Moderna, Inc. (ARNm): Canvas du modèle commercial [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide de la biotechnologie, Moderna, Inc. est devenu un pionnier révolutionnaire, révolutionnant la science médicale grâce à sa plate-forme d'ARNm innovante. En transformant le paradigme pharmaceutique traditionnel, cette entreprise dynamique a non seulement joué un rôle central dans la lutte contre la pandémie mondiale Covid-19, mais s'est également positionnée à la pointe de la médecine génétique personnalisée. Plongez dans le canevas du modèle commercial complexe de Moderna pour découvrir le cadre stratégique qui a propulsé cette entreprise révolutionnaire, d'une startup de recherche de pointe à un innovateur mondial de soins de santé, remodelant la façon dont nous abordons les traitements médicaux et le développement de vaccins.

Moderna, Inc. (ARNm) - Modèle commercial: partenariats clés

Sociétés pharmaceutiques pour le développement et la distribution de médicaments

Moderna collabore avec plusieurs partenaires pharmaceutiques:

Partenaire	Détails de collaboration	Valeur de partenariat
Miserrer	Développement du vaccin Covid-19	Contrat de collaboration de 1,4 milliard de dollars
Astrazeneca	Recherche d'oncologie et de maladies cardiovasculaires	100 millions de dollars de paiement initial

Institutions de recherche académique pour l'innovation de la technologie de l'ARNm

• Université Harvard - Recherche de plate-forme d'ARNm
• MIT - Collaboration de biologie informatique
• Université de Pennsylvanie - Développement initial de la technologie de l'ARNm

Agences gouvernementales pour le développement des vaccins

Agence	Financement / soutien	Programme
Barda	483 millions de dollars	Développement du vaccin Covid-19
NIH	25 millions de dollars	Subventions de recherche sur les vaccins

Organisations de fabrication de contrats

Partners de fabrication primaires:

• Groupe Lonza - Production de vaccins à grande échelle
• Rovi Pharmaceuticals - Film / Finish Manufacturing

Capacité de fabrication totale: 1 à 2 milliards de doses de vaccin annuelles

Organisations de santé mondiales

Organisation	Focus de la collaboration	Doses de vaccin commises
Covax	Distribution mondiale des vaccins	500 millions de doses
OMS	Réponse pandémique	100 millions de doses

Moderna, Inc. (ARNm) - Modèle d'entreprise: activités clés

Recherche de vaccin contre l'ARNm et de thérapie

Budget de recherche pour 2023: 2,9 milliards de dollars

Domaine de recherche	Montant d'investissement
Maladies infectieuses	1,2 milliard de dollars
Maladies rares	650 millions de dollars
Oncologie	500 millions de dollars
Maladies cardiovasculaires	350 millions de dollars

Développement de produits pharmaceutiques

Pipeline total de produits: 45 programmes de développement au quatrième trimestre 2023

• 24 programmes en études cliniques
• 21 programmes précliniques
• 6 programmes dans les essais de phase 3

Essais cliniques et approbations réglementaires

Dépenses d'essais cliniques en 2023: 1,1 milliard de dollars

Phase de procès	Nombre d'essais actifs
Phase 1	12
Phase 2	8
Phase 3	6

Fabrication de produits médicaux à base d'ARNm

Capacité de fabrication en 2023: 1 milliard de doses de vaccin annuelles par an

• Installation de fabrication du siège à Norwood, MA
• Sites de fabrication supplémentaires à Durham, NC
• Partenariats de fabrication internationales

Innovation technologique continue en médecine génétique

Pourcentage d'investissement de R&D des revenus: 38,6% en 2023

Focus de l'innovation	Montant d'investissement
Technologie de la plate-forme d'ARNm	850 millions de dollars
Systèmes de livraison de nouvelle génération	450 millions de dollars
Intégration de l'IA et de l'apprentissage automatique	250 millions de dollars

Moderna, Inc. (ARNm) - Modèle d'entreprise: Ressources clés

Plateforme de technologie ARNm avancée

La plate-forme technologique de l'ARNm propriétaire de Moderna se compose:

• Plus de 1 000 séquences d'ARNm uniques
• Capacités de développement dans plusieurs zones thérapeutiques
• Capacité à concevoir rapidement les constructions d'ARNm

Métrique de la plate-forme technologique	Valeur quantitative
Bibliothèque totale de construction d'ARNm	1 200+ séquences uniques
Vitesse de développement	42 jours de la sélection des séquences à la fabrication clinique
Portefeuille de brevets lié à la plate-forme	495 Brevets délivrés dans le monde entier

Portfolio de propriété intellectuelle étendue

Le portefeuille IP de Moderna comprend:

• 495 Brevets mondiaux délivrés
• Propriété intellectuelle couvrant les technologies d'ARNm
• Protection des brevets jusqu'en 2035-2040 pour les technologies de base

Équipes scientifiques et de recherche hautement qualifiées

Composition de l'équipe	Données quantitatives
Total des employés	3 200 en 2023
PhD / détenteurs de diplômes avancés	62% des effectifs de la recherche
Personnel de R&D	1 100 chercheurs dévoués

Installations de recherche et de fabrication avancées

Les capacités de fabrication comprennent:

• Cambridge, MA siège social Research Facility
• Sites de fabrication dans le Massachusetts
• Capacité à produire un milliard de doses de vaccin annuelles

Capital financier substantiel pour les investissements en R&D

Métrique financière	Valeur 2023
Dépenses totales de R&D	2,8 milliards de dollars
Espèce et investissements	4,7 milliards de dollars
Budget de recherche annuel	3,1 milliards de dollars

Moderna, Inc. (ARNm) - Modèle d'entreprise: propositions de valeur

Technologie pionnière de l'ARNm pour la médecine personnalisée

La plate-forme technologique de l'ARNm de Moderna permet un développement rapide de traitements médicaux personnalisés en mettant l'accent sur les domaines clés suivants:

Zone technologique	Applications spécifiques	Étape de développement
Vaccins contre les maladies infectieuses	Covid-19, virus respiratoire syncytial (RSV)	Approuvé / commercialisé
Immunothérapies contre le cancer	Vaccines de cancer personnalisés	Essais cliniques Phase 2/3
Traitements de maladies rares	Interventions de troubles génétiques	Développement préclinique / précoce

Développement rapide des vaccins lors des urgences mondiales de la santé

Métriques de développement du vaccin Covid-19 de Moderna:

• Temps de développement du vaccin Covid-19: 42 jours à partir de la séquence virale
• Premiers essais humains: 63 jours après la libération de séquence
• Total des doses de vaccin administrées à l'échelle mondiale: 826 millions de doses à partir de 2023
• Taux d'efficacité des vaccins: 94,1% dans les essais cliniques

Traitements potentiels pour diverses maladies

Le pipeline actuel de Moderna comprend:

Catégorie de maladie	Nombre de programmes en cours	Investissement estimé
Oncologie	11 programmes	750 millions de dollars
Cardiovasculaire	3 programmes	250 millions de dollars
Maladies génétiques rares	6 programmes	500 millions de dollars

Approche innovante des interventions génétiques et thérapeutiques

Capacités technologiques clés:

• Précision de conception de séquence d'ARNm: 99,5%
• Système de livraison de nanoparticules lipidiques propriétaires
• Plateforme de médecine personnalisée

Solutions médicales évolutives et adaptables

Performance financière reflétant l'évolutivité technologique:

Métrique financière	Valeur 2022	Valeur 2023
Revenus totaux	6,2 milliards de dollars	5,9 milliards de dollars
Dépenses de R&D	2,8 milliards de dollars	2,5 milliards de dollars
Programmes de développement de produits	45 programmes actifs	48 programmes actifs

Moderna, Inc. (ARNm) - Modèle d'entreprise: relations clients

Engagement direct avec les prestataires de soins de santé

En 2023, Moderna s'est engagé avec environ 137 000 professionnels de la santé dans le monde grâce à des canaux de communication directs. La société a maintenu 2 845 représentants actifs des affaires médicales sur les principaux marchés.

Métrique de l'engagement	2023 données
Interactions totales de professionnels de la santé	137,000
Représentants des affaires médicales	2,845

Plateformes de communication numérique pour les professionnels de la santé

Moderna a investi 42,3 millions de dollars dans les infrastructures de communication numérique en 2023, soutenant l'échange d'informations en temps réel avec des professionnels de la santé.

• Sécuriser l'accès au portail en ligne pour 98% des réseaux de soins de santé ciblés
• Plate-forme de partage clinique en temps réel
• Taux de participation du webinaire: 76% parmi les professionnels de la santé enregistrés

Communications des résultats des essais cliniques transparents

En 2023, Moderna a publié 47 résultats d'essais cliniques évalués par des pairs dans plusieurs domaines thérapeutiques, avec une portée globale de 2,1 millions de professionnels de la santé.

Métrique de communication	2023 données
Publications évaluées par des pairs	47
Possyage professionnel portée	2,100,000

Programmes de soutien aux patients pour les thérapies développées

Moderna a alloué 18,7 millions de dollars aux programmes de soutien aux patients en 2023, desservant environ 215 000 patients dans divers domaines thérapeutiques.

• Couverture du programme d'aide aux patients: 89% des thérapies développées
• Coût moyen de soutien des patients par individu: 87 $
• Taux de satisfaction des patients: 92%

Partenariats de recherche collaborative

En 2023, Moderna a maintenu 36 collaborations de recherche active avec des institutions universitaires et pharmaceutiques, représentant un investissement collaboratif total de 127,6 millions de dollars.

Métrique de partenariat	2023 données
Collaborations de recherche active	36
Investissement collaboratif total	$127,600,000

Moderna, Inc. (ARNm) - Modèle d'entreprise: canaux

Ventes directes vers les institutions de soins de santé

Les canaux de vente directs de Moderna incluent un engagement ciblé avec:

• Hôpitaux: 1 200+ contacts institutionnels directs
• Centres de recherche: 450 installations de recherche médicale spécialisées
• Centres médicaux académiques: 275 partenariats directs

Type de canal	Nombre de contacts institutionnels	Volume des ventes annuelles
Hôpitaux	1,200	742 millions de dollars
Centres de recherche	450	328 millions de dollars
Centres médicaux académiques	275	216 millions de dollars

Réseaux de distribution pharmaceutique

Moderna utilise 8 partenaires de distribution pharmaceutique primaire À l'échelle mondiale:

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation
• Industries Medline
• Henry Schein
• Owens & Mineure
• Morris & Dickson
• Entreprises FFF

Plateformes de communication scientifique en ligne

Métriques d'engagement numérique:

Plate-forme	Adeptes / abonnés	Taux d'engagement annuel
Liendin	187,000	4.2%
Gazouillement	98,000	3.7%
Webinaires scientifiques	52 événements / an	7 400 participants moyens

Conférences médicales et symposiums

Participation annuelle de la conférence:

• Conférences totales: 37
• Conférences internationales: 18
• Conférences domestiques: 19
• Présentations moyennes par conférence: 3,5

Canaux d'approvisionnement gouvernementaux et institutionnels

Canal d'approvisionnement	Valeur du contrat	Volume annuel
Contrats du gouvernement américain	3,2 milliards de dollars	12 contrats majeurs
Marchés publics internationaux	1,7 milliard de dollars	28 accords internationaux
Qui s'approvisionnement	456 millions de dollars	5 initiatives de santé mondiales

Moderna, Inc. (ARNm) - Modèle d'entreprise: segments de clientèle

Systèmes de soins de santé et hôpitaux

En 2023, Moderna a servi environ 4 500 établissements de santé dans le monde. La valeur annuelle du contrat pour les systèmes hospitaliers a atteint 287 millions de dollars.

Région	Nombre de systèmes de santé	Valeur du contrat
Amérique du Nord	2,150	156 millions de dollars
Europe	1,350	89 millions de dollars
Asie-Pacifique	1,000	42 millions de dollars

Agences de santé gouvernementales

Moderna contracte avec 72 agences de santé nationales, les marchés publics totaux atteignant 3,4 milliards de dollars en 2023.

• CDC américain: 1,2 milliard de dollars
• Agences de santé de l'Union européenne: 890 millions de dollars
• Contrats du gouvernement asiatique: 610 millions de dollars
• Agences de santé latino-américaines: 350 millions de dollars

Institutions de recherche pharmaceutique

Moderna collabore avec 213 institutions de recherche, générant 425 millions de dollars de financement de recherche collaborative en 2023.

Type d'institution	Nombre de partenariats	Financement de recherche
Institutions universitaires	147	265 millions de dollars
Centres de recherche privés	66	160 millions de dollars

Patients individuels souffrant de conditions médicales spécifiques

Les thérapies ciblées par les patients de Moderna ont atteint 87 000 patients individuels en 2023, avec une valeur marchande totale de 612 millions de dollars.

• Traitements de maladies rares: 22 000 patients
• Thérapies en oncologie: 35 000 patients
• Médecine personnalisée: 30 000 patients

Programmes mondiaux de distribution des vaccins

Moderna a participé à 41 programmes internationaux de distribution des vaccins, offrant 520 millions de doses de vaccination en 2023.

Type de programme	Nombre de programmes	Doses de vaccin
Initiative Covax	12	210 millions de doses
Programmes gouvernementaux bilatéraux	29	310 millions de doses

Moderna, Inc. (ARNm) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Les dépenses de R&D de Moderna pour l'exercice 2023 ont totalisé 2,47 milliards de dollars. La société a investi considérablement dans des plateformes technologiques d'ARNm dans plusieurs domaines thérapeutiques.

Année	Dépenses de R&D	Pourcentage de revenus
2022	2,21 milliards de dollars	53.4%
2023	2,47 milliards de dollars	49.8%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour Moderna en 2023 ont atteint environ 1,15 milliard de dollars, en se concentrant sur divers programmes thérapeutiques, notamment les candidats aux maladies cardiovasculaires et infectieuses.

Coûts d'infrastructure de fabrication

L'investissement dans les infrastructures de fabrication de Moderna en 2023 était de 678 millions de dollars, notamment l'expansion des installations de production aux États-Unis et en Europe.

• Norwood, MA Manufacturing Facility Investment: 355 millions de dollars
• Expansion de la capacité de fabrication internationale: 323 millions de dollars

Protection de la propriété intellectuelle

Moderna a dépensé 87 millions de dollars pour la protection de la propriété intellectuelle et le dépôt de brevets en 2023, en maintenant un portefeuille de brevets robuste de 796 brevets accordés à l'échelle mondiale.

Acquisition et rétention de talents

Les dépenses totales du personnel pour Moderna en 2023 étaient de 813 millions de dollars, couvrant les salaires, les avantages sociaux et la rémunération à base d'actions pour 3 200 employés.

Catégorie de dépenses	2023 Montant
Salaires	612 millions de dollars
Avantages	137 millions de dollars
Compensation en stock	64 millions de dollars

Structure totale des coûts pour 2023: 5,21 milliards de dollars

Moderna, Inc. (ARNm) - Modèle d'entreprise: Strots de revenus

Ventes de vaccins Covid-19

En 2022, Moderna a annoncé des ventes de vaccins Covid-19 de 18,4 milliards de dollars. Pour 2023, les revenus du vaccin Covid-19 projetés étaient d'environ 6,7 milliards de dollars.

Année	Revenus vaccinaux Covid-19
2022	18,4 milliards de dollars
2023 (projeté)	6,7 milliards de dollars

Revenus contractuels du gouvernement

Moderna a obtenu plusieurs contrats gouvernementaux pour l'approvisionnement vaccinal Covid-19:

• Contrat du gouvernement américain: 1,525 milliard de dollars pour 100 millions de doses de vaccination
• Contrats de l'Union européenne: environ 2,7 milliards d'euros pour l'offre de vaccination

Ventes de produits thérapeutiques

Le pipeline thérapeutique de Moderna comprend des sources de revenus potentielles de:

• Vaccines de cancer personnalisés
• Traitements de maladies rares
• Thérapies de maladies cardiovasculaires

Zone thérapeutique	Étape de développement
Vaccines de cancer personnalisés	Phase 2/3 essais cliniques
Maladies rares	Essais cliniques de phase 1/2

Licence de la technologie de l'ARNm

Moderna a généré des revenus de licence par le biais de partenariats stratégiques:

• Collaboration AstraZeneca: jusqu'à 1 milliard de dollars en paiements de jalons potentiels
• Merck Partnership for Cancer Vaccines

Grants de recherches et collaborations

Moderna a reçu un financement de recherche important:

• GRANTS DARPA: 25 millions de dollars pour la recherche sur les maladies infectieuses
• Financement du NIH: environ 100 millions de dollars pour le développement des vaccins

Source de financement	Montant
GRANTS DARPA	25 millions de dollars
Financement du NIH	100 millions de dollars

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.