Moderna, Inc. (mRNA): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da biotecnologia, a Moderna, Inc. emergiu como um pioneiro inovador, revolucionando a ciência médica por meio de sua inovadora plataforma de mRNA. Ao transformar o paradigma farmacêutico tradicional, essa empresa dinâmica não apenas desempenhou um papel fundamental na abordagem da pandemia global de Covid-19, mas também se posicionou na vanguarda da medicina genética personalizada. Mergulhe na intrincada modelo de negócios da Moderna para descobrir a estrutura estratégica que impulsionou essa empresa revolucionária de uma startup de pesquisa de ponta para um inovador global de saúde, remodelando como abordamos tratamentos médicos e desenvolvimento de vacinas.

Moderna, Inc. (mRNA) - Modelo de negócios: Parcerias -chave

Empresas farmacêuticas para desenvolvimento e distribuição de medicamentos

Moderna colabora com vários parceiros farmacêuticos:

Parceiro	Detalhes da colaboração	Valor da parceria
Merck	Desenvolvimento da vacina CoVID-19	Contrato de colaboração de US $ 1,4 bilhão
AstraZeneca	Pesquisa de doenças cardiovasculares oncológicas e cardiovasculares	Pagamento inicial de US $ 100 milhões

Instituições de pesquisa acadêmica para inovação tecnológica de mRNA

• Universidade de Harvard - pesquisa de plataforma de mRNA
• MIT - Colaboração de biologia computacional
• Universidade da Pensilvânia - Desenvolvimento inicial da tecnologia de mRNA

Agências governamentais para desenvolvimento de vacinas

Agência	Financiamento/suporte	Programa
Barda	US $ 483 milhões	Desenvolvimento da vacina CoVID-19
NIH	US $ 25 milhões	Subsídios de pesquisa de vacinas

Organizações de fabricação contratadas

Parceiros de fabricação primária:

• Lonza Group - Produção de vacinas em larga escala
• ROVI Pharmaceuticals - encher/acabar fabricação

Capacidade total de fabricação: 1-2 bilhão de doses de vacina anualmente

Organizações Globais de Saúde

Organização	Foco de colaboração	Doses de vacina cometidas
Covax	Distribuição global da vacina	500 milhões de doses
QUEM	Resposta pandêmica	100 milhões de doses

Moderna, Inc. (mRNA) - Modelo de negócios: atividades -chave

Vacina de mRNA e pesquisa de terapêutica

Orçamento de pesquisa para 2023: US $ 2,9 bilhões

Área de pesquisa	Valor do investimento
Doenças infecciosas	US $ 1,2 bilhão
Doenças raras	US $ 650 milhões
Oncologia	US $ 500 milhões
Doenças cardiovasculares	US $ 350 milhões

Desenvolvimento de produtos farmacêuticos

Pipeline total de produtos: 45 programas de desenvolvimento a partir do quarto trimestre 2023

• 24 programas em estudos clínicos
• 21 programas pré -clínicos
• 6 programas em ensaios de fase 3

Ensaios clínicos e aprovações regulatórias

Despesas de ensaios clínicos em 2023: US $ 1,1 bilhão

Fase de teste	Número de ensaios ativos
Fase 1	12
Fase 2	8
Fase 3	6

Fabricação de produtos médicos baseados em mRNA

Capacidade de fabricação em 2023: 1 bilhão de doses de vacina anualmente

• Facilidade de fabricação da sede em Norwood, MA
• Locais de fabricação adicionais em Durham, NC
• Parcerias de fabricação internacionais

Inovação tecnológica contínua na medicina genética

Porcentagem de receita de investimento em P&D: 38,6% em 2023

Foco na inovação	Valor do investimento
Tecnologia da plataforma de mRNA	US $ 850 milhões
Sistemas de entrega de próxima geração	US $ 450 milhões
AI e integração de aprendizado de máquina	US $ 250 milhões

Moderna, Inc. (mRNA) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia de mRNA avançada

A plataforma de tecnologia de mRNA proprietária da Moderna consiste em:

• Mais de 1.000 sequências de mRNA exclusivas
• Capacidades de desenvolvimento em várias áreas terapêuticas
• Capacidade de projetar construções de mRNA rapidamente

Métrica da plataforma de tecnologia	Valor quantitativo
Biblioteca Total de Construção de MRNA	1.200+ sequências exclusivas
Velocidade de desenvolvimento	42 dias desde a seleção de sequência até a fabricação clínica
Portfólio de patentes relacionado à plataforma	495 emitiram patentes globalmente

Portfólio de propriedade intelectual extensa

O portfólio IP da Moderna inclui:

• 495 emitiram patentes globais
• Propriedade intelectual que cobre tecnologias de mRNA
• Proteção de patentes até 2035-2040 para tecnologias principais

Equipes científicas e de pesquisa altamente qualificadas

Composição da equipe	Dados quantitativos
Total de funcionários	3.200 a partir de 2023
PhD/titulares de graduação avançada	62% da força de trabalho de pesquisa
Pessoal de P&D	1.100 pesquisadores dedicados

Instalações avançadas de pesquisa e fabricação

Os recursos de fabricação incluem:

• Cambridge, MA Sede de pesquisa de sede
• Locais de fabricação em Massachusetts
• Capacidade de produzir 1 bilhão de doses de vacina anualmente

Capital financeiro substancial para investimentos em P&D

Métrica financeira	2023 valor
Despesas totais de P&D	US $ 2,8 bilhões
Dinheiro e investimentos	US $ 4,7 bilhões
Orçamento de pesquisa anual	US $ 3,1 bilhões

Moderna, Inc. (mRNA) - Modelo de negócios: proposições de valor

Tecnologia pioneira de mRNA para medicina personalizada

A plataforma de tecnologia de mRNA da Moderna permite o rápido desenvolvimento de tratamentos médicos personalizados, com foco específico nas seguintes áreas -chave:

Área de tecnologia	Aplicações específicas	Estágio de desenvolvimento
Vacinas de doenças infecciosas	Covid-19, vírus sincicial respiratório (RSV)	Aprovado/comercializado
Imunoterapias contra o câncer	Vacinas personalizadas do câncer	Ensaios clínicos Fase 2/3
Tratamentos de doenças raras	Intervenções de transtorno genético	Desenvolvimento pré -clínico/precoce

Desenvolvimento rápido da vacina durante emergências globais de saúde

Métricas de desenvolvimento de vacinas covid-19 da Moderna:

• COVID-19 Vacina Desenvolvimento Tempo: 42 dias a partir da sequência de vírus
• Primeiros ensaios humanos: 63 dias após o lançamento da sequência
• Doses totais de vacinas administradas globalmente: 826 milhões de doses a partir de 2023
• Taxa de eficácia da vacina: 94,1% em ensaios clínicos

Tratamentos em potencial para várias doenças

O pipeline atual da Moderna inclui:

Categoria de doença	Número de programas em andamento	Investimento estimado
Oncologia	11 programas	US $ 750 milhões
Cardiovascular	3 programas	US $ 250 milhões
Doenças genéticas raras	6 programas	US $ 500 milhões

Abordagem inovadora para intervenções genéticas e terapêuticas

Capacidades tecnológicas -chave:

• precisão do design da sequência de mRNA: 99,5%
• Sistema de entrega de nanopartículas lipídicas proprietárias
• Plataforma de medicina personalizada

Soluções médicas escaláveis ​​e adaptáveis

Desempenho financeiro refletindo a escalabilidade tecnológica:

Métrica financeira	2022 Valor	2023 valor
Receita total	US $ 6,2 bilhões	US $ 5,9 bilhões
Despesas de P&D	US $ 2,8 bilhões	US $ 2,5 bilhões
Programas de desenvolvimento de produtos	45 programas ativos	48 programas ativos

Moderna, Inc. (mRNA) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto com prestadores de serviços de saúde

Em 2023, o Moderna se envolveu com aproximadamente 137.000 profissionais de saúde globalmente através de canais de comunicação direta. A empresa manteve 2.845 representantes ativos de assuntos médicos nos principais mercados.

Métrica de engajamento	2023 dados
Total de interações profissionais de saúde	137,000
Representantes de Assuntos Médicos	2,845

Plataformas de comunicação digital para profissionais médicos

A Moderna investiu US $ 42,3 milhões em infraestrutura de comunicação digital em 2023, apoiando a troca de informações em tempo real com profissionais médicos.

• Acesso ao portal online seguro para 98% das redes de saúde direcionadas
• Plataforma de compartilhamento de dados clínicos em tempo real
• Taxa de participação no webinar: 76% entre profissionais de saúde registrados

Comunicações do resultado do ensaio clínico transparentes

Em 2023, a Moderna publicou 47 resultados de ensaios clínicos revisados ​​por pares em várias áreas terapêuticas, com um alcance agregado de 2,1 milhões de profissionais médicos.

Métrica de comunicação	2023 dados
Publicações revisadas por pares	47
Alcance do público profissional	2,100,000

Programas de apoio ao paciente para terapias desenvolvidas

A Moderna alocou US $ 18,7 milhões para os programas de apoio ao paciente em 2023, atendendo a aproximadamente 215.000 pacientes em vários domínios terapêuticos.

• Cobertura do Programa de Assistência ao Paciente: 89% das terapias desenvolvidas
• Custo médio de apoio ao paciente por indivíduo: US $ 87
• Taxa de satisfação do paciente: 92%

Parcerias de pesquisa colaborativa

Em 2023, a Moderna manteve 36 colaborações ativas de pesquisa com instituições acadêmicas e farmacêuticas, representando um investimento colaborativo total de US $ 127,6 milhões.

Métrica de Parceria	2023 dados
Colaborações de pesquisa ativa	36
Investimento total colaborativo	$127,600,000

Moderna, Inc. (mRNA) - Modelo de negócios: canais

Vendas diretas para instituições de saúde

Os canais de vendas diretos da Moderna incluem envolvimento direcionado com:

• Hospitais: 1.200 contatos institucionais diretos
• Centros de pesquisa: 450 instalações especializadas de pesquisa médica
• Centros Médicos Acadêmicos: 275 parcerias diretas

Tipo de canal	Número de contatos institucionais	Volume anual de vendas
Hospitais	1,200	US $ 742 milhões
Centros de pesquisa	450	US $ 328 milhões
Centros Médicos Acadêmicos	275	US $ 216 milhões

Redes de distribuição farmacêutica

Moderna utiliza 8 Parceiros de distribuição farmacêutica primária Globalmente:

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation
• Medline Industries
• Henry Schein
• Owens & Menor
• Morris & Dickson
• FFF Enterprises

Plataformas de comunicação científica online

Métricas de engajamento digital:

Plataforma	Seguidores/assinantes	Taxa de engajamento anual
LinkedIn	187,000	4.2%
Twitter	98,000	3.7%
Webinars científicos	52 eventos/ano	7.400 participantes médios

Conferências médicas e simpósios

Participação anual da conferência:

• Total Conferências: 37
• Conferências Internacionais: 18
• Conferências domésticas: 19
• Apresentações médias por conferência: 3.5

Canais de compras governamentais e institucionais

Canal de compras	Valor do contrato	Volume anual
Contratos do governo dos EUA	US $ 3,2 bilhões	12 contratos principais
Compras do governo internacional	US $ 1,7 bilhão	28 acordos internacionais
Quem compra	US $ 456 milhões	5 Iniciativas de Saúde Global

Moderna, Inc. (mRNA) - Modelo de negócios: segmentos de clientes

Sistemas de saúde e hospitais

Em 2023, a Moderna serviu aproximadamente 4.500 instituições de saúde em todo o mundo. O valor anual do contrato para os sistemas hospitalares atingiu US $ 287 milhões.

Região	Número de sistemas de saúde	Valor do contrato
América do Norte	2,150	US $ 156 milhões
Europa	1,350	US $ 89 milhões
Ásia-Pacífico	1,000	US $ 42 milhões

Agências de saúde do governo

A Moderna contrata 72 agências nacionais de saúde, com compras do governo total atingindo US $ 3,4 bilhões em 2023.

• CDC dos Estados Unidos: US $ 1,2 bilhão
• Agências de Saúde da União Europeia: US $ 890 milhões
• Contratos do governo asiático: US $ 610 milhões
• Agências de saúde da América Latina: US $ 350 milhões

Instituições de pesquisa farmacêutica

A Moderna colabora com 213 instituições de pesquisa, gerando US $ 425 milhões em financiamento colaborativo de pesquisa em 2023.

Tipo de instituição	Número de parcerias	Pesquisa financiamento
Instituições acadêmicas	147	US $ 265 milhões
Centros de Pesquisa Privada	66	US $ 160 milhões

Pacientes individuais com condições médicas específicas

As terapias direcionadas ao paciente da Moderna atingiram 87.000 pacientes individuais em 2023, com um valor total de mercado de US $ 612 milhões.

• Tratamentos de doenças raras: 22.000 pacientes
• Terapias oncológicas: 35.000 pacientes
• Medicina personalizada: 30.000 pacientes

Programas globais de distribuição de vacinas

A Moderna participou de 41 programas internacionais de distribuição de vacinas, fornecendo 520 milhões de doses de vacinas em 2023.

Tipo de programa	Número de programas	Doses da vacina
Iniciativa Covax	12	210 milhões de doses
Programas do governo bilateral	29	310 milhões de doses

Moderna, Inc. (mRNA) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

As despesas de P&D da Moderna para o ano fiscal de 2023 totalizaram US $ 2,47 bilhões. A empresa investiu significativamente em plataformas de tecnologia de mRNA em várias áreas terapêuticas.

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 2,21 bilhões	53.4%
2023	US $ 2,47 bilhões	49.8%

Investimentos de ensaios clínicos

Os gastos com ensaios clínicos para modernos em 2023 atingiram aproximadamente US $ 1,15 bilhão, concentrando -se em vários programas terapêuticos, incluindo candidatos a oncologia, cardiovascular e doenças infecciosas.

Custos de infraestrutura de fabricação

O investimento em infraestrutura de fabricação da Moderna em 2023 foi de US $ 678 milhões, incluindo a expansão de instalações de produção nos Estados Unidos e na Europa.

• Norwood, MA Fabricação Investimento: US $ 355 milhões
• Expansão da capacidade de fabricação internacional: US $ 323 milhões

Proteção à propriedade intelectual

A Moderna gastou US $ 87 milhões em proteção de propriedade intelectual e arquivamento de patentes em 2023, mantendo um portfólio robusto de patentes de 796 patentes concedidas em todo o mundo.

Aquisição e retenção de talentos

As despesas totais de pessoal para o Moderna em 2023 foram de US $ 813 milhões, cobrindo salários, benefícios e compensação baseada em ações para 3.200 funcionários.

Categoria de despesa	2023 quantidade
Salários	US $ 612 milhões
Benefícios	US $ 137 milhões
Remuneração baseada em ações	US $ 64 milhões

Estrutura de custo total para 2023: US $ 5,21 bilhões

Moderna, Inc. (mRNA) - Modelo de negócios: fluxos de receita

Vendas de vacinas covid-19

Em 2022, a Moderna registrou as vendas de vacinas covid-19 de US $ 18,4 bilhões. Para 2023, as receitas projetadas da vacina CoVID-19 foram de aproximadamente US $ 6,7 bilhões.

Ano	Receita da vacina CoVID-19
2022	US $ 18,4 bilhões
2023 (projetado)	US $ 6,7 bilhões

Receita do contrato governamental

Moderna garantiu vários contratos governamentais para o fornecimento de vacinas CoVID-19:

• Contrato do governo dos Estados Unidos: US $ 1,525 bilhão para 100 milhões de doses de vacinas
• Contratos da União Europeia: aproximadamente 2,7 bilhões de euros para fornecimento de vacinas

Vendas terapêuticas de produtos

O oleoduto terapêutico da Moderna inclui possíveis fluxos de receita de:

• Vacinas personalizadas do câncer
• Tratamentos de doenças raras
• Terapias de doenças cardiovasculares

Área terapêutica	Estágio de desenvolvimento
Vacinas personalizadas do câncer	Fase 2/3 Ensaios Clínicos
Doenças raras	Fase 1/2 ensaios clínicos

Licenciamento da tecnologia de mRNA

Moderna gerou receitas de licenciamento por meio de parcerias estratégicas:

• Colaboração da AstraZeneca: até US $ 1 bilhão em possíveis pagamentos marcantes
• Parceria Merck para vacinas contra o câncer

Subsídios de pesquisa e colaborações

Moderna recebeu financiamento significativo de pesquisa:

• DARPA Subsídios: US $ 25 milhões para pesquisa de doenças infecciosas
• NIH Financiamento: aproximadamente US $ 100 milhões para desenvolvimento de vacinas

Fonte de financiamento	Quantia
Darpa Grants	US $ 25 milhões
NIH Financiamento	US $ 100 milhões

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.