Financial Outlook and Strategy - Moderna anticipates up to 10% revenue growth in 2026, driven by new products and geographic expansion[2,138] - The company aims to improve gross margin by 10 percentage points over the next three years through volume increases, productivity improvements, and waste reduction[2,88] - Moderna is targeting cash breakeven in 2028, supported by a strong balance sheet and a $1.5 billion credit facility[2,131,138] - Projected cash costs are expected to reduce to $3.5-3.9 billion in 2027[138] Vaccine Portfolio - Seasonal vaccines are expected to be the backbone of Moderna's revenue growth over the next three years[27] - The company plans to expand its seasonal vaccine franchise to up to six approved products by 2028[2] - Moderna expects to enter the global flu vaccine market in the 2027/28 season with mRNA-1010, with regulatory filings expected by January 2026[67] - The company has submitted mRNA-1083 (Flu + COVID combo) for approval to Health Canada and is under review with the EMA[69] Oncology and Rare Disease Therapeutics - Moderna is investing cash generated from vaccines into oncology and rare disease therapeutics[10,34] - Investments in late-stage oncology and rare disease programs are expected to drive additional growth in 2027-2028[37,74] - The company is executing registrational studies in rare diseases and investing in early-stage autoimmune therapeutics[128]