Moderna Inc (MRNA.O): 2026 CEO/CFO call series takeaways: Oncology pivot hinges on intisemeran; Respiratory base remains both support and risk

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Moderna Inc (MRNA.O): 2026 CEO/CFO call series takeaways: Oncology pivot hinges on intisemeran; Respiratory base remains both support and risk

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16 Jun 2026 09:00:00 ET │ 11 pages

Moderna Inc (MRNA.O)

2026 CEO/CFO call series takeaways: Oncology pivot hinges on

intismeran; Respiratory base remains both support and risk

CITI’S TAKE Neutral / High Risk

Our discussion with Moderna CFO Jamey Mock (replay here) highlighted a Price (15 Jun 26 16:00) US$52.13

company moving beyond a significant cost reset and into a selective Target price US$41.00

investment phase, with capital increasingly focused on the programs

Expected share price return -21.4% expected to shape the next leg of growth. The respiratory franchise

continues to provide a base of support, with contribution from EU Expected dividend yield 0.0%

contract dynamics, LatAm expansion, mNEXSPIKE share gains, and flu Expected total return -21.4%

(PDUFA 8/5), COVID/flu combination, and norovirus (phase 3 data YE26), Market Cap US$20,684M

though seasonality, vaccination trends, tender outcomes, and policy

factors remain variables. Intismeran appears to be the key oncology

catalyst, with melanoma phase 3 interim data an important near-term

milestone and NSCLC/RCC readouts likely to further inform the breadth of Geoff Meacham, Ph.D.AC

the oncology opportunity. In our view, the cost base has improved and +1-404-443-4701

there is meaningful pipeline optionality, but revenue variability and an geoffrey.meacham@citi.com

uncertain oncology transition keep us on the sidelines. Maintain Jarwei Fang

Neutral/HR and $41 TP. +1-212-816-5127

jarwei.fang@citi.com

Respiratory base remains the funding bridge — The infectious disease business Nishant Gandhi, Ph.D.

remains the bridge to next phase.