Moderna, Inc. (MRNA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de biotecnología en rápida evolución, Moderna, Inc. se ha convertido en un pionero innovador, revolucionando la ciencia médica a través de su innovadora plataforma ARNm. Al transformar el paradigma farmacéutico tradicional, esta compañía dinámica no solo ha desempeñado un papel fundamental en abordar la pandemia Global Covid-19, sino que también se ha posicionado a la vanguardia de la medicina genética personalizada. Sumérgete en el intrincado lienzo de modelo de negocio de Moderna para descubrir el marco estratégico que ha impulsado a esta empresa revolucionaria de una startup de investigación de vanguardia a un innovador global de atención médica, remodelando cómo abordamos los tratamientos médicos y el desarrollo de vacunas.

Moderna, Inc. (ARNm) - Modelo de negocios: asociaciones clave

Empresas farmacéuticas para el desarrollo y distribución de fármacos

Moderna colabora con varios socios farmacéuticos:

Pareja	Detalles de colaboración	Valor de asociación
Merck	Desarrollo de vacunas Covid-19	Acuerdo de colaboración de $ 1.4 mil millones
Astrazeneca	Oncología e investigación de enfermedades cardiovasculares	Pago por adelantado de $ 100 millones

Instituciones de investigación académica para la innovación de tecnología de ARNm

• Universidad de Harvard - Investigación de la plataforma MRNA
• MIT - Colaboración de biología computacional
• Universidad de Pensilvania - Desarrollo inicial de tecnología de ARNm

Agencias gubernamentales para el desarrollo de vacunas

Agencia	Financiación/soporte	Programa
Barda	$ 483 millones	Desarrollo de vacunas Covid-19
NIH	$ 25 millones	Becas de investigación de vacunas

Organizaciones de fabricación de contratos

Socios de fabricación primarios:

• Lonza Group - Producción de vacunas a gran escala
• Rovi Pharmaceuticals - Fabricación de relleno/acabado

Capacidad de fabricación total: 1-2 mil millones de dosis de vacuna anualmente

Organizaciones de salud global

Organización	Enfoque de colaboración	Dosis de vacuna cometidas
Covax	Distribución de vacunas globales	500 millones de dosis
OMS	Respuesta pandémica	100 millones de dosis

Moderna, Inc. (ARNm) - Modelo de negocio: actividades clave

Investigación de vacuna contra la ARNm y terapéutica

Presupuesto de investigación para 2023: $ 2.9 mil millones

Área de investigación	Monto de la inversión
Enfermedades infecciosas	$ 1.2 mil millones
Enfermedades raras	$ 650 millones
Oncología	$ 500 millones
Enfermedades cardiovasculares	$ 350 millones

Desarrollo de productos farmacéuticos

Tubera total de productos: 45 programas de desarrollo a partir del cuarto trimestre 2023

• 24 programas en estudios clínicos
• 21 programas preclínicos
• 6 programas en los ensayos de fase 3

Ensayos clínicos y aprobaciones regulatorias

Gastos de ensayos clínicos en 2023: $ 1.1 mil millones

Fase de prueba	Número de pruebas activas
Fase 1	12
Fase 2	8
Fase 3	6

Fabricación de productos médicos a base de ARNm

Capacidad de fabricación en 2023: 1 mil millones de dosis de vacuna anualmente

• Central de fabricación de la sede en Norwood, MA
• Sitios de fabricación adicionales en Durham, NC
• Asociaciones internacionales de fabricación

Innovación tecnológica continua en medicina genética

R&D porcentaje de inversión de ingresos: 38.6% en 2023

Enfoque de innovación	Monto de la inversión
Tecnología de la plataforma de ARNm	$ 850 millones
Sistemas de entrega de próxima generación	$ 450 millones
IA e integración de aprendizaje automático	$ 250 millones

Moderna, Inc. (ARNm) - Modelo de negocio: recursos clave

Plataforma de tecnología ARNm avanzada

La plataforma de tecnología de ARNm patentada de Moderna consiste en:

• Más de 1,000 secuencias de ARNm únicas
• Capacidades de desarrollo en múltiples áreas terapéuticas
• Capacidad para diseñar construcciones de ARNm rápidamente

Métrica de plataforma tecnológica	Valor cuantitativo
Biblioteca total de constructos de ARNm	1,200+ secuencias únicas
Velocidad de desarrollo	42 días desde la selección de secuencia hasta la fabricación clínica
Cartera de patentes relacionada con la plataforma	495 patentes emitidas a nivel mundial

Cartera de propiedad intelectual extensa

La cartera IP de Moderna incluye:

• 495 patentes globales emitidas
• Propiedad intelectual que cubre las tecnologías de ARNm
• Protección de patentes hasta 2035-2040 para tecnologías centrales

Equipos científicos e de investigación altamente calificados

Composición del equipo	Datos cuantitativos
Total de empleados	3.200 a partir de 2023
PhD/titulares de grado avanzado	62% de la fuerza laboral de investigación
Personal de I + D	1.100 investigadores dedicados

Investigación avanzada y instalaciones de fabricación

Las capacidades de fabricación incluyen:

• Cambridge, MA Central de investigación de la sede
• Sitios de fabricación en Massachusetts
• Capacidad para producir mil millones de dosis de vacuna anualmente

Capital financiero sustancial para inversiones en I + D

Métrica financiera	Valor 2023
Gastos totales de I + D	$ 2.8 mil millones
Efectivo e inversiones	$ 4.7 mil millones
Presupuesto de investigación anual	$ 3.1 mil millones

Moderna, Inc. (ARNm) - Modelo de negocio: propuestas de valor

Tecnología de ARNm pionera para medicina personalizada

La plataforma de tecnología MRNA de Moderna permite el rápido desarrollo de tratamientos médicos personalizados con un enfoque específico en las siguientes áreas clave:

Área tecnológica	Aplicaciones específicas	Etapa de desarrollo
Vacunas de enfermedades infecciosas	Covid-19, Virus sincitial respiratorio (RSV)	Aprobado/comercializado
Inmunoterapias contra el cáncer	Vacunas de cáncer personalizadas	Ensayos clínicos Fase 2/3
Tratamientos de enfermedades raras	Intervenciones de trastorno genético	Desarrollo preclínico/temprano

Desarrollo rápido de la vacuna durante las emergencias de salud global

Moderna's Covid-19 Métricas de desarrollo de vacunas:

• Tiempo de desarrollo de la vacuna Covid-19: 42 días desde la secuencia del virus
• First Human Trials: 63 días después del lanzamiento de la secuencia
• Dosis totales de vacuna administradas a nivel mundial: 826 millones de dosis a partir de 2023
• Tasa de eficacia de la vacuna: 94.1% en ensayos clínicos

Tratamientos potenciales para diversas enfermedades

La tubería actual de Moderna incluye:

Categoría de enfermedades	Número de programas en curso	Inversión estimada
Oncología	11 programas	$ 750 millones
Cardiovascular	3 programas	$ 250 millones
Enfermedades genéticas raras	6 programas	$ 500 millones

Enfoque innovador de las intervenciones genéticas y terapéuticas

Capacidades tecnológicas clave:

• Precisión de diseño de secuencia de ARNm: 99.5%
• Sistema de entrega de nanopartículas lipídicas patentadas
• Plataforma de medicina personalizada

Soluciones médicas escalables y adaptables

Rendimiento financiero que refleja la escalabilidad tecnológica:

Métrica financiera	Valor 2022	Valor 2023
Ingresos totales	$ 6.2 mil millones	$ 5.9 mil millones
Gastos de I + D	$ 2.8 mil millones	$ 2.5 mil millones
Programas de desarrollo de productos	45 programas activos	48 programas activos

Moderna, Inc. (ARNm) - Modelo de negocios: relaciones con los clientes

Compromiso directo con proveedores de atención médica

En 2023, Moderna se involucró con aproximadamente 137,000 profesionales de la salud a nivel mundial a través de canales de comunicación directa. La compañía mantuvo a 2,845 representantes activos de asuntos médicos en los mercados clave.

Métrico de compromiso	2023 datos
Interacciones profesionales de atención médica total	137,000
Representantes de asuntos médicos	2,845

Plataformas de comunicación digital para profesionales médicos

Moderna invirtió $ 42.3 millones en infraestructura de comunicación digital en 2023, apoyando el intercambio de información en tiempo real con profesionales médicos.

• Seguro acceso al portal en línea para el 98% de las redes de atención médica específicas
• Plataforma de intercambio de datos clínicos en tiempo real
• Tasa de participación de seminarios web: 76% entre los profesionales de la salud registrados

Comunicaciones de resultados de ensayos clínicos transparentes

En 2023, Moderna publicó 47 resultados de ensayos clínicos revisados ​​por pares en múltiples áreas terapéuticas, con un alcance agregado de 2.1 millones de profesionales médicos.

Métrico de comunicación	2023 datos
Publicaciones revisadas por pares	47
Alcance de la audiencia profesional	2,100,000

Programas de apoyo al paciente para terapias desarrolladas

Moderna asignó $ 18.7 millones a los programas de apoyo al paciente en 2023, atendiendo a aproximadamente 215,000 pacientes en varios dominios terapéuticos.

• Cobertura del programa de asistencia al paciente: 89% de las terapias desarrolladas
• Costo promedio de apoyo al paciente por individuo: $ 87
• Tasa de satisfacción del paciente: 92%

Asociaciones de investigación colaborativa

En 2023, Moderna mantuvo 36 colaboraciones de investigación activa con instituciones académicas y farmacéuticas, lo que representa una inversión de colaboración total de $ 127.6 millones.

Métrico de asociación	2023 datos
Colaboraciones de investigación activa	36
Inversión colaborativa total	$127,600,000

Moderna, Inc. (ARNm) - Modelo de negocios: canales

Ventas directas a instituciones de atención médica

Los canales de ventas directos de Moderna incluyen el compromiso dirigido con:

• Hospitales: más de 1.200 contactos institucionales directos
• Centros de investigación: 450 instalaciones de investigación médica especializadas
• Centros médicos académicos: 275 asociaciones directas

Tipo de canal	Número de contactos institucionales	Volumen de ventas anual
Hospitales	1,200	$ 742 millones
Centros de investigación	450	$ 328 millones
Centros médicos académicos	275	$ 216 millones

Redes de distribución farmacéutica

Moderna utiliza 8 Socios de distribución farmacéutica primaria a nivel mundial:

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation
• Industrias Medline
• Henry Schein
• Owens & Menor
• Morris & Polla
• FFF Enterprises

Plataformas de comunicación científica en línea

Métricas de compromiso digital:

Plataforma	Seguidores/suscriptores	Tasa de compromiso anual
LinkedIn	187,000	4.2%
Gorjeo	98,000	3.7%
Seminarios web científicos	52 eventos/año	7.400 asistentes promedio

Conferencias y simposios médicos

Participación anual de la conferencia:

• Conferencias totales: 37
• Conferencias internacionales: 18
• Conferencias domésticas: 19
• Presentaciones promedio por conferencia: 3.5

Canales de adquisición gubernamental e institucional

Canal de adquisición	Valor de contrato	Volumen anual
Contratos del gobierno de EE. UU.	$ 3.2 mil millones	12 contratos importantes
Contratación del gobierno internacional	$ 1.7 mil millones	28 acuerdos internacionales
Quien adquisición	$ 456 millones	5 Iniciativas de salud globales

Moderna, Inc. (ARNm) - Modelo de negocio: segmentos de clientes

Sistemas de atención médica y hospitales

En 2023, Moderna sirvió aproximadamente 4,500 instituciones de atención médica a nivel mundial. El valor anual del contrato para los sistemas hospitalarios alcanzó los $ 287 millones.

Región	Número de sistemas de salud	Valor de contrato
América del norte	2,150	$ 156 millones
Europa	1,350	$ 89 millones
Asia-Pacífico	1,000	$ 42 millones

Agencias de salud gubernamentales

Moderna contrata con 72 agencias nacionales de salud, y la adquisición gubernamental total alcanzó $ 3.4 mil millones en 2023.

• Estados Unidos CDC: $ 1.2 mil millones
• Agencias de salud de la Unión Europea: $ 890 millones
• Contratos del gobierno asiático: $ 610 millones
• Agencias de salud latinoamericana: $ 350 millones

Instituciones de investigación farmacéutica

Moderna colabora con 213 instituciones de investigación, generando $ 425 millones en fondos de investigación colaborativa en 2023.

Tipo de institución	Número de asociaciones	Financiación de la investigación
Instituciones académicas	147	$ 265 millones
Centros de investigación privados	66	$ 160 millones

Pacientes individuales con afecciones médicas específicas

Las terapias dirigidas al paciente de Moderna llegaron a 87,000 pacientes individuales en 2023, con un valor de mercado total de $ 612 millones.

• Tratamientos de enfermedades raras: 22,000 pacientes
• Terapias oncológicas: 35,000 pacientes
• Medicina personalizada: 30,000 pacientes

Programas de distribución de vacunas globales

Moderna participó en 41 programas internacionales de distribución de vacunas, entregando 520 millones de dosis de vacuna en 2023.

Tipo de programa	Número de programas	Dosis de vacuna
Iniciativa Covax	12	210 millones de dosis
Programas gubernamentales bilaterales	29	310 millones de dosis

Moderna, Inc. (ARNm) - Modelo de negocio: estructura de costos

Extensos gastos de investigación y desarrollo

Los gastos de I + D de Moderna para el año fiscal 2023 totalizaron $ 2.47 mil millones. La compañía invirtió significativamente en plataformas de tecnología ARNm en múltiples áreas terapéuticas.

Año	Gastos de I + D	Porcentaje de ingresos
2022	$ 2.21 mil millones	53.4%
2023	$ 2.47 mil millones	49.8%

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para moderna en 2023 alcanzaron aproximadamente $ 1.15 mil millones, centrándose en varios programas terapéuticos, incluidos oncología, candidatos cardiovasculares e infecciosos.

Costos de infraestructura de fabricación

La inversión de infraestructura de fabricación de Moderna en 2023 fue de $ 678 millones, incluida la expansión de las instalaciones de producción en los Estados Unidos y Europa.

• Norwood, MA Inversión de instalaciones de fabricación: $ 355 millones
• Expansión de capacidad de fabricación internacional: $ 323 millones

Protección de propiedad intelectual

Moderna gastó $ 87 millones en protección de propiedad intelectual y presentación de patentes en 2023, manteniendo una sólida cartera de patentes de 796 patentes otorgadas a nivel mundial.

Adquisición y retención de talentos

Los gastos totales de personal para Moderna en 2023 fueron de $ 813 millones, cubriendo salarios, beneficios y compensación basada en acciones para 3.200 empleados.

Categoría de gastos	Cantidad de 2023
Salarios	$ 612 millones
Beneficios	$ 137 millones
Compensación basada en acciones	$ 64 millones

Estructura de costos totales para 2023: $ 5.21 mil millones

Moderna, Inc. (ARNm) - Modelo de negocio: flujos de ingresos

Ventas de vacunas Covid-19

En 2022, Moderna informó ventas de vacunas Covid-19 de $ 18.4 mil millones. Para 2023, los ingresos proyectados de la vacuna Covid-19 fueron de aproximadamente $ 6.7 mil millones.

Año	Ingresos de la vacuna Covid-19
2022	$ 18.4 mil millones
2023 (proyectado)	$ 6.7 mil millones

Ingresos por contrato del gobierno

Moderna aseguró múltiples contratos gubernamentales para el suministro de vacunas Covid-19:

• Contrato del Gobierno de los Estados Unidos: $ 1.525 mil millones para 100 millones de dosis de vacuna
• Contratos de la Unión Europea: aproximadamente € 2.7 mil millones para el suministro de vacunas

Venta de productos terapéuticos

La tubería terapéutica de Moderna incluye posibles flujos de ingresos de:

• Vacunas de cáncer personalizadas
• Tratamientos de enfermedades raras
• Terapias de enfermedades cardiovasculares

Área terapéutica	Etapa de desarrollo
Vacunas de cáncer personalizadas	Fase 2/3 ensayos clínicos
Enfermedades raras	Ensayos clínicos de fase 1/2

Licencias de tecnología ARNm

Moderna generó ingresos por licencias a través de asociaciones estratégicas:

• Colaboración de AstraZeneca: hasta $ 1 mil millones en posibles pagos de hitos
• Asociación Merck para vacunas contra el cáncer

Subvenciones y colaboraciones de investigación

Moderna recibió importantes fondos de investigación:

• DARPA Subvenciones: $ 25 millones para la investigación de enfermedades infecciosas
• Financiación de NIH: aproximadamente $ 100 millones para el desarrollo de vacunas

Fuente de financiación	Cantidad
DARPA RECUPERADAS	$ 25 millones
Financiación de NIH	$ 100 millones

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.