Building Moderna's Next Decade of Growth: Executing on Our Commercial Opportunities Today While Inventing New Modalities for Tomorrow

A question I hear frequently from investors is: What does Moderna look like in 10 years?

The answer begins with a simple idea that has guided our company from the beginning. We are building a platform capable of repeatedly creating new medicines. Over the last decade, we have transformed mRNA from a scientific concept into approved medicines used around the world. Now, we are entering the next chapter of that journey.

At our 2026 Science Day event today, we shared how we think about Moderna's future through three horizons. Together, these horizons represent a balanced strategy designed to deliver near-term growth, expand our impact for patients and create long-term value.

Importantly, the horizons framework is also how we think about building a durable biotechnology company. It provides a disciplined approach to allocating capital, managing risk and translating platform innovation into future growth opportunities.

Horizon 1 focuses on established modalities that are already driving commercialization and late-stage development. Horizons 2 and 3, led by Moderna Research and Early Development (mRED), focus on expanding our platform into emerging and future modalities that have the potential to become the next generation of growth drivers.

Working across three horizons, we are applying our mRNA platform expertise to validate, scale and expand our modalities. At the same time, we are driving innovation by harnessing data, AI and machine learning, and robotics to accelerate discovery and continuously improve how we deliver the next generation of mRNA medicines for patients around the world.

A Platform Built for Repeatable Innovation

Our platform is built on three integrated pillars: mRNA science, delivery science and advanced manufacturing processes. By combining these capabilities, we create modalities—groups of potential medicines that share similar mRNA technologies, delivery technologies and manufacturing processes to achieve common product characteristics.

As modalities advance, sentinel programs generate proof-of-concept data that help validate the underlying science, de-risk development and accelerate future programs. This creates a repeatable model for innovation that allows us to apply lessons learned across multiple medicines and disease areas.

Horizon 1: Scaling Proven Modalities

The first horizon consists of the modalities we have already established through clinical development and commercialization. Horizon 1 includes three modalities: infectious disease vaccines, intismeran autogene, and rare disease therapeutics. These programs represent years of scientific investment and are now moving into a period defined by execution as we broaden our portfolio, expand our geographic reach, and build multiple sustainable growth engines powered by our mRNA platform.

Building on strong momentum in our infectious disease vaccine business with four approved products, we are anticipating the potential launch of up to three new products in 2027 and 2028, including flu plus COVID combination, seasonal flu and norovirus vaccines. At the same time, we expect important clinical milestones this year, including potential pivotal data readouts for our investigational individualized neoantigen therapy (intismeran autogene) and rare genetic disease propionic acidemia therapeutic, which could support the possible launch of our first oncology and rare disease products.

As our business evolves to support our three franchises, multiple potential product launches and important late-stage clinical milestones, our operating model must evolve as well. Recently, we announced an expansion of Stephen Hoge's role as President and welcomed Ester Banque to Moderna as our new Chief Commercial Officer. These leadership changes reflect the next phase of our growth strategy.

Horizon 2: Advancing New Modalities in the Clinic to Establish Human Proof-of-Concept

Horizon 2 is focused on extending the reach of our platform into new areas where we believe mRNA can create meaningful advances for patients. Emerging oncology is one of the most important examples.

Our oncology strategy is increasingly focused on intervening earlier in the cancer journey—not only treating advanced disease, but potentially reducing recurrence after surgery and one day helping prevent certain cancers before they develop. We are currently exploring opportunities across solid tumors, metastatic disease and hematologic cancers.

Our goal in Horizon 2 is to advance high-potential programs toward clinical proof-of-concept, creating new modalities that can eventually become future growth pillars for Moderna. One example is our T-cell engager modality. Our sentinel program, mRNA-2808 for multiple myeloma, is currently in Phase 1/2 development and is the first multiplex T-cell engager in the clinic to combine three targets in a single medicine. Based on an encouraging early clinical signal with mRNA-2808, we are advancing mRNA-2151, a preclinical T-cell engager program for ovarian cancer, toward early clinical development.

Horizon 3: Preparing New Modalities to Enter the Clinic

Horizon 3 includes the modalities and technologies that have the potential to become the next wave of innovation for Moderna. Scientific innovation has always required long-term thinking and the medicines that drive growth ten years from now are often the research programs being conceived today.

The purpose of Horizon 3 is not simply to create more programs. It is to create entirely new categories of medicines that can expand the reach of our platform and address diseases that currently have limited treatment options. These Horizon 3 modalities are gearing up to be in the clinic soon.

An example is our in vivo CAR-T modality. Our investigational mRNA-6007 program is designed to enable deep B-cell depletion for autoimmune conditions using a multiplexed mRNA approach with targeted lipid nanoparticles. The program aims to deliver mRNA into immune cells in vivo, enabling transient CAR expression and potential immune reset, with the initial clinical focus in systemic lupus erythematosus (SLE). Beyond this first indication, we see the potential to apply the underlying technology across multiple autoimmune diseases. We are also exploring follow-on concepts that leverage the same delivery technology and could extend into oncology applications.

The Engine Connecting All Three Horizons

There is another element that connects these horizons together: data. Across Moderna, we are building what we call our Scientific Intelligence Engine—a system that combines data, AI and machine learning, automation, and robotics to accelerate discovery and improve how we work. Every experiment, every manufacturing run, and every clinical study contributes to a growing body of knowledge that can inform future medicines.

The faster we learn, the more we can expand our leadership in mRNA medicines and improve our moat. Given the scale of preclinical and clinical data we have, this is a unique advantage in a world where learning the fastest is key to long-term success.

The result is a virtuous cycle. Data generated in Horizon 1 helps advance Horizons 2 and 3. Discoveries from Horizons 2 and 3 ultimately graduate to become the next generation of Horizon 1 opportunities. This ability to learn across programs, modalities and therapeutic areas is one of the defining strengths of our platform.

Looking Ahead

When I look at Moderna today, I see a company that is executing on near-term opportunities while continuing to invest in long-term innovation. We are building a large infectious disease vaccine franchise focused on protecting at-risk populations and driving our path to cash breakeven by 2028. We expect to reinvest cash generated from our marketed products as well as anticipated launches of influenza, flu plus COVID combination and norovirus vaccines, into the next phases of growth for Moderna.

Those investments are helping advance our late-stage oncology and rare disease programs, which we believe can become important growth drivers in 2027 and 2028. At the same time, we are continuing to invest in our early-stage pipeline, with the goal of creating future modalities and franchises that can contribute to growth in 2029 and beyond.

I have never been as excited about Moderna’s future as I am now. 2026 is going to be a pivotal year for Moderna: sales growth, new late-stage clinical data, new modalities to fuel growth of many medicines, and investing in basic science and AI to keep learning and expanding what we can do to help patients for decades to come.

Forward-Looking Statements

This post and accompanying video contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: the potential of Moderna’s mRNA platform and promise as a multi-modality biotechnology company; anticipated 2026 sales growth and future growth; Moderna’s potential three commercial franchises; Moderna’s path to cash breakeven by 2028; Moderna’s Scientific Intelligence Engine; anticipated infectious disease launches in 2027 and 2028; anticipated geographic expansion; potential pivotal data readouts in 2026 for intismeran and propionic acidemia, which could support possible launches; growth drivers in 2027 and 2028; Moderna’s emerging oncology programs; the potential to reduce recurrence after surgery and prevent certain cancers before they develop; the encouraging early clinical signal with mRNA-2808; Moderna’s ongoing and planned clinical studies; and anticipated progress and milestones for Moderna’s programs, including anticipated timing. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this post are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this post in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this post.