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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“In collaboration with Moderna, we recently announced five-year follow-up data for the Phase IIb keynote 942 study evaluating entezomirant autogene, an individualized neoantigen therapy candidate, in combination with Keytruda in patients with high-risk stage three or four melanoma following complete resection.”
Merck's melanoma cancer-vaccine collaboration with Moderna showed durable five-year data, a positive read-through on Moderna's individualized neoantigen therapy program.
“Moderna's move out of Alexandria Technology Square to the new HQ R&D campus we developed for them at 325 Binney”
Moderna relocated from Alexandria Technology Square into a dedicated new HQ R&D campus Alexandria built for them at 325 Binney, reflecting Moderna's continued growth even as the vacated space weighed on Alexandria's near-term occupancy.
“First $40.9 million for properties at One Moderna Way and Route 128, which was sold to our longstanding tenant for $369.4 million during the quarter.”
Alexandria sold the One Moderna Way/Route 128 property to its longstanding tenant Moderna for $369.4 million during the quarter, recognizing a related impairment on the disposed asset.
“the two largest components of those key lease expirations relate to Alexandria Technology Square with a move out and expansion to another Alexandria Property by Moderna and our single tenant building at 409 Illinois in Mission Bay.”
Moderna is moving out of Alexandria Technology Square to expand into another Alexandria property, contributing to expected 2025 vacancy at the vacated space.
“the INT, which is the individualized neoantigen therapy which is the partnership we have with Moderna.”
Merck's individualized neoantigen therapy (INT) program, part of the $50 billion-plus oncology opportunity it cites, is a partnership with Moderna.
“our cell therapy enhancing program, mRNA-4203, in collaboration with Immatics”
Moderna is advancing a phase 1 cell-therapy-enhancing oncology program (mRNA-4203) in collaboration with Immatics.
“an agreement with Recordati for the global commercialization of our propionic acidemia rare disease candidates currently in a pivotal study. Recordati brings deep rare disease commercial expertise”
Moderna signed a global commercialization deal with Recordati for its propionic acidemia rare-disease candidate, leveraging Recordati's rare-disease infrastructure.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Gena Wang | Barclays | 8 (13%) |
| Luca Issi | RBC Capital Markets | 6 (17%) |
| Cory Kasimov | Evercore ISI | 5 (20%) |
| Salveen Richter | Goldman Sachs | 5 (0%) |
| Mike Yee | UBS | 5 (0%) |
| Courtney Breen | Bernstein | 5 (20%) |
| Greg Wiessner | TD Cowen | 4 (0%) |
| Terence Flynn | Morgan Stanley | 4 (0%) |
| Jessica Fye | JPMorgan | 4 (25%) |
| Eliana Merle | UBS | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 2 | 10 (10%) |
| UBS | 2 | 8 (0%) |
| TD Cowen | 2 | 6 (0%) |
| RBC Capital Markets | 1 |
“For INT, our individualized cancer therapy, developed in partnership with Merck, we recently reported positive five-year phase 2 data in adjuvant melanoma”
Moderna's INT individualized cancer therapy is a 50/50 partnership with Merck; positive five-year melanoma data supports the joint oncology program.
“We believe that our technology does not infringe any valid patents asserted by Arbutus.”
Moderna is defending patent litigation brought by Arbutus over lipid nanoparticle delivery technology, with a U.S. trial scheduled for March 2026.
“As you know, we have a partnership with Blackstone that we did on flu, mRNA-1010.”
Moderna cites its existing Blackstone financing partnership on its flu program as a template for potential future deals to fund late-stage development.
“For intismeran, which is partnered with Merck, we have several late-stage studies underway.”
Moderna's lead oncology asset intismeran is co-developed with Merck across multiple late-stage trials, a read-through on Merck's continued investment in the mRNA cancer-vaccine collaboration.
“our important strategic partnership with Merck with KEYTRUDA. We could have decided to develop our own PD-1, everybody don't think this was the right thing to do. But partnering with Merck in term of having an approved product and the right capabilities was.”
Bancel cites the KEYTRUDA partnership with Merck as the model for Moderna's build-vs-partner strategy, opting to combine intismeran with Merck's approved PD-1 rather than developing its own.
“for intismeran, Merck is paying 50% of the cost, which is why, as Jamey explained, we have discussed this mechanical effect”
Merck is funding half the cost of Moderna's individualized neoantigen therapy (intismeran) program, easing Moderna's oncology R&D spend.
“The court has decided to uphold the high court's finding that Moderna's EP'949 patent is valid and infringed by Pfizer and BioNTech.”
The U.K. Court of Appeal upheld a ruling that BioNTech's mRNA COVID vaccine infringes a Moderna patent, an adverse outcome in the ongoing mRNA IP litigation.
“The court has decided to uphold the high court's finding that Moderna's EP'949 patent is valid and infringed by Pfizer and BioNTech.”
The U.K. Court of Appeal upheld a ruling that Pfizer's mRNA COVID vaccine infringes a Moderna patent, an adverse outcome for Pfizer in the ongoing mRNA IP litigation.
“when we look at the COVID revenue this quarter, U.S. was only $29 million and seems only a fraction of the Pfizer U.S. revenue.”
An analyst notes Moderna's Q1 U.S. COVID vaccine revenue appears to be only a fraction of Pfizer's, prompting management to detail their roughly 38% U.S. COVID vaccine market share versus competitors.
“This program is being developed in collaboration with Immatics.”
Moderna's mRNA-4203 program, designed to enhance an engineered T-cell therapy, is being co-developed with Immatics.
| 6 (17%) |
| Evercore ISI | 1 | 5 (20%) |
| Goldman Sachs | 1 | 5 (0%) |
| Bernstein | 1 | 5 (20%) |
| Morgan Stanley | 1 | 4 (0%) |
Moderna closed FY2025 with revenue of $3.2 billion exceeding the top end of initial guidance, as COVID vaccine sales of $2.9 billion and the newly launched RSV vaccine at $150 million in its first partial season drove the upside. Management introduced FY2026 guidance of $3.5-4.5 billion in revenue with four approved products expected on market, while announcing $1.5 billion in additional cost savings and accelerating the CMV vaccine development timeline as the pipeline matured toward a diversified respiratory franchise.
Innovation & R&D | Regulation Policy | Revenue Growth | Cost Pressure | Product Launch | Guidance Reliability | Demand | Competitive Dynamics | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 12 | 8 | 1 | 3 | 2 | 2 | ||
| 2025Q1 | 6 | 4 | 1 | 2 | 1 | 2 | 1 | |
| 2025Q2 | 5 | 2 | 1 | 1 | 1 | 1 | 1 | |
| 2025Q3 | 6 | 3 | 2 | 1 | 1 | 2 | 1 | |
| 2025Q4 | 3 | 3 | 1 | 1 | 1 | |||
| 2026Q1 | 9 | 1 | 3 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 12 | 6 | 5 | 6 | 3 | 9 |
| Regulation Policy | 8 | 2 | 3 | 1 | ||
| Revenue Growth | 1 | 4 | 1 | 3 | 3 | |
| Cost Pressure | 3 | 1 | 1 | 2 | 1 | 1 |
| Product Launch | 2 | 2 | 1 | 1 | 2 | |
| Guidance Reliability | 2 | 1 | 1 | 1 | ||
| Demand | 2 | 1 | 2 | |||
| Competitive Dynamics | 1 | 1 | 1 | 1 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MRNA Moderna | 8 | +263.6% | |
| ALNY Alnylam Pharmaceuticals | 9 | +96.4% | |
| INCY Incyte | 9 | +20.9% | |
| INSM Insmed Incorporated | 8 | +229.6% | |
| REGN Regeneron Pharmaceuticals | 7 | +19.0% | |
| TECH Bio-Techne | 4 | -1.5% | |
| VRTX Vertex Pharmaceuticals | 6 | +7.8% |