 million from international markets [11] - The U.S. revenue totaled $1.2 billion for the full year, while international revenue was $700 million [11] Market Data and Key Metrics Changes - In the U.S., despite a decline in overall COVID market demand, the company maintained strong market share in the retail channel, supported by the successful launch of mNEXSPIKE [12] - Internationally, operational performance and vaccination rates exceeded expectations, contributing to revenue growth [11] Company Strategy and Development Direction - The company aims for total revenue growth of up to 10% in 2026, primarily driven by international markets and local manufacturing agreements in the U.K. and Australia [15][16] - The company plans to launch mNEXSPIKE and its combination flu-COVID vaccine in Europe by the 2027 winter season, expanding its market share [20][21] - Strategic partnerships in Latin America and Asia Pacific are expected to drive growth, alongside the anticipated approval of its flu vaccine in multiple countries [21][27] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the FDA's refusal to file letter regarding the flu program, highlighting the challenges posed by regulatory uncertainty [6] - The company remains optimistic about its pipeline and expects continued clinical momentum, particularly in oncology and infectious disease programs [32][33] Other Important Information - The company has completed enrollment in several late-stage cancer studies and anticipates data readouts in 2026 [9][28] - A new Chief Development Officer, Dr. David Berman, will join the company, bringing extensive experience in clinical-stage immunotherapies [10] Q&A Session Summary Question: Implications of flu RTF on cash flow break-even guidance and INT program timing - Management noted that the flu filing is under review in Europe, Canada, and Australia, with the U.S. refile pending a Type A meeting with the FDA [36][37] - The INT program for adjuvant melanoma is event-driven, with data expected this year [42] Question: Thoughts on flu and COVID combination vaccine refile - The company is awaiting feedback from the FDA on what is needed to refile the mRNA-1010 program, with a comprehensive data set already submitted [45][47] - The phase III study for mRNA-1010 showed superior efficacy compared to standard vaccines [49][50] Question: European COVID vaccination market and flu vaccine strain selection - The company anticipates a larger market share in Europe, with mNEXSPIKE expected to be competitive [56][58] - Discussions on better strain matching for flu vaccines are ongoing, with strong support from international regulators [59][61]

Core Insights - Moderna reported Q4 revenue of $678 million, surpassing estimates of $663 million, while total sales fell 29% year-over-year due to declining COVID vaccine demand [1] - The company significantly reduced annual operating expenses by $2.2 billion, exceeding cost-reduction targets, and narrowed its quarterly loss by 26% year-over-year [1] - The FDA declined to review Moderna's flu vaccine application, delaying diversification efforts beyond COVID vaccines, which negatively impacted share prices [1] Financial Performance - Q4 revenue was $678 million, compared to a loss of $2.11 per share, better than the expected loss of $2.64 [1] - Full-year 2025 revenue was $1.94 billion, down 40% from $3.24 billion in 2024, with a reduced net loss of $2.82 billion from $3.56 billion [1] - The company held $8.1 billion in cash and investments at year-end 2025, after drawing $600 million from its credit facility [2] Cost Management - R&D spending in Q4 decreased by 31% to $775 million as the company wound down Phase 3 respiratory programs [1] - The operational efficiency achieved through cost discipline is highlighted as a significant achievement for the quarter [1] Market Dynamics - International product sales reached $381 million, surpassing U.S. sales of $264 million, indicating a strategic shift towards markets with better vaccine adoption [1] - The company secured international partnerships, including a five-year agreement with Mexico for up to 10 million COVID-19 vaccine doses [1] Regulatory Challenges - The FDA issued a Refusal-to-File letter for Moderna's flu vaccine, delaying its U.S. market entry but maintaining potential revenue from international markets [1] - Despite the setback, the company maintains that it will not impact its 2026 financial guidance [1] Future Outlook - Management projects revenue growth of up to 10% in 2026, estimating approximately $2.13 billion in sales with a balanced split between U.S. and international markets [1] - The company is advancing multiple oncology programs and rare disease therapeutics, with significant data readouts expected in 2026 [2] Valuation Considerations - Moderna's market capitalization stands at $15.67 billion, trading at 7x trailing sales despite ongoing losses [2] - Analysts have a consensus price target of $38.40, with mixed ratings reflecting the company's transition challenges [2]