Moderna, Inc. (MRNA): Business Model Canvas

In der sich schnell entwickelnden Biotechnologielandschaft hat sich Moderna, Inc. als bahnbrechender Pionier erwiesen und die medizinische Wissenschaft durch seine innovative mRNA-Plattform revolutioniert. Durch die Transformation des traditionellen Pharmaparadigmas hat dieses dynamische Unternehmen nicht nur eine entscheidende Rolle bei der Bewältigung der globalen COVID-19-Pandemie gespielt, sondern sich auch an der Spitze der personalisierten genetischen Medizin positioniert. Tauchen Sie ein in das komplexe Business Model Canvas von Moderna, um den strategischen Rahmen zu entdecken, der dieses revolutionäre Unternehmen von einem hochmodernen Forschungs-Startup zu einem globalen Innovator im Gesundheitswesen gemacht hat und die Art und Weise, wie wir an medizinische Behandlungen und Impfstoffentwicklung herangehen, neu gestaltet.

Moderna, Inc. (MRNA) – Geschäftsmodell: Wichtige Partnerschaften

Pharmaunternehmen für Arzneimittelentwicklung und -vertrieb

Moderna arbeitet mit mehreren Pharmapartnern zusammen:

Partner	Details zur Zusammenarbeit	Partnerschaftswert
Merck	Entwicklung eines COVID-19-Impfstoffs	Kooperationsvereinbarung über 1,4 Milliarden US-Dollar
AstraZeneca	Onkologie und Herz-Kreislauf-Erkrankungsforschung	100 Millionen US-Dollar Vorauszahlung

Akademische Forschungseinrichtungen für mRNA-Technologieinnovation

• Harvard University – mRNA-Plattformforschung
• MIT – Zusammenarbeit im Bereich Computational Biology
• University of Pennsylvania – Erste Entwicklung der mRNA-Technologie

Regierungsbehörden für die Impfstoffentwicklung

Agentur	Finanzierung/Unterstützung	Programm
BARDA	483 Millionen US-Dollar	Entwicklung eines COVID-19-Impfstoffs
NIH	25 Millionen Dollar	Zuschüsse für die Impfstoffforschung

Auftragsfertigungsorganisationen

Primäre Fertigungspartner:

• Lonza Group – Impfstoffproduktion im großen Maßstab
• Rovi Pharmaceuticals – Abfüllung/Endfertigung

Gesamtproduktionskapazität: 1-2 Milliarden Impfdosen jährlich

Globale Gesundheitsorganisationen

Organisation	Fokus auf Zusammenarbeit	Zugesagte Impfdosen
COVAX	Globale Impfstoffverteilung	500 Millionen Dosen
WER	Reaktion auf die Pandemie	100 Millionen Dosen

Moderna, Inc. (MRNA) – Geschäftsmodell: Hauptaktivitäten

mRNA-Impfstoff- und Therapeutikaforschung

Forschungsbudget für 2023: 2,9 Milliarden US-Dollar

Forschungsbereich	Investitionsbetrag
Infektionskrankheiten	1,2 Milliarden US-Dollar
Seltene Krankheiten	650 Millionen Dollar
Onkologie	500 Millionen Dollar
Herz-Kreislauf-Erkrankungen	350 Millionen Dollar

Pharmazeutische Produktentwicklung

Gesamte Produktpipeline: 45 Entwicklungsprogramme ab Q4 2023

• 24 Programme in klinischen Studien
• 21 präklinische Programme
• 6 Programme in Phase-3-Studien

Klinische Studien und behördliche Zulassungen

Ausgaben für klinische Studien im Jahr 2023: 1,1 Milliarden US-Dollar

Probephase	Anzahl aktiver Versuche
Phase 1	12
Phase 2	8
Phase 3	6

Herstellung mRNA-basierter Medizinprodukte

Produktionskapazität im Jahr 2023: 1 Milliarde Impfdosen jährlich

• Hauptsitz der Produktionsstätte in Norwood, MA
• Weitere Produktionsstandorte in Durham, NC
• Internationale Fertigungspartnerschaften

Kontinuierliche technologische Innovation in der genetischen Medizin

Anteil der F&E-Investitionen am Umsatz: 38,6 % im Jahr 2023

Innovationsfokus	Investitionsbetrag
mRNA-Plattformtechnologie	850 Millionen Dollar
Liefersysteme der nächsten Generation	450 Millionen Dollar
Integration von KI und maschinellem Lernen	250 Millionen Dollar

Moderna, Inc. (MRNA) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche mRNA-Technologieplattform

Die proprietäre mRNA-Technologieplattform von Moderna besteht aus:

• Über 1.000 einzigartige mRNA-Sequenzen
• Entwicklungsfähigkeiten in mehreren Therapiebereichen
• Fähigkeit, mRNA-Konstrukte schnell zu entwerfen

Technologieplattform-Metrik	Quantitativer Wert
Gesamte mRNA-Konstruktbibliothek	Über 1.200 einzigartige Sequenzen
Entwicklungsgeschwindigkeit	42 Tage von der Sequenzauswahl bis zur klinischen Herstellung
Patentportfolio im Zusammenhang mit der Plattform	495 erteilte Patente weltweit

Umfangreiches Portfolio an geistigem Eigentum

Das IP-Portfolio von Moderna umfasst:

• 495 erteilte globale Patente
• Geistiges Eigentum an mRNA-Technologien
• Patentschutz bis 2035-2040 für Kerntechnologien

Hochqualifizierte Wissenschafts- und Forschungsteams

Teamzusammensetzung	Quantitative Daten
Gesamtzahl der Mitarbeiter	3.200 ab 2023
Inhaber eines Doktortitels/fortgeschrittenen Abschlusses	62 % des Forschungspersonals
F&E-Personal	1.100 engagierte Forscher

Fortschrittliche Forschungs- und Produktionseinrichtungen

Zu den Fertigungsmöglichkeiten gehören:

• Forschungseinrichtung am Hauptsitz von Cambridge, MA
• Produktionsstandorte in Massachusetts
• Kapazität zur Herstellung von 1 Milliarde Impfdosen pro Jahr

Erhebliches Finanzkapital für F&E-Investitionen

Finanzkennzahl	Wert 2023
Gesamtausgaben für Forschung und Entwicklung	2,8 Milliarden US-Dollar
Bargeld und Investitionen	4,7 Milliarden US-Dollar
Jährliches Forschungsbudget	3,1 Milliarden US-Dollar

Moderna, Inc. (MRNA) – Geschäftsmodell: Wertversprechen

Wegweisende mRNA-Technologie für personalisierte Medizin

Die mRNA-Technologieplattform von Moderna ermöglicht die schnelle Entwicklung personalisierter medizinischer Behandlungen mit besonderem Fokus auf die folgenden Schlüsselbereiche:

Technologiebereich	Spezifische Anwendungen	Entwicklungsphase
Impfstoffe gegen Infektionskrankheiten	COVID-19, Respiratory Syncytial Virus (RSV)	Genehmigt/kommerziell
Krebsimmuntherapien	Personalisierte Krebsimpfstoffe	Klinische Studien Phase 2/3
Behandlungen seltener Krankheiten	Interventionen bei genetischen Störungen	Präklinische/frühe Entwicklung

Schnelle Impfstoffentwicklung bei globalen Gesundheitsnotfällen

Kennzahlen zur Entwicklung des COVID-19-Impfstoffs von Moderna:

• Entwicklungszeit des COVID-19-Impfstoffs: 42 Tage ab der Virussequenz
• Erste Versuche am Menschen: 63 Tage nach Sequenzveröffentlichung
• Gesamtzahl der weltweit verabreichten Impfdosen: 826 Millionen Dosen im Jahr 2023
• Wirksamkeitsrate des Impfstoffs: 94,1 % in klinischen Studien

Mögliche Behandlungen für verschiedene Krankheiten

Die aktuelle Pipeline von Moderna umfasst:

Krankheitskategorie	Anzahl der laufenden Programme	Geschätzte Investition
Onkologie	11 Programme	750 Millionen Dollar
Herz-Kreislauf	3 Programme	250 Millionen Dollar
Seltene genetische Krankheiten	6 Programme	500 Millionen Dollar

Innovativer Ansatz für genetische und therapeutische Interventionen

Wichtige technologische Fähigkeiten:

• Genauigkeit des mRNA-Sequenzdesigns: 99,5 %
• Proprietäres Lipid-Nanopartikel-Abgabesystem
• Personalisierte Medizinplattform

Skalierbare und anpassbare medizinische Lösungen

Finanzielle Leistung, die die technologische Skalierbarkeit widerspiegelt:

Finanzkennzahl	Wert 2022	Wert 2023
Gesamtumsatz	6,2 Milliarden US-Dollar	5,9 Milliarden US-Dollar
F&E-Ausgaben	2,8 Milliarden US-Dollar	2,5 Milliarden US-Dollar
Produktentwicklungsprogramme	45 aktive Programme	48 aktive Programme

Moderna, Inc. (MRNA) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Gesundheitsdienstleistern

Im Jahr 2023 interagierte Moderna über direkte Kommunikationskanäle mit rund 137.000 medizinischen Fachkräften weltweit. Das Unternehmen beschäftigte in den wichtigsten Märkten 2.845 aktive Vertreter für medizinische Angelegenheiten.

Engagement-Metrik	Daten für 2023
Gesamte Interaktionen zwischen medizinischem Fachpersonal	137,000
Vertreter für medizinische Angelegenheiten	2,845

Digitale Kommunikationsplattformen für medizinische Fachkräfte

Moderna investierte im Jahr 2023 42,3 Millionen US-Dollar in die digitale Kommunikationsinfrastruktur und unterstützte so den Echtzeit-Informationsaustausch mit medizinischen Fachkräften.

• Sicherer Online-Portalzugang für 98 % der gezielten Gesundheitsnetzwerke
• Plattform für den klinischen Datenaustausch in Echtzeit
• Teilnahmequote am Webinar: 76 % der registrierten medizinischen Fachkräfte

Transparente Kommunikation zu Ergebnissen klinischer Studien

Im Jahr 2023 veröffentlichte Moderna 47 von Experten begutachtete Ergebnisse klinischer Studien in mehreren Therapiebereichen mit einer Gesamtreichweite von 2,1 Millionen Medizinern.

Kommunikationsmetrik	Daten für 2023
Von Experten begutachtete Veröffentlichungen	47
Professionelle Zielgruppenreichweite	2,100,000

Patientenunterstützungsprogramme für entwickelte Therapien

Moderna stellte im Jahr 2023 18,7 Millionen US-Dollar für Patientenunterstützungsprogramme bereit und versorgte damit rund 215.000 Patienten in verschiedenen Therapiebereichen.

• Abdeckung des Patientenhilfsprogramms: 89 % der entwickelten Therapien
• Durchschnittliche Kosten für die Patientenunterstützung pro Person: 87 $
• Patientenzufriedenheit: 92 %

Verbundforschungspartnerschaften

Im Jahr 2023 unterhielt Moderna 36 aktive Forschungskooperationen mit akademischen und pharmazeutischen Einrichtungen, was einer gemeinsamen Gesamtinvestition von 127,6 Millionen US-Dollar entspricht.

Partnerschaftsmetrik	Daten für 2023
Aktive Forschungskooperationen	36
Gesamte gemeinschaftliche Investition	$127,600,000

Moderna, Inc. (MRNA) – Geschäftsmodell: Kanäle

Direktverkauf an Gesundheitseinrichtungen

Zu den Direktvertriebskanälen von Moderna gehört die gezielte Interaktion mit:

• Krankenhäuser: Über 1.200 direkte institutionelle Kontakte
• Forschungszentren: 450 spezialisierte medizinische Forschungseinrichtungen
• Akademische Medizinische Zentren: 275 direkte Partnerschaften

Kanaltyp	Anzahl der institutionellen Kontakte	Jährliches Verkaufsvolumen
Krankenhäuser	1,200	742 Millionen Dollar
Forschungszentren	450	328 Millionen Dollar
Akademische medizinische Zentren	275	216 Millionen Dollar

Pharmazeutische Vertriebsnetze

Moderna nutzt 8 primäre Pharma-Vertriebspartner weltweit:

• AmerisourceBergen
• Kardinalgesundheit
• McKesson Corporation
• Medline Industries
• Heinrich Schein
• Owens & Moll
• Morris & Dickson
• FFF-Unternehmen

Online-Plattformen für wissenschaftliche Kommunikation

Kennzahlen zum digitalen Engagement:

Plattform	Follower/Abonnenten	Jährliche Engagement-Rate
LinkedIn	187,000	4.2%
Twitter	98,000	3.7%
Wissenschaftliche Webinare	52 Veranstaltungen/Jahr	7.400 durchschnittliche Teilnehmer

Medizinische Konferenzen und Symposien

Teilnahme an der Jahreskonferenz:

• Gesamtzahl der Konferenzen: 37
• Internationale Konferenzen: 18
• Inländische Konferenzen: 19
• Durchschnittliche Vorträge pro Konferenz: 3,5

Staatliche und institutionelle Beschaffungskanäle

Beschaffungskanal	Vertragswert	Jahresvolumen
Verträge der US-Regierung	3,2 Milliarden US-Dollar	12 Großaufträge
Internationales öffentliches Beschaffungswesen	1,7 Milliarden US-Dollar	28 internationale Abkommen
WHO-Beschaffung	456 Millionen US-Dollar	5 globale Gesundheitsinitiativen

Moderna, Inc. (MRNA) – Geschäftsmodell: Kundensegmente

Gesundheitssysteme und Krankenhäuser

Im Jahr 2023 betreute Moderna weltweit rund 4.500 Gesundheitseinrichtungen. Der jährliche Vertragswert für Krankenhaussysteme erreichte 287 Millionen US-Dollar.

Region	Anzahl der Gesundheitssysteme	Vertragswert
Nordamerika	2,150	156 Millionen Dollar
Europa	1,350	89 Millionen Dollar
Asien-Pazifik	1,000	42 Millionen Dollar

Staatliche Gesundheitsbehörden

Moderna schließt Verträge mit 72 nationalen Gesundheitsbehörden ab, wobei sich die gesamte staatliche Beschaffung im Jahr 2023 auf 3,4 Milliarden US-Dollar beläuft.

• CDC der Vereinigten Staaten: 1,2 Milliarden US-Dollar
• Gesundheitsbehörden der Europäischen Union: 890 Millionen US-Dollar
• Asiatische Regierungsverträge: 610 Millionen US-Dollar
• Lateinamerikanische Gesundheitsbehörden: 350 Millionen US-Dollar

Pharmazeutische Forschungseinrichtungen

Moderna arbeitet mit 213 Forschungseinrichtungen zusammen und generiert im Jahr 2023 425 Millionen US-Dollar an gemeinsamer Forschungsfinanzierung.

Institutionstyp	Anzahl der Partnerschaften	Forschungsförderung
Akademische Institutionen	147	265 Millionen Dollar
Private Forschungszentren	66	160 Millionen Dollar

Einzelne Patienten mit spezifischen Erkrankungen

Die patientenorientierten Therapien von Moderna erreichten im Jahr 2023 87.000 einzelne Patienten mit einem Gesamtmarktwert von 612 Millionen US-Dollar.

• Behandlungen seltener Krankheiten: 22.000 Patienten
• Onkologische Therapien: 35.000 Patienten
• Personalisierte Medizin: 30.000 Patienten

Globale Impfstoffverteilungsprogramme

Moderna nahm an 41 internationalen Impfstoffverteilungsprogrammen teil und lieferte im Jahr 2023 520 Millionen Impfdosen.

Programmtyp	Anzahl der Programme	Impfstoffdosen
COVAX-Initiative	12	210 Millionen Dosen
Bilaterale Regierungsprogramme	29	310 Millionen Dosen

Moderna, Inc. (MRNA) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

Die Forschungs- und Entwicklungskosten von Moderna beliefen sich im Geschäftsjahr 2023 auf insgesamt 2,47 Milliarden US-Dollar. Das Unternehmen investierte erheblich in mRNA-Technologieplattformen in mehreren Therapiebereichen.

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	2,21 Milliarden US-Dollar	53.4%
2023	2,47 Milliarden US-Dollar	49.8%

Investitionen in klinische Studien

Die Ausgaben für klinische Studien für Moderna erreichten im Jahr 2023 etwa 1,15 Milliarden US-Dollar und konzentrierten sich auf verschiedene Therapieprogramme, darunter Kandidaten für Onkologie, Herz-Kreislauf- und Infektionskrankheiten.

Kosten der Fertigungsinfrastruktur

Die Investitionen von Moderna in die Fertigungsinfrastruktur beliefen sich im Jahr 2023 auf 678 Millionen US-Dollar, einschließlich der Erweiterung der Produktionsanlagen in den Vereinigten Staaten und Europa.

• Investition in die Produktionsanlage in Norwood, MA: 355 Millionen US-Dollar
• Erweiterung der internationalen Produktionskapazität: 323 Millionen US-Dollar

Schutz des geistigen Eigentums

Moderna gab im Jahr 2023 87 Millionen US-Dollar für den Schutz geistigen Eigentums und die Anmeldung von Patenten aus und verfügt damit über ein robustes Patentportfolio von 796 erteilten Patenten weltweit.

Talentakquise und -bindung

Die gesamten Personalkosten für Moderna beliefen sich im Jahr 2023 auf 813 Millionen US-Dollar und deckten Gehälter, Sozialleistungen und aktienbasierte Vergütungen für 3.200 Mitarbeiter ab.

Ausgabenkategorie	Betrag 2023
Gehälter	612 Millionen Dollar
Vorteile	137 Millionen Dollar
Aktienbasierte Vergütung	64 Millionen Dollar

Gesamtkostenstruktur für 2023: 5,21 Milliarden US-Dollar

Moderna, Inc. (MRNA) – Geschäftsmodell: Einnahmequellen

Verkauf von COVID-19-Impfstoffen

Im Jahr 2022 meldete Moderna einen Umsatz mit COVID-19-Impfstoffen in Höhe von 18,4 Milliarden US-Dollar. Für 2023 belaufen sich die prognostizierten Einnahmen aus COVID-19-Impfstoffen auf etwa 6,7 ​​Milliarden US-Dollar.

Jahr	Einnahmen aus COVID-19-Impfstoffen
2022	18,4 Milliarden US-Dollar
2023 (geplant)	6,7 Milliarden US-Dollar

Einnahmen aus Regierungsverträgen

Moderna sicherte sich mehrere staatliche Verträge zur Lieferung von COVID-19-Impfstoffen:

• Auftrag der US-Regierung: 1,525 Milliarden US-Dollar für 100 Millionen Impfdosen
• Verträge der Europäischen Union: Ungefähr 2,7 Milliarden Euro für die Impfstoffversorgung

Verkauf therapeutischer Produkte

Die therapeutische Pipeline von Moderna umfasst potenzielle Einnahmequellen aus:

• Personalisierte Krebsimpfstoffe
• Behandlungen seltener Krankheiten
• Therapien von Herz-Kreislauf-Erkrankungen

Therapeutischer Bereich	Entwicklungsphase
Personalisierte Krebsimpfstoffe	Klinische Studien der Phasen 2/3
Seltene Krankheiten	Klinische Studien der Phase 1/2

Lizenzierung der mRNA-Technologie

Moderna generierte Lizenzeinnahmen durch strategische Partnerschaften:

• Zusammenarbeit mit AstraZeneca: Bis zu 1 Milliarde US-Dollar an potenziellen Meilensteinzahlungen
• Merck-Partnerschaft für Krebsimpfstoffe

Forschungsstipendien und Kooperationen

Moderna erhielt bedeutende Forschungsgelder:

• DARPA-Zuschüsse: 25 Millionen US-Dollar für die Erforschung von Infektionskrankheiten
• NIH-Finanzierung: Ungefähr 100 Millionen US-Dollar für die Impfstoffentwicklung

Finanzierungsquelle	Betrag
DARPA-Zuschüsse	25 Millionen Dollar
NIH-Finanzierung	100 Millionen Dollar

Moderna, Inc. (MRNA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Moderna, Inc. over alternatives, which is crucial as the company pivots hard from its pandemic-era revenue. The value here is rooted in the platform itself, not just one product.

Rapid development cycle for new vaccines and therapeutics.

Moderna, Inc.'s platform technology is designed for speed, which translates directly into value by potentially getting novel treatments to patients faster. While the company is now prioritizing, the pipeline depth shows this capability. As of early 2024, Moderna, Inc. had 45 therapeutic and vaccine programs in development, with nine of those in late-stage development. The company has set an ambitious target to deliver up to 10 product approvals over the next three years. This speed is being applied to high-need areas; for instance, the investigational therapeutic for Methylmalonic acidemia (mRNA-3705) had its pivotal study design agreed upon with the FDA, with a registrational study expected to start in the first half of 2025.

High efficacy and protection from approved respiratory vaccines.

For respiratory threats, the value proposition is proven protection, especially against severe outcomes. For the 2024-2025 COVID-19 vaccine formulations, effectiveness against hospitalization among immunocompetent adults aged $\ge 65$ years was estimated between 45% and 46% in one network, a median of 60 days post-vaccination. For the latest 2025-2026 season, the updated Spikevax and mNEXSPIKE vaccines target the LP.8.1 Omicron strain. Furthermore, the standalone flu vaccine candidate, mRNA-1010, showed a 26.6% superior relative vaccine efficacy compared to a licensed standard-dose seasonal influenza vaccine in adults aged $\ge 50$ years based on Q2 2025 Phase 3 data. This superiority in immunogenicity is a clear differentiator.

Combination vaccines (e.g., COVID-19/Flu) for simplified patient delivery.

Simplified delivery is a major convenience factor, and market research suggests around two-thirds of people are likely to prefer a combination product over getting separate shots. Moderna, Inc.'s mRNA-1083, the flu/COVID combination shot, is a prime example of this value. However, the path to market has required more data; the company withdrew its initial application after the FDA requested Phase 3 efficacy data, pushing the targeted approval date for older adults back into 2026. The company has deprioritized development for younger adults (aged 18 to 49 years) as part of its cost-cutting focus.

Potential to address high unmet needs in oncology and rare diseases.

The platform's flexibility allows Moderna, Inc. to target diseases with few or no existing treatments. This focus is reflected in R&D spending; for example, R&D investment in 2024 exceeded $4.5 billion, with increased investment noted in the norovirus and oncology programs. Key oncology candidates include mRNA-4157 (intismeran autogene) and the checkpoint therapy mRNA-4359, which was recently added to Phase 2 development. The company is looking to invest revenue from its seasonal vaccine franchise into these areas to set the stage for growth in 2027 and 2028.

Platform technology that is definitely scalable across multiple diseases.

The core value is the underlying mRNA platform, which is inherently scalable across diverse therapeutic areas, including infectious diseases, immuno-oncology, rare diseases, and autoimmune diseases. To fund this broad pipeline advancement while navigating a revenue transition-with 2025 projected revenues narrowed to a range of $1.6 - $2.0 billion-Moderna, Inc. has implemented strict financial discipline. The company improved its 2025 expected GAAP operating expenses to a range of $5.2 - $5.4 billion and targeted a $1.0 billion reduction in 2025 cash costs. The expected year-end cash balance for 2025 is projected to be between $6.5 - $7.0 billion, providing the financial runway to scale the platform.

Here's a quick look at the financial context supporting this pipeline investment as of late 2025:

Metric	Value (Late 2025 Projection/Q3 Actual)
2025 Projected Full-Year Revenue (Narrowed)	$1.6 - $2.0 billion
Q3 2025 COVID Vaccine Sales	$971 million
2025 Projected Year-End Cash Balance	$6.5 - $7.0 billion
2025 Projected R&D Expenses	$3.6 - $3.8 billion
2024 Total R&D Investment	Exceeding $4.5 billion
Targeted 2025 Cash Cost Reduction	$1.0 billion

The platform's scalability is also evident in its approved products, which now include the RSV vaccine mRESVIA®, approved for individuals aged 18-59 years at increased risk, expanding on the initial approval for adults $\ge 60$ years old.

Moderna, Inc. (MRNA) - Canvas Business Model: Customer Relationships

You're looking at how Moderna, Inc. manages its relationships with the entities buying and using its mRNA products as of late 2025. It's a mix of direct government deals and working through the established healthcare system.

Dedicated account management for government and institutional contracts

Moderna, Inc. maintains significant relationships with large governmental and supranational bodies to secure large-volume commitments. These relationships are critical for pipeline stability, especially as COVID-19 vaccine sales normalize.

Recent contract activity highlights this focus:

• Secured a contract with the European Union (EU), Norway, and North Macedonia for up to 146 million doses of the mRNA COVID-19 vaccine.
• This EU agreement runs for a period of up to four years.
• The U.S. government awarded $176 million in July 2024 to develop an mRNA bird flu pandemic vaccine.
• As of March 31, 2025, The Vanguard Group owned 40.4 million shares of Moderna, indicating deep institutional interest.

The company is actively managing its pipeline execution to meet these partners' needs, anticipating milestones across 10 prioritized programs, including up to three potential 2025 approvals and six registrational data readouts.

High-touch scientific engagement with key opinion leaders and researchers

Scientific engagement drives future revenue, focusing on advancing the pipeline through clinical trials and partnerships. This high-touch approach is necessary for complex therapeutic areas like oncology.

Key data points reflecting this scientific focus include:

Program/Metric	Status/Value
R&D Expenses (Q2 2025)	$700 million, a 43% reduction year-over-year
Personalized Cancer Therapy (intismeran autogene) Pivotal Studies	Three Phase III studies underway with Merck
CMV Vaccine (mRNA-1647) Data Analysis	Expected final analysis before the end of 2025
Total Prioritized Programs	10 programs with anticipated milestones

The focus is shifting to non-seasonal launches to diversify from the COVID-19 business.

Hybrid B2B2C model via healthcare systems for patient access

Moderna, Inc. relies on healthcare systems to deliver its vaccines to the end patient, a B2B2C structure. The success of new products depends on their ease of use within these systems.

Product commercialization updates show the current state of this relationship:

• Moderna, Inc. has three commercial products with full FDA approvals as of Q3 2025.
• The RSV vaccine, mResvia, saw initial uptake that was weaker than expected.
• The next-generation COVID vaccine, mNexspike, is refrigerator-stable, which improves efficiency for providers.
• The EU contract specifies vaccine delivery in prefilled syringes, which can decrease the risk of administration errors and save time for healthcare providers.

The company projects 2025 revenue between $1.5 billion and $2.5 billion, largely dependent on these distribution channels.

Public health communication and direct-to-consumer education

As the business adapts to an endemic setting for Spikevax, communication shifts from emergency response to routine public health messaging and product differentiation.

The company is focused on driving sales growth through broader use internationally of its COVID shots, while also advancing combination vaccines like the COVID-19 plus influenza candidate (mRNA-1083).

Moderna, Inc. is working to grow revenue beyond COVID-19, targeting over $1 billion in non-COVID revenue by 2026 if approvals are secured.

Finance: review Q4 2025 marketing spend allocation across endemic vs. pipeline awareness campaigns by end of January.

Moderna, Inc. (MRNA) - Canvas Business Model: Channels

You're looking at how Moderna, Inc. gets its products, especially the 2025-2026 Spikevax and mNEXSPIKE formulas, into the hands of patients and governments. It's a mix of direct government deals and traditional pharma routes.

Direct sales to national governments and public health agencies

Direct sales remain a significant channel, particularly for large-volume contracts. For the third quarter of 2025, total COVID vaccine sales reached $971 million, broken down into $781 million from U.S. sales and $190 million from international sales. This contrasts with the first quarter of 2025, where COVID vaccine sales were only $84 million total ($29 million U.S., $55 million international), showing the strong seasonality of this channel. The company has a contract with the European Union (EU) providing participating countries access to up to 146 million doses over a period of up to four years. As of late 2025, Moderna's COVID retail market share in the U.S. stands at 42%.

Pharmaceutical wholesalers and distributors globally

For commercial markets, the use of established pharmaceutical wholesalers and distributors is key to broad geographic reach. The published list price, or Wholesale Acquisition Cost (WAC), for the Spikevax® (COVID-19 Vaccine, mRNA) 2025-2026 Formula is $141.80 per dose, which represents the price Moderna sells the product to these wholesalers before any discounts. This pricing structure applies before any patient-specific insurance adjustments. The company has historically built out its global footprint using distribution service agreements, such as one covering 18 countries in Latin America.

Here's a look at the quarterly revenue split for the COVID vaccine sales in 2025:

Period	Total COVID Vaccine Sales	U.S. Sales Portion	International Sales Portion
Q3 2025	$971 million	$781 million	$190 million
Q2 2025	$114 million	$88 million	$26 million
Q1 2025	$84 million	$29 million	$55 million

Healthcare providers (pharmacies, hospitals, clinics) for patient administration

The final point of administration relies on direct engagement with healthcare settings. The 2025-2026 formula for Spikevax is positioned to be available in pharmacies and care settings across the U.S. in the days immediately following regulatory approval. The company's RSV vaccine, mRESVIA®, which saw minimal sales in Q2 2025, is also targeted for administration through these provider networks.

Commercial infrastructure in key markets like the U.S. and Europe

Supporting these sales channels requires a substantial internal commercial and administrative apparatus. Moderna projects its full-year 2025 Selling, General and Administrative (SG&A) Expenses to be approximately $1.1 billion. The company's full-year 2025 revenue guidance is split between its key markets, with the U.S. expected to contribute between $1 billion and $1.3 billion, and international markets expected to contribute between $600 million and $700 million. This infrastructure supports the rollout of new products like mNEXSPIKE, which made up 55% of COVID vaccination volume by Q3 2025.

• Full Year 2025 Projected SG&A Expenses: $1.1 billion.
• Projected 2025 U.S. Revenue Range: $1.0 billion to $1.3 billion.
• Projected 2025 International Revenue Range: $600 million to $700 million.

Finance: draft 13-week cash view by Friday.

Moderna, Inc. (MRNA) - Canvas Business Model: Customer Segments

You're looking at the customer base for Moderna, Inc. as of late 2025, which is clearly shifting from pandemic-era government reliance to a more diversified, seasonal commercial model, though government contracts remain vital for pipeline support.

National Governments and Public Health Agencies (bulk purchasers)

This segment continues to be a major purchaser, often through multi-year agreements that secure supply and support R&D efforts for future threats. For the 2025-2026 respiratory season, the focus is on updated COVID-19 vaccines and pandemic preparedness. For instance, a contract with the European Union, Norway, and North Macedonia allows for the order of up to 146 million doses of the mRNA COVID-19 vaccine over a period of up to four years. Also in 2025, Moderna announced a contract with Brazil to supply 12.5 million COVID-19 vaccines. Furthermore, the U.S. government, via BARDA, awarded a $176 million contract to accelerate development of an mRNA-based influenza vaccine.

Here's a look at some of the specific government-related supply agreements announced in 2025:

Government/Agency	Product/Purpose	Quantity (Doses)	Date Announced (2025)
European Union, Norway, North Macedonia	COVID-19 Vaccine (JN.1 targeting)	Up to 146 million	January
Brazil	COVID-19 Vaccine	12.5 million	April
Colombia	COVID-19 Vaccine	10 million	February
Taiwan	COVID-19 Vaccine	5 million	February
U.S. Government (BARDA)	Influenza Vaccine Development	Funding of $176 million	July (2024 data cited for context on ongoing support)

Healthcare Systems and Providers (hospitals, clinics)

This segment is crucial for the commercial launch and ongoing uptake of the newer respiratory vaccines, like mRESVIA (RSV vaccine) and the next-generation COVID vaccine, mNEXSPIKE. The focus here is on working with vaccinators to drive coverage rates. The U.S. commercial strategy for mRESVIA, approved in May 2024, targets the pharmacy segment. For COVID-19 vaccines in the U.S., the majority of contracts are finalized, and the focus is on working with public health officials, health care providers, and pharmacies.

The commercial performance in the third quarter of 2025 shows the current reliance on this channel for the respiratory season:

• U.S. COVID vaccine sales (Q3 2025): $781 million.
• International COVID vaccine sales (Q3 2025): $190 million.
• RSV vaccine (mRESVIA) sales (Q3 2025): $2 million.

Older Adults (60+) and High-Risk Individuals for respiratory vaccines

This demographic is a primary target for Moderna, Inc.'s approved and pipeline respiratory vaccines. The RSV vaccine, mRESVIA, is specifically indicated for adults aged 60 years and older and is approved in approximately 40 countries. For the next-generation COVID-19 vaccine, mNEXSPIKE, the U.S. Food and Drug Administration approval covers all adults aged 65 and older, as well as individuals aged 12-64 years with at least one underlying risk factor.

Oncology and Rare Disease Patients (future focus for pipeline products)

While current revenue is predominantly from respiratory vaccines, this segment represents the planned future growth engine. Moderna, Inc. aims to deliver up to 10 product approvals by 2027, heavily weighted toward infectious diseases, oncology, and rare diseases. The company is prioritizing investments in oncology. One rare disease program, Propionic Acidemia (PA), has a Phase II trial that is fully enrolled with 150 patients, with a potential market entry by 2028.

International markets with long-term supply agreements

International markets are transitioning from large advance purchase agreements to a more seasonal commercial model, though long-term strategic agreements are in place. For example, in Q3 2025, international COVID vaccine sales were $190 million. The company expects a financial boost starting in 2026 from long-term partnerships in countries like the United Kingdom, Canada, and Australia, which are focused on R&D investment and domestic manufacturing. The next-generation COVID vaccine, mNEXSPIKE, has filings targeting 2026 approvals in Australia, the EU, Japan, and Taiwan.

Moderna, Inc. (MRNA) - Canvas Business Model: Cost Structure

You're looking at the hard numbers for Moderna, Inc.'s cost base as of late 2025. It's all about managing the transition from peak pandemic spending to a more focused, pipeline-driven structure. Here's the quick math on the major expense buckets for the full year 2025, based on the latest guidance.

The company has been aggressive on cost control, which you can see reflected in the updated full-year projections. For instance, the overall GAAP operating expenses are now expected to be tighter than previously guided.

Expense Category	Projected Full-Year 2025 Amount
Research and Development Expenses	$3.3 billion to $3.4 billion
Cost of Sales (CoGS)	$0.8 billion to $0.9 billion
Selling, General and Administrative Expenses (SG&A)	Approximately $1.1 billion
Overall GAAP Operating Expenses (Narrowed Range)	$5.2 billion to $5.4 billion

The R&D spend, while still heavy, reflects prioritization. The reduction in R&D expenses from earlier expectations was primarily driven by continued investment prioritization and efficiency gains in the execution of clinical trials.

• Research and Development Expenses for 2025 are anticipated to be in the range of $3.3 billion to $3.4 billion, lowered from prior expectations of $3.6 billion to $3.8 billion.
• Cost of Sales for 2025 is expected to be in the range of $0.8 billion to $0.9 billion, a reduction from the previous expectation of $1.2 billion.
• Selling, General and Administrative Expenses are projected to be approximately $1.1 billion for 2025.
• Capital Expenditures for 2025 are expected to be approximately $0.3 billion.

When you look at the operating expense structure, the narrowing of the overall GAAP operating expenses to $5.2 billion to $5.4 billion shows the impact of the cost efficiency programs underway. This is a key focus area for management right now.

Regarding clinical trial costs and manufacturing capacity utilization, the data points toward active management of these areas. The decrease in R&D expenses, for example, was explicitly linked to timing of trial activities and program wind-downs, which directly impacts clinical trial costs. Finance: draft 13-week cash view by Friday.

Moderna, Inc. (MRNA) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Moderna, Inc. brings in cash as of late 2025. It's a story of transition, moving from pandemic reliance to a more diversified, seasonal product base, so let's look at the figures from their latest guidance.

The total projected revenue for the full year 2025 has been narrowed to a range of $1.6 billion to $2.0 billion. This updated outlook reflects the third quarter results and expectations for the remaining part of the year. This is down from previous guidance that went as high as $2.2 billion.

The current revenue streams are heavily weighted toward their established vaccines, though the mix is shifting. Here is a breakdown of the components driving that 2025 projection:

Revenue Component	2025 Full Year Guidance/Projection	Source Data Point (Q3 2025)
Total Projected Revenue	$1.6 billion to $2.0 billion	Total Revenue: $1.0 billion
U.S. Revenue Guidance	$1.0 billion to $1.3 billion	COVID Vaccine Sales: $971 million
International Revenue Guidance	$600 million to $700 million	RSV Vaccine (mRESVIA) Sales: $2 million
Other Revenue (Grants, Collaborations, Royalties)	Implied Remainder	Other Revenue: $43 million

Product sales from COVID-19 vaccines, which include Spikevax and the newer mNEXSPIKE, still form the bulk of the revenue. For the third quarter of 2025, COVID vaccine sales were $971 million. This is compared to the total net product sales of $973 million in that same quarter.

Sales from the RSV vaccine, mRESVIA, for older adults, are still ramping up and facing competition. In the third quarter of 2025, mRESVIA sales were only $2 million. This figure declined 80% year-over-year in the quarter.

Revenue from non-product sources-grants, collaborations, and royalties-is a smaller, but consistent, stream. For the third quarter of 2025, this 'other revenue' was exactly $43 million.

Future revenue streams are being built now through pipeline execution, with a focus on oncology and rare diseases. While specific 2025 revenue from these areas isn't itemized yet, the potential is significant in later years. For instance, the mRESVIA vaccine, following its expanded approval for at-risk adults aged 18-59, has analyst estimates projecting peak sales of $8 billion to $10 billion by 2029. The company is also advancing other candidates, expecting milestones from:

• The flu program, which reported positive Phase III efficacy data.
• The Propionic Acidemia program in Rare Disease, expecting registrational efficacy study data.

Finance: draft 13-week cash view by Friday.